
Research
A collection of company notes and deep dives.
Investment Ideas
Company notes and theses. Equities & crypto
Devolver Digital: Catalogue Cash Flows with Optionality
A look at this game publisher and how asymmetric payoff structures and reflexive culture turn volatility into value. Examining how this stock actually doubles as an option in disguise.
Diageo plc: Durable Returns on Capital
Capital efficiency, valuation discipline, and the narrowing spread