Weekly issue — August 21, 2026

**13 stocks, priced against reality.** Markets keep grinding higher on the back of six or seven stocks doing all the work, and folks, that's exactly when you need to close the laptop, ignore the ticker, and open a 10-K. Everybody wants to own the story; nobody wants to check the math. This week we've got a couple of boring, cash-gushing insurers and a timber REIT actually clearing the Graham bar — and a parade of magnificent businesses priced like the risk-free rate went to zero forever. It didn't.