Review of Richards J. Heuer's little known book The Psychology of Intelligence Analysis. In the book Heuer reviews several the limitations to human cognition that effect our decision making and proposes his Analysis of Competing Hypotheses (ACH) method to organize our thinking and conclusions. I found the book highly relevant to investment decision making especially as it relates to analyzing a businesses "moat" or competitive advantage. When combined with Ben Graham's Intelligent Investor framework for business valuation Mr Heuer's ACH framework can be a powerful tool for analysis of a businesses competitive advantage and other macro factors. Overall, I highly recommend the method and have already incorporated it into my tool kit.

A transcript of the episode can be found at (https://specialsituationinvesting.substack.com).

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