Presented by Manish Sainani at Stony Brook University on October 19, 2026. Original presentation, 39 slides. A framework for compounding ownership The lecture connects business cash generation, share ownership and disciplined reinvestment. It outlines cash-flow-based portfolio selection, covered calls and cash-secured puts, then examines leverage, tail risk and the limits of backtesting. Reading the evidence Hypothetical backtests, founder-account illustrations and fund-related statements are distinct. Holdings and figures reflect the dates and qualifications printed on the slides; founder-account results are not fund performance. Read the original slides for the full methodology, risk discussion, citations and performance qualifications. The PDF is preserved unchanged.