Alphabet: The Misunderstood CapEx

Core Insights - The focus of Vega North is on investments and portfolio construction, emphasizing process over predictions [1] - The approach includes testing ideas with open data and reproducible notebooks, concentrating on position sizing, regime-aware risk, and the psychology of holding through drawdowns [1] - The content covers a range of topics from factor tilts and cash-flow durability to downside math and scenario analysis, providing a decision checklist for investors [1] Coverage and Methodology - The analysis moves from base rates to a simple model that includes returns, volatility, and correlations [1] - The decision checklist includes guidance on what to own, how much to invest, when to rebalance, and potential pitfalls [1] - The methodology avoids hot takes and stock tips, focusing instead on evidence that can be replicated and rules that can be consistently applied [1]