In Brazil, the top five banks have over 80% market share, and they've had that for over 30 years. The average Brazilian pays 30 times more for banking than the average American. And the return on equity of these banks is among the highest in the world — so they were making enormous profits by charging customers enormous fees.
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The stock market is filled with individuals who know the price of everything, but the value of nothing. Prices are set at the margin by the most motivated seller and the most motivated buyer — and neither is representative of rational long-term value.
Philip Fisher — Common Stocks and Uncommon Profits
The market is brutally efficient at processing publicly available information. Your edge, if you have one, almost certainly lies in your ability to wait longer than the person on the other side of the trade — not in knowing something they don't.
Seth Klarman — Margin of Safety
One way to think of using Claude for Equity Research is the following: ask it to build a bull case and a bear case for a stock or fund. Seeing the strongest arguments on both sides is a good guard against confirmation bias.
Michael Spencer