Understand the business
Start with the customer, the problem being solved, and the economics that make the system work.
Independent research on public companies
Research for patient investors.
Exceptional returns are built over years, not quarters. We look for businesses that can reinvest at high rates, deepen their advantage, and keep compounding, then wait for a price that makes the opportunity worth owning.
Browse Research PublicationsThe method
How we evaluate a compounder.
The same sequence guides every piece of company research. It keeps the narrative subordinate to the evidence and makes the open questions easy to see.
Trace the reinvestment
Follow where retained cash goes, the return it earns, and how long that runway can stay open.
Name the failure case
Write down what could permanently weaken the thesis before deciding what the upside may be.
Pay a sensible price
Keep expectations and valuation inside the work. A great company is not automatically a great investment.
The Market Compounders letter
One thoughtful note. Only when it matters.
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