Research for value investors · US equities
Mr. Market is moody.
You don’t have to be.
Intrinsic turns SEC filings into an owner’s view of a business: what it earns, what it’s worth, what the price assumes, and who among the great investors owns it. Then prove your judgment in the Intrinsic Cup.
Mr. Market · live mood
Despondent
- Quote
- 94.96
- Value
- 120.95
- Margin
- 21.5%
01 · The instrument
Everything a business owner would ask. Nothing a trader would.
The company dossier
Twelve years of 10-K financials pulled from SEC XBRL, rebuilt into owner's statements: returns on capital, cash conversion, share-count history, and owner earnings.
Open Coca-Cola →What's priced in
A reverse DCF solves for the growth the market is assuming. Value starts with one question: what do I have to believe?
Try it on Apple →Superinvestor 13Fs
Buffett, Klarman, Li Lu, Pabrai, Gayner, Akre and more, straight from Form 13F, with quarter-over-quarter moves and a consensus of what several of them are buying.
See the portfolios →A thesis journal that watches back
Every virtual position starts with a written thesis and kill criteria. Your portfolio is judged on whether you were right for the right reasons, not just on returns.
Start a portfolio →02 · The Intrinsic Cup
Talk is cheap.
Put a thesis on the board.
A free, season-long contest for patient investors. $100,000 of virtual capital, real closing prices, and a written thesis behind every position. The top 3 portfolios each win a free year of Intrinsic Partner.
- Rule 01
Closing prices only
Orders fill at the official close, so nobody games a delayed quote.
- Rule 02
Theses in public
Every buy needs a thesis and kill criteria. The leaders show their work.
- Rule 03
Owners, not traders
A 30-day minimum hold and a 20% cap per company at purchase.
- Rule 04
Judged on results
Ranked by total return, marked to market after every close.
03 · Method
Four tests every business has to pass.
Each check is computed in code from reported 10-K numbers, never by an AI, and shown with its inputs so you can disagree with it.
- 01
Quality
Returns on invested capital, ROE, margin stability, cash conversion, growth, and whether the share count is shrinking.
- 02
Value
P/E, EV/EBIT, free-cash-flow yield, price-to-book, and price against the Graham Number.
- 03
Safety
Leverage, years-to-repay debt, interest coverage, liquidity, and the nine-point Piotroski F-score.
- 04
Graham Defensive
Benjamin Graham's seven criteria for the defensive investor, from The Intelligent Investor, with the size test modernized.
04 · Practice
The Blind Test. No names, no narratives.
Five years of a real company’s financials, name hidden, at a moment in the past. Would you have bought it? Decide first, and then we reveal the company and what happened to its price.
Take today’s test →Price is a quote.
Value is a judgment.
No account needed to start.