Welcome to A Patient Prospector!
I’m John Buckingham, Editor-in-Chief and co-founding Executive Director at wealth management firm Value87 Investment Partners.
At A Patient Prospector, we believe successful investing rarely comes from knowing what the market will do next. It comes from knowing what you own, then doing the work: studying businesses, understanding what they might be worth, paying attention to the price paid and having the discipline to wait.
That philosophy has guided me, as well as our esteemed investment team for decades. Many readers may know me from my longtime stewardship of The Prudent Speculator, where I (and the team) built a loyal following around a straightforward approach to investing.
A Patient Prospector is a new and independent publication and a new chapter for our team.
The name is new. The experience behind the work is well-established. Our approach is grounded in years of being students of the market, analyzing businesses and putting a disciplined, long-term Value investment philosophy into practice.
What you’ll find here is original research, fresh ideas and a clear-eyed approach to investing. We are building A Patient Prospector on the belief that patience, discipline and valuation still matter.
We’re excited for this new chapter and to have you along for the journey.
What is A Patient Prospector?
A Patient Prospector is an investment publication for people who would rather invest thoughtfully than trade frantically.
Our name captures how we approach the market.
A prospector searches. A patient prospector searches carefully, sifting through possibilities, discarding most of them and staying focused until something genuinely compelling emerges.
We do the same with stocks.
We sift through nearly 3,000 stocks in our universe, digging into balance sheets, earnings reports, industry developments and market dislocations looking for opportunities where we believe the price offered by the market differs meaningfully from our estimation of long-term value.
Sometimes that search leads us to familiar companies. Many others it takes us far from the beaten path. And then we patiently hold a broadly diversified selection of stocks for the fullness of time.
Patient research in pursuit of enduring Value.
That is the idea behind A Patient Prospector.
Our Investment Philosophy
We are Value investors, but our definition of Value is broader than simply buying stocks with the lowest valuation multiples.
We invest in companies whose shares we believe trade for less than our assessment of their long-term worth.
That means considering valuation alongside the quality and durability of the underlying business, balance sheet strength, competitive position, earnings, growth and cash-flow, along with shareholder returns (shareholder yield and dividend yield). Of course, investing involves risk, so we work to ensure we understand where there might be headwinds or other challenges.
Several tenets guide our work.
Price matters.
An exciting company can be a poor investment when purchased at an unreasonable price, while a boring company facing temporary challenges can experience a great outcome.
We care about the difference between what a business is worth and what the market is asking us to pay for it at any given time.
Time is an advantage.
Markets are voting machines and tend to be efficient over long periods, while emotions often take over in the short term.
We generally invest with a multi-year time horizons and are willing to endure the inevitable periods when a stock is out of favor.
Patience isn’t inactivity. It’s the willingness to give a thesis enough time to unfold.
Diversification matters.
Our theses can be wrong.
We build that uncertainty into our investment process. We believe broad diversification across companies, industries and opportunities can allow investors to participate in the upside of successful ideas while helping limit the damage any single mistake can cause. As a result, subscribers receive a long list of stocks and Goal Prices from which they may choose to augment their own portfolios.
Volatility and risk are not the same thing.
Falling stock prices are not fun, but price movement alone doesn’t tell us whether the underlying value changed.
Volatility often creates opportunities.
Each week, our Market Observations explore what’s happening in the market and how we are updating our thinking in response.
Discipline beats prediction.
It’s hard to predict recessions, interest rates, elections, market tops or next month’s hottest stock. After all, economists have predicted nine of the last five recessions.
We certainly pay attention to all of those things, but our process is grounded by valuations and our estimates of long-term return potential.
What We Publish
A Patient Prospector is designed to be useful whether you simply want John & Team’s perspective on the markets or want to dig into the individual companies our team is discussing.
Here’s what to expect. We note what’s available for Free subscribers versus our paid Premium or All Access tiers.
Weekly Market Observations
Our regular look at what’s happening across markets, the economy and the companies we follow.
Rather than simply recapping financial headlines, we focus on what developments mean for long-term investors.
Expect perspective on market movements, economic developments, interest rates, earnings, valuations, sectors and individual companies—along with the occasional reminder that not every market move requires a portfolio response.
Published weekly.
Free members get the core Market Observations. Premium and All Access subscribers also get the individual stock analysis section.
Monthly A Patient Prospector Newsletter
Our flagship research publication.
Each monthly issue takes a deeper look at the investment landscape and the opportunities we’re uncovering through our research.
The full edition includes individual stock ideas and analysis, along with Goal Prices and metrics.
The objective isn’t to give readers more things to trade. It’s to give them our distilled ideas worth considering for the long haul.
Published monthly. Free preview.
Stock Picks & Goal Prices (most popular!)
The heart of A Patient Prospector.
Each week, All Access subscribers receive our complete list of recommended stocks and their Goal Prices and relevant valuation metrics.
We highlight new additions and recent sales, revisit individual investment theses as conditions change, and provide updated valuations, goal prices and portfolio guidance where appropriate. Between monthly issues, members also receive Buy and Sell Alerts when our recommendations change so you don’t have to wait for the next publication to know when we’ve made a change.
Updated weekly.
Action Alerts: Buys & Sells
Markets don’t operate on a monthly publishing schedule, so neither does our investing strategy.
Between issues, we’ll publish updates when developments at companies we follow warrant our attention, from earnings and material corporate news to changes in valuation or our investment thesis. This includes stocks for which we decide to transact, along with our detailed reasoning.
Special Reports & Insights
From time to time, we’ll go deeper.
These pieces may explore an industry, investment theme, historical market episode, portfolio question or broader principle we think deserves more than the usual treatment.
Meet the team
Our contributors bring experience in fundamental equity research, portfolio management, financial analysis and market observations. Together, we evaluate companies from multiple perspectives and challenge our assumptions before arriving at an investment conclusion.
John Buckingham
Editor-in-Chief
With nearly 40 years of investment management experience, John leads Value87’s Investment Team and conducts in-depth research and market analysis. He provides tailored investment guidance to a wide range of individual clients and their families.
From 2002 to 2026, John was the editor of The Prudent Speculator, a value-investing newsletter with a nearly 50-year legacy as a trusted resource for do-it-yourself investors.
John is a recognized industry contributor who regularly speaks at prominent financial industry seminars and events. He has been featured in Barron’s, The Wall Street Journal, MarketWatch and Forbes, and has been a guest on CNBC, Bloomberg and Fox Business.
Jason Clark, CFA
Contributing Editor
Jason oversees investment strategies and works with individuals and families to pursue their long-term financial goals.
Previously, Jason served in research, portfolio manager and Investment Committee roles. He also contributed regularly to The Prudent Speculator and writes for A Patient Prospector.
A former United States Navy servicemember, Jason earned a bachelor’s degree in finance, summa cum laude, from the University of West Florida. He is a CFA charterholder and a member of the CFA Society of Orange County.
Christopher Quigley, CFA
Contributing Editor
Chris oversees Value87’s quantitative operations, technology and technical infrastructure. He designed and manages the firm’s quantitative framework, leads the development of asset allocation tools and helps shape client-focused investment solutions.
Previously, Chris conducted fundamental research, identified investment opportunities and developed company, industry, and macroeconomic models. He also contributed regularly to The Prudent Speculator and writes for A Patient Prospector.
Chris earned a bachelor’s degree in economics from the University of Southern California. He is a CFA charterholder and a member of the CFA Society of Orange County.
A New Chapter, Built on Decades of Experience
Some of you are discovering us for the first time. Others have been reading John’s work for many years.
For those longtime readers, there will be plenty that feels familiar—not because we’re recreating the past, but because investment principles don’t need to change simply because the name on the masthead does.
A Patient Prospector is an entirely new publication, with new content, a new identity and a new home.
But the people behind it bring decades of experience studying markets and businesses through bubbles, crashes, recessions, recoveries, periods of extraordinary optimism and periods when investors wanted nothing to do with stocks.
Markets change.
Human behavior doesn’t change nearly as much.
Neither does the importance of valuation, diversification, discipline and patience.
That’s the foundation we’re building on.
Free, Premium, or Full Membership: Where Should I Start?
Start free.
Free subscribers receive John’s regular market observations, updates and previews of our research.
It’s the easiest way to get to know how we think before deciding whether you’d like to go deeper.
FREE SUBSCRIBERS RECEIVE
Weekly core market observations
Monthly newsletter previews
Research and publication updates
For investors who want our more of our research, A Patient Prospector Premium provides access to more of our proprietary individual stock research.
PREMIUM MEMBERS RECEIVE
Everything available to Free subscribers
Weekly Market Observations + Individual Stock Analysis
Monthly Newsletter Editor’s Note
Special Report & Insight Previews
Webinars
TRY PREMIUM FREE
ALL ACCESS MEMBERS RECEIVE
Weekly Goal Price List
Weekly Market Observations + Individual Stock Analysis
Buy & Sell Action Alerts
Monthly Newsletter
Special Reports
Investment Insights
Premium Webinars
EXPLORE ALL ACCESS ? LINK
Where to Go Next
If you’re new here, we recommend exploring the publication in this order:
Read the Latest Market Observations
Start with John’s current perspective on markets and investing.
Read Our Investment Philosophy
Go deeper into the principles behind our research process.
Meet the Team
Learn about the investors and analysts behind the publication.
Browse the Research
Explore our latest company analysis, Field Notes and investment insights.
Join A Patient Prospector
Subscribe free to receive our latest work directly in your inbox.
One Last Thought
Markets give investors an extraordinary amount of information.
They don’t necessarily give us wisdom.
Every day brings another prediction, price target, economic report, market narrative, hot stock and reason we’re supposedly supposed to do something right now.
Our goal with A Patient Prospector is different.
We want to help investors slow the process down.
Look carefully. Ask questions. Study the evidence. Know what you own. Pay attention to price. Accept uncertainty. And give good ideas time.
There will always be another market headline.
The worthwhile opportunities often require a little more patience to find.
Welcome to A Patient Prospector.
Happy prospecting,
John Buckingham & the Team at A Patient Prospector
Important Information
This information is provided for educational and informational purposes and describes the views, investment philosophy, research approach, publications and services of A Patient Prospector. The investment principles, strategies and observations discussed are not guarantees or predictors of investment success, and there can be no assurance that any investment approach, analysis or recommendation will result in profitable investment outcomes.
Investing involves risk, including the possible loss of principal. No investment strategy or approach can eliminate investment risk or assure a profit. Diversification may help manage certain risks but does not ensure a profit or protect against loss in declining markets. A longer investment horizon or disciplined investment process does not assure positive investment results or prevent losses.
Investment analysis involves judgments, estimates and assumptions that may prove incorrect. Assessments of valuation, fair value, Goal Prices, business quality, competitive advantages, financial condition and other investment characteristics are subjective, may change as circumstances change and should not be viewed as assurances of future performance. A security considered attractive or undervalued may remain undervalued, decline in value or result in a loss. There can be no assurance that a security will reach an estimated Goal Price or other estimate of value.
Stock recommendations, Buy and Sell Alerts, Goal Prices and other investment views reflect our analysis and opinions at the time they are expressed and are subject to change without notice as market, economic, company-specific or other conditions change. The fact that a security is recommended or included in our research does not mean that it is suitable for every investor or that it will be profitable.
Market commentary, research and other information may include information obtained from third-party sources. We do not control third-party sources and do not independently verify or guarantee the accuracy, completeness or timeliness of third-party information. Such information may change, be revised or contain information that is inaccurate or incomplete.
Information concerning A Patient Prospector publications, membership levels, features and subscriber benefits is provided as of the date presented and may change. References to the professional experience, credentials and backgrounds of contributors describe their respective experience and should not be interpreted as an assurance of investment results.
