SaratogaRIM Blog Posts
Latticework Series
By Kevin Tanner
Inspired by the late Charlie Munger's concept of a latticework of mental models, our Latticework Series seeks to provide a better understanding of the financial world around us by examining it through a succession of different analytical lenses.
The series began with the publication of our 2026 Q2 Letter to Investors and two essays, The Song Remains the Same and The Neuroscience of the Sirens’ Song, in our 2026 Q2 Report and concludes with Stewardship: First Principles for Investing Under Great Uncertainty, published immediately following our 2026 Q3 Letter to Investors.
Most market commentary – including much of our own – naturally emphasizes a macroeconomic perspective. Inflation, interest rates, fiscal policy, geopolitics, and economic growth are always important. Yet no single discipline can fully explain financial markets. Our objective was to complement the macro perspective by exploring how behavioral finance, neuroscience, microeconomics, financial statement analysis and accounting, credit analysis, financial theory, and security analysis could each contribute to a more complete understanding of the current financial landscape. Each offers a perspective the others might miss, helping us better understand how human behavior shapes market prices, how competition influences business economics, and how investors can make reasoned judgments even when the future cannot be known. Throughout the series, I also tried to place today's events within their broader historical context, because understanding where we are often begins with understanding where we've been.
The purpose of this Latticework Series was never to offer a particular forecast for the economy or financial markets. Rather, it was to help develop a more complete framework for understanding businesses, markets, risk, and the uncertainty that accompanies every investment decision. My hope is that, collectively, this series has provided you with a broader perspective on the financial world around us and a deeper understanding of the investment principles that have guided our decision making since day one.
Some essays are longer and others shorter, but an average reader should expect each to take roughly 20 to 30 minutes to read. To those who take the time to read these essays, I hope you find them interesting, educational, and enjoyable.
– Kevin Tanner | Chairman | CEO | Chief Investment Officer
Click the image above to access the Latticework Series beginning with the most recent essay, or view each post individually below: