Independent equity research · US listings

We publish the model, not just the number.

Most research hands you a target price and asks you to trust it. Every report here ships with the working valuation model, open and adjustable. Disagree with an assumption, change it, and see what your own view is worth per share.

Cadence

New coverage weekly. Every rating reviewed each quarter on results, and immediately on a material event.

Coverage bias

We start where the sell side stops — US listings with thin or no analyst coverage, where an extra pair of eyes is actually worth something.

Disclosure

Author positions are published on every report, with a fixed no-trade window either side of publication.

Track record

Every rating, its date, its price and what happened next — kept public whether or not it flatters us.

Published coverage5 reports live
Why this exists

Three things that are wrong with equity research on the internet

Targets get published without the arithmetic behind them, so a reader has no way to tell a considered view from a guess. Coverage clusters on the same two hundred large caps, leaving the half of the US market with no analyst attention genuinely unexamined. And the author's own position — the single most useful piece of context a reader could have — is almost never disclosed.

This publication fixes all three, and treats the fixes as the product rather than the paperwork.