Published memos & deep dives.
Long-form equity research and investment notes. Downloadable PDFs, written for clarity over volume.
Long memo on NVIDIA as the toll layer of accelerated computing rather than a late-cycle semiconductor name: why the CUDA ecosystem outlasts custom silicon, why the demand base is wider than the hyperscaler debate assumes, and how a 15x forward multiple prices a business with software economics.
Investment note on Strategy's STRC variable-rate preferred: the recovery/coverage math, breakeven and runway analysis, and how the security is positioned across scenarios.
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.
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.