RESEARCH
Research
Research library
Research & observations
Perspectives on IPOs, AI, data development and public markets.
Reading an IPO prospectus in context
Read the business, financial statements, ownership and offering terms as one connected investment case.
AI and data companies approaching public markets
Translate AI capabilities into paying demand, delivery economics, cash collection and durable competitive strength.
Connecting the business model to long-term value
Connect customer value with cash generation, reinvestment requirements and the durability of competitive advantage.
Understanding how liquidity conditions travel
Follow liquidity through trading conditions, corporate cash needs, funding terms and the timing of obligations.
A practical checklist for infrastructure research
Infrastructure research connects demand with contracts, buildability, maintenance obligations and financing duration.
Testing a competitive advantage
A competitive advantage must show up in customer choices and operating economics, and survive a serious test of its limits.