Market Analysis5 min read
Sector Context Before Single-Stock Conviction
Before concluding a company is mispriced, rule out the simpler explanation: everything in its industry is moving together.
May 7, 2026
Research
From the desk
Our thinking, published openly — how we analyse companies, how we read the market, and what we believe investors most often get wrong.
- Methodology3
- Market Analysis1
- Investor Education2
Methodology4 min read
When the Honest Answer Is No Position
Research that always produces a recommendation is not research. The discipline to conclude 'we don't know' is a feature.
August 9, 2023
Investor Education6 min read
Position Sizing Decides More Than Stock Picking
You can be right about most of your names and still lose money. How much you own is usually the more consequential decision.
February 17, 2021
Methodology5 min read
The Questions a Screen Cannot Answer
Screens are excellent at narrowing a universe and useless at judgement. Knowing the boundary is most of the skill.
November 12, 2018
Investor Education8 min read
Reading an Annual Report Without Drowning
A 300-page filing has maybe 20 pages that change your mind. Here is a practical order of operations for finding them.
March 8, 2016
Methodology6 min read
What We Look For Before We Buy
The five filters every company clears before it earns a place in our research coverage — and why most names fail at filter two.
September 15, 2014