About
tzuw is a value-investing apprenticeship, learning in public. One Japanese public company at a time, studied through five investor lenses — Buffett, Munger, Pabrai, Li Lu, and Claude — each applying its own versioned checklist and issuing a date- and price-stamped verdict. The reasoning is the product. Revenue and audience are byproducts.
How it works
Every page here is generated from the study repository's committed markdown — the same files the analysis is written in, so a thesis and its figures never drift from what you read. Every number carries a citation back to its ledger row. Nothing is hand-maintained twice.
Source documents are handled in two tiers. Government filings (EDINET yūhō) are redistributable and quoted freely. Other disclosures — earnings releases, governance reports, exchange price files — are copyrighted; they are cited by title, date, URL and SHA-256, never reproduced. A build-time guard fails the site if a copyrighted passage or source file would ever be published.
Where the studies go
New studies are posted where the practitioner already reaches readers, and sent to the email list below. If a five-lens reasoning archive is useful to you, following is the single most helpful thing — it is what turns a private practice into a public one.
Follow the practice
One Japanese company at a time, reasoned in public — no tips, just the thinking. If that's useful to you, two things genuinely help, and both take ten seconds:
Privacy
The email list collects one thing: your email address, so we can send you the next study. It is stored by our email provider (Buttondown) under their data-processing terms; it is never sold or shared. There is an unsubscribe link in every email, and consent is never pre-checked. The site sets no tracking cookies and runs no analytics that identify you.
A note on the record
As of writing, no lens has issued a buy-below verdict — the checklists have found durable, asset-rich businesses and judged all of them too expensive. That is the honest state of a young, deliberately-conservative practice. The scoreboard scores only buy-below verdicts against the current price; watch, pass, and too-hard are recorded but unscored. The goal is a falsifiable record, not a highlight reel.