the quality of the thinking, not the size of the account.

I'm Sandro Nangoy. I run the Nangoy Foundation — which, honestly, is a grand name for my own portfolio. It's small today and growing, and I'd rather tell you that plainly than dress it up. What I'm building here isn't the size of the account; it's the quality of the thinking behind it.

I invest the way Buffett and Munger taught: buy wonderful businesses at sensible prices, insist on a margin of safety, and then do the hardest thing in investing — wait. Most of my decisions are decisions not to act. I pass more than I buy, I keep a watchlist longer than my holdings, and I try to let compounding, not activity, do the work.

This site is where I write it down. The letters are my long-form thinking — what I own and why, what I got wrong, where I'm looking. The thread is the quicker stuff: reactions when the market does something silly, half-formed ideas, notes to myself in public. The models are the spreadsheets underneath the calls, for anyone who wants to check my math.

I write partly because writing forces honesty — it's hard to hide a lazy thesis on the page — and partly to keep an open record of how I think, so that over time the results can speak for the process. If any of it is useful to you, I'm glad. If you think I'm wrong, I especially want to hear it.

Welcome.

"The stock market is a device for transferring money from the impatient to the patient." — Warren Buffett