About
Rafael Prince builds financial and commercial models for a living, and has spent years watching prices drift away from the businesses underneath them. Annotated is where he writes that discipline down.
The premise is simple and unfashionable: a price is not a fact, it is a bundle of beliefs. Most commentary argues about the conclusion — too high, too cheap, buy, sell — and skips the beliefs. This site does the opposite. It names the beliefs, prices each one, dates every number, and shows how much of a price no reasonable belief can explain.
He is not selling a call. There are no price targets here, and there never will be. The work exists to make you a sharper reader of the market, not to tell you what to do with your money. When a story contradicts the numbers underneath it, the numbers win.
The doctrine, in five lines
- A price is a set of beliefs. Name them.
- Every number carries a date, or it is not evidence.
- Calibrated beliefs and dreams are kept apart, always.
- The story says what a business is worth; the tape says what the price is doing.
- Educational, never advice — and never a price target.
Disclosure
The author may hold positions in the companies covered. Disclosure lives on the About page.
Any holding is disclosed, and coverage is chosen for what it teaches, not for a position.
Rafael Prince on LinkedIn ›