Independent Analysis · Equity Research
Where Numbers Tell a Story
Deep dives into companies, capital allocation and investment theses — no conflicts of interest, no subscriptions.
SiriusXM: The Expensively Acquired Monopoly with the Asset-Light Joker
Why the market is pricing the wrong thing — and why the decisive number isn't the cash flow, but where it comes from.
Liberty Global — The Malone Flywheel
Why the persistent NAV discount isn't capital destruction, what buybacks really achieve — and why the thesis only faces its real test in 2027.