Research
Published memos & deep dives.
Long-form equity research and investment notes. Downloadable PDFs, written for clarity over volume.
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Important.
Nothing on this page is a recommendation to buy, sell, or hold any security. The memos below are personal research notes published for educational and discussion purposes only. They do not constitute investment advice, an offer, or a solicitation. You are solely responsible for your own investment decisions — please consult a licensed financial advisor before acting on anything you read here.
V/Q
Memo
Value vs Quality
Thematic memo on the value-vs-quality debate — when fundamental cheapness outperforms great businesses, when it doesn't, and the framework I use to size positions in each.
FICO
Memo
FICO — Investment Memo
Deep-dive memo on Fair Isaac Corporation's mortgage-cycle leverage, pricing power on the B2B credit-score franchise, and the steady-state value of the software segment.
The author may hold positions in any of the securities mentioned. This information is provided "as is" without warranties of any kind. Past performance is not indicative of future results. No part of this content should be relied upon as the sole basis for any investment decision.