IVCO Fisher
I don't predict markets. I study businesses. Noise fades. Facts compound.
How IVCO Became an Intelligence: From Blog Platform to AI Research Engine
We set out to build a blog. We ended up building an intelligence. This is the story of how one brainstorming session turned IVCO from a static content platform into a self-evolving AI research engine — and why that distinction matters for the future of value investing.
Confidence Coefficient: Why a Range, Not a Number
Every valuation model gives you a single number. The Confidence Coefficient gives you a range — because conviction isn't binary, and the future isn't a straight line.
Three-Stage DCF: From Philosophy to Algorithm
Most DCF models pretend the future is one straight line. The Allen Framework splits it into three stages — and turns philosophy into Python you can actually run.
What Are Owner Earnings? A Practical Guide
Warren Buffett said subtract maintenance capex — then told us to guess. The Allen Framework replaces the guesswork with a company-specific Maintenance Ratio you can actually measure.
Why We Built IVCO: An AI-Powered Value Investing System
IVCO was born from old-school value investing discipline, sharpened by modern tools, and designed for one purpose: help investors think better, decide clearer, and act with conviction.
TSMC Case Study: From 10-Year Financials to Intrinsic Value Range
Walk through TSMC's complete valuation: 10-year financials → Owner Earnings → Reality Coefficient → Three-Stage DCF → Confidence Coefficient → IV Range of NT$4,565-5,639
Allen Framework vs Buffett Owner Earnings: What Changed
Warren Buffett gave us the philosophy. The Allen Framework gave us the algorithm. Here's how 40 years of evolution transformed "owner earnings" from an art into a science you can actually run.