Evidence

What the best investors actually published

There is a whole industry built on hinting that it knows what famous investors are doing. We do not. What we can do is read what they and their firms actually published, extract the principles that are stated plainly enough to be tested, and then test them against our own price history — where they can fail. This page shows both halves: the reading, and what came of it.

Written by the Capstone Metals research desk. Reviewed by Daniel Kenney, President. Last updated February 2026.

The rule we hold ourselves to

Nobody listed below is a client, partner, adviser or endorser of this firm, and none of them has reviewed anything here. We do not know their current positions, their live risk limits, or the parts of their process they have never described. Where that gap exists, we say so in the entry itself rather than filling it in with a guess.

The register

The register is being assembled and will appear here with sources attached.

From reading to something that can fail

A principle only becomes research when it is written as a statement our own data could contradict. Each hypothesis below names what would falsify it before any testing begins.

What happened when we tested them is in the strategy lab, including the results that did not flatter the idea.

Evidence and sources

1. Published papers, shareholder letters, filings and recorded interviews — The only inputs to the register below. Where a claim rests on a single interview, it is treated as a statement of belief rather than evidence.
2. Zuckerman, The Man Who Solved the Market (2019) — Journalistic account of Renaissance Technologies; useful for principles, not for method detail.
3. Berkshire Hathaway annual letters — Primary-source reasoning from a discretionary practitioner, published by the firm itself.

Where this fits in the wider picture

Market Intelligence is the evidence layer. The wealth-protection side of Capstone is where those findings meet an actual plan — metals, retirement accounts and stewardship of what you already hold.

The education library — money, debt and purchasing power, from first principles.
Gold's place in the world economy — what the historical record does and does not show.
Wealth protection in one place — how metals, advice and entities fit together.

Research and education only. Nothing on this page is investment advice, a recommendation to buy or sell any security or metal, or a forecast. No outcome is promised or implied. Simulated and historical results do not indicate future results, and any strategy discussed here may lose money. Speak with us about your own circumstances before acting: (800) 200-9553.