A research project covering 100 American businesses we believe can be understood, valued, and,when the market obliges,owned with conviction. No noise. No quarterly trading calls. Just the work.
Three intellectual disciplines guide every page we publish. They are borrowed openly from those who taught us how to think.
Every thesis answers a single question first: what would we pay if the public market closed for ten years? Free cash flow, return on tangible capital, and the durability of competitive advantage drive every valuation.
Before we underwrite an investment we list every plausible way it can fail,capital allocation errors, technological displacement, regulatory shifts, leverage. If we cannot survive the bear case, the bull case is irrelevant.
Our coverage is intentionally narrow. We refuse to add a company unless we can defend it from primary documents,10-Ks across a cycle, competitor filings, channel checks. Conviction is a function of depth.
Our coverage universe of U.S. equities. Each row links to a full thesis covering business model, financials, moat, risks, and valuation. Click any company marked ★ Live to read.
| Ticker | Company | ROIC (5Y) |
|---|---|---|
| BRK.B |
Berkshire Hathaway ★ Live
Diversified Holdings · Read Full Thesis →
|
11.4% |
| GOOGL |
Alphabet Inc. ★ Live
Communication Services · Read Full Thesis →
|
24.1% |
| MCO |
Moody's Corporation ★ Live
Financial Services
|
31.7% |
| NVDA |
NVIDIA Corporation ★ Live
Information Technology · Read Full Thesis →
|
67% |
| INTC |
Intel Corporation ★ Live
Information Technology · Read Full Thesis →
|
(1.8%) |
| MSFT |
Microsoft Corporation ★ Live
Information Technology · Read Full Thesis →
|
28.4% |
| V |
Visa Inc. ★ Live
Payment Networks · Read Full Thesis →
|
27.5% |
| AXP |
American Express ★ Live
Financial Services · Read Full Thesis →
|
33.9% |
| AAPL |
Apple Inc. ★ Live
Consumer Electronics & Services · Read Full Thesis →
|
53.5% |
| COST |
Costco Wholesale ★ Live
Consumer Staples · Read Full Thesis →
|
22.0% |
| KO |
The Coca-Cola Company ★ Live
Consumer Staples · Read Full Thesis →
|
18.0% |
| CVX |
Chevron Corporation ★ Live
Integrated Energy · Read Full Thesis →
|
6.6% |
| LLY |
Eli Lilly and Company ★ Live
Pharmaceuticals · Read Full Thesis →
|
31% |
| DVA |
DaVita Inc. ★ Live
Healthcare · Read Full Thesis →
|
16% |
| VST |
Vistra Corp. ★ Live
Independent Power · Read Full Thesis →
|
6% |
| CAT |
Caterpillar Inc. ★ Live
Industrials · Read Full Thesis →
|
27% |
| PM |
Philip Morris International ★ Live
Consumer Staples · Read Full Thesis →
|
29% |
| ABBV |
AbbVie Inc. ★ Live
Pharmaceuticals · Read Full Thesis →
|
19% |
| MS |
Morgan Stanley ★ Live
Financials · Read Full Thesis →
|
21.6% |
| IBKR |
Interactive Brokers Group ★ Live
Financials · Read Full Thesis →
|
20% |
| SBUX |
Starbucks Corporation ★ Live
Consumer Discretionary · Read Full Thesis →
|
10% |
| FAST |
Fastenal Company Queued
Industrial Distribution
|
29.4% |
| CHTR |
Charter Communications Queued
Cable & Broadband
|
8.7% |
| +92 |
92 additional names to be published
Coverage expansion in progress
|
, |
Each entry in our database is structured identically. This consistency is intentional: it forces us to ask the same disciplined questions of every business, regardless of sector or familiarity.
What the company does, who it serves, and how it makes money, distilled to the essential narrative no one would dispute.
ROIC, ROE, FCF yield, balance sheet strength, profitability ratios. The numbers a CFO would memorize before a board meeting.
How revenue and operating earnings break down by line of business. Identifies which engines drive value, and which drag.
Where the company actually operates, mapped visually. Concentration risk and growth optionality become immediately visible.
Insider ownership, major equity stakes, equity-method investments. Following the capital tells us what management truly believes.
Six years of operating earnings, equity, cash, and capital returns, charted. Pattern recognition is the value investor's edge.
The competitive advantages that protect future cash flows. Sized as wide, narrow, or none, and stress-tested against disruption.
An honest scorecard. No thesis is balanced if it only lists strengths; the weaknesses determine whether we can survive being wrong.
How retained earnings are deployed: reinvestment, acquisitions, buybacks, dividends. The single most important management decision.
Munger's discipline, list every plausible failure mode before investing. If we cannot survive the bear case, we do not own it.
Multiple methods, SOTP, owner earnings yield, reverse DCF, comparable transactions. Triangulation beats false precision.
A synthesis of what the analysis implies, with explicit conditions under which our view of the business would change. No vague hedges.