Our Process

Four facets, one thesis

Every initiation goes through the same discipline before it publishes — no shortcuts, no house view imposed from the top down.

  • 01Investment Thesis — what the business does, why it wins, and where we think consensus has it wrong.
  • 02Valuation — a price target built from the same model as the thesis, not a multiple pulled from a comp sheet.
  • 03Recent Earnings — the latest quarter, read against the thesis: confirmed, challenged, or needing a revision.
  • 04Inversion — built bottom-up, stress-tested by being devil's advocate while conducting research.
Four-facet research process diagram An emerald-cut gem outline divided into four facets around a central table, numbered 01 through 04 to match the process list. 01 02 03 04