Research
Ideas are sourced, researched, formally pitched, voted on by the group, and tracked in the paper portfolio.
Under Coverage
Every name we cover, with our most recent view on top.
The Standard
What's inside every report.
Every pitch is built in the same order, and every component has to be there before it is scheduled for presentation.
The Thesis
We start by understanding the business, how it makes money, and where it sits in its industry. From there, we build a specific view on what the market is getting wrong and why.
- Business overview
- Industry context
- Variant perception
The Analysis
We identify the two or three metrics that actually drive the business, then build our own financial model from the ground up with base, bull, and bear cases. Valuation work includes a DCF and comparable company analysis, and every pitch ends with a price target we can defend.
- Key drivers and risks
- Financial model
- Base, bull, and bear cases
- Valuation and price target
The Path
A good idea needs a reason to work and a timeline for when it does. We identify specific catalysts that could close the gap, and we take the bear case seriously as part of the work.
- Catalysts and timeline
- Risks and mitigants
FormatWritten memo (10-15 pages)30-minute presentation plus 15-minute Q&AAll leads vote: Strong Buy, Buy, Hold, or ShortMajority vote required for paper portfolio inclusion