The Arche Framework

How Arche Thinks About Stocks

Stocks are pieces of businesses, and the market is there to serve you, not instruct you.

The Circle of Competence

Knowing what you can't evaluate is worth more than expanding what you can.

Reading a 10-K with Arche

The annual report is the interview the company can't decline. Here's what to ask it.

Owner Earnings

The cash an owner could actually take out without weakening the business.

Moats: Durable Competitive Advantage

Why excellent returns attract attackers, and what protects the businesses that keep them.

Return on Capital: The Compounding Engine

Growth is not value. What a business earns on the money it keeps decides everything.

The $1 Test

Every dollar a company keeps from you should become at least a dollar of value.

Management & Capital Allocation

Judge managers by where the money went, not by how the story sounded.

Accounting Red Flags

EBITDA, serial charges, and the vocabulary of managed earnings.

Valuation & Margin of Safety

Price is what you pay, value is what you get — and the gap is your protection.

The Four Filters & the Too-Hard Pile

Arche's framework in four questions — and the discipline of not answering the fifth.

The Arche Framework

The firm's framework for reading a business through quality, resilience, stewardship, and price.