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Insights

Market Views

Market Views examines the forces that shape long-term market returns—including starting valuations, owner yield, fundamental growth, interest rates, and changes in investor expectations. Drawing on historical evidence and scenario analysis, these reports frame a range of plausible outcomes rather than predict near-term market direction, while evaluating the assumptions embedded in current prices.

Finding Great Jobs, Great Businesses, and Great Investments:
Lessons from Twenty Years in the Market

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Our Investment Framework

 

Finding Great Jobs, Great Businesses, and Great Investments, written by First Principles founder Matt Hochstetler, explains many of the ideas that inform how we evaluate businesses and investments.

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The book emphasizes that an attractive investment requires more than a low valuation. Investors must understand the quality of the business, the structure of its industry, the durability of its competitive advantages, its opportunities to reinvest capital, the ability and incentives of management, and the price being paid. It also introduces the concept of the “hidden nugget”—an important source of value or change that may not yet be fully appreciated by the market.

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Readers interested primarily in the First Principles investment approach may wish to begin with:

  • Chapter 7: What We Look For: Quality, Price, People, and the Hidden Nugget

  • Chapter 9: Industry Structure and Profit Pools

  • Chapter 10: Moats, ROIC, and Reinvestment

  • Chapter 11: Valuation and Why It Matters: Turning Stories into Prices

  • Chapter 12: Management Teams: Judging the People Who Allocate the Capital

 

Together, these chapters provide a practical framework for identifying strong businesses, assessing management and capital allocation, estimating value, and distinguishing a genuinely attractive investment from a merely compelling story.

 

View the book on Amazon

 

The book is provided for educational purposes and does not constitute investment advice or an offer to buy or sell any security.

First Principles Global Capital logo

First Principles Global Capital is a 100% employee owned, independent investment firm focused on long-term capital appreciation. We invest globally through a concentrated portfolio built on fundamental research, valuation discipline, and an owner-oriented understanding of businesses.

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We seek to invest our client's capital into durable companies, capable management teams, opportunities where price offers a meaningful margin of safety, and our perception of the business differs from the market, ideally where we have found a hidden nugget that is under appreciated. Our approach is patient, selective, and grounded in independent judgment rather than market fashion. Many investors are trying to use AI to enhance short term results. We engage AI but only through the lens of long term business and management quality, misperception, and value.

© 2026 First Principles Global Capital, LLC. All rights reserved. · Important Disclosures · Privacy Policy.

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NO OFFERING OR INVESTMENT INQUIRIES

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First Principles Global Capital, LLC does not offer interests in any investment fund through this website. Nothing on this website constitutes or is intended to constitute an offer to sell, a solicitation of an offer to purchase, or an invitation to express interest in any security, fund interest or other investment product.

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The Fund relies on the private-offering exemption provided by Rule 506(b) of Regulation D, which prohibits general solicitation and general advertising. Accordingly, investment subscriptions, indications of interest, requests for offering or subscription materials, and other investment-related inquiries are not accepted through this website and will not be considered or answered. Visiting this website or contacting First Principles through it does not create a pre-existing, substantive relationship or qualify any person to receive information concerning a fund offering.

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Any offering of Fund interests would be made privately, solely through definitive offering documents, only to eligible persons with whom the Fund or its authorized representatives have a pre-existing, substantive relationship, and only in compliance with applicable law.

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