Research
Ideas are sourced, researched, formally pitched, voted on by the group, and tracked in the paper portfolio.
Publications
Research Standards
Every pitch must cover the following components 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.
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.
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.