Principles
How data-backed value-investing principles look applied to the Annolyse covered universe.
Rankings as of 06-09-2026 8:40am NZT, based on Annolyse's coverage of 100 NZX companies.
The quality of a decision and the quality of its outcome are two different things. Good decisions can produce bad outcomes, and bad decisions can produce good outcomes — so judging investments by price movement alone confuses luck with skill.
Framing articulated by Annie Duke in Thinking in Bets, applied to investing by Charlie Munger.
View the numbers →In the short run, the market is a voting machine; in the long run, a weighing machine. Short-term prices reflect sentiment, forced trades, algorithmic flows, and headlines — not the economic reality of the business.
Benjamin Graham, The Intelligent Investor chapter 8.
View the numbers →For long-term accumulators, lower prices can be favourable when the business holds up because each new dollar buys more earnings and cash flow.
Warren Buffett, Berkshire Hathaway shareholder letters.
View the numbers →The current NZX companies that most clearly illustrate the principles, with the figures behind each selection.
Based on the latest Annolyse principle rankings.
View the numbers →These principles are derived from the writings of Benjamin Graham, Warren Buffett, Charlie Munger, and Annie Duke. Annolyse applies them analytically to NZX companies. For original source material: The Intelligent Investor by Benjamin Graham (chapters 8 and 20 in particular), Berkshire Hathaway annual letters including Buffett's 1997 discussion of net buyers and lower prices, Poor Charlie's Almanack by Charles Munger, and Thinking in Bets by Annie Duke. Calculation rules are documented in the principles methodology.