Mr. Market is, at heart, a small editorial publication built around one fixed idea: that a business's value can be calculated honestly from its filed cash-flow statement, that the calculation is more useful when it is the same calculation every time, and that the resulting number deserves to be compared — every weekday — to the price the market is currently quoting. The gap between those two numbers is our entire subject. Some days it is wide enough to act on. Most days it is not. Our subscribers receive a reckoning, in their inboxes, by nine o'clock each morning, that tells them which sort of day today is.

The methodology we apply is grounded in the body of work running from Benjamin Graham's 1934 Security Analysisthrough Warren Buffett's 1986 Berkshire annual letter and forward into the practitioner literature that grew from those texts — Hagstrom, Mary Buffett, Pabrai, Greenwald, Damodaran. It is not new. It is not proprietary. It is, however, applied with discipline. The same protocol, the same way, to every business. No favourites.

What our subscribers pay for is not the method. The method is in The House Style, public, and you may read it without paying us a cent. What they pay for is the work — the daily reckonings on roughly a hundred businesses, the watchlist that alerts when one of theirstocks crosses our buy line, the editorial commentary that puts Mr. Market's mood into context, and the historical backtests that show whether the method has, in fact, worked. The free version of the site is a thorough sample. The paid version is the publication.