SJMcCormick
Opportunity comes to the prepared mind
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

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