Independent financial research
Find the business behind the ticker.
Evidence-led research on market power, durable moats, and what can break them.
What we examine
- Competitive advantage and the evidence that it is durable
- Pricing power, concentration, regulation, and antitrust exposure
- Capital allocation, valuation, and the risks that can break the thesis
Our working rules
- Mechanism before narrative
- Primary evidence before promotional claims
- A moat is not durable until the failure case is explicit