Independent Research
Deep-dive research on companies and industries, built from primary filings and a full financial model behind every thesis — written in plain language, for curious people, not just professional analysts.
Each paper starts with the numbers that matter — SEC filings, earnings calls, primary sources — and ends with a real financial model, not just a narrative: income statement, DCF, scenarios, the works. But the goal is always the same: explain how a business actually works, so you can form your own view. No paywalls. No jargon-first writing. No institutional gatekeeping.
New papers roughly every 2-3 weeks. No spam, unsubscribe anytime.