How We Think About Investing
Our research and commentary is where the thinking behind our strategies becomes visible. This page is for investors and partners who want to understand the depth behind our approach.
We publish research and investor updates periodically. Leave your email to receive them directly.
Latest Commentary
Market Commentary
The Good, the Bad, and the Deteriorating,
Or, What a +Trillion in AI Capex is Actually Building
Given the massive level of capex spending on AI, we are a bit stunned that the Magnificent Seven still rank so high in our assessment of Quality. But, the reality is that they are still miles away from spending their way out of their own economics.
Read the commentary →
Interactive Tool
The Inverse Gravity Turn;
Or, Launching a Rocket Into Increasing Load
Track when SpaceX's restricted shares become eligible to sell, how much each unlock adds to the publicly tradable float, and how large it is relative to typical trading volume — across the contractual lock-up dates and the price-contingent early release.
Open the Lock-Up Monitor →Featured Research
White Paper
Building Better Haystacks: An Adjusted ROIC Framework for Quality Investing
A systematic approach to finding superior companies anchored in a simple concept — who is truly making more than they spend to build and maintain their businesses.