Analysis
A collection of company research, valuation work, and deeper industry notes.
Company Analysis
Notes on business models, capital allocation, and market structure
Devolver Digital: Catalogue Cash Flows with Optionality
A look at this game publisher and how asymmetric payoff structures can turn uneven earnings into long-term value.
Diageo plc: Durable Returns on Capital
Capital efficiency, valuation discipline, and the narrowing spread