Research
The Research Library
Original analysis with stated methodology, assumptions and sources. Every piece clearly separates verified facts from estimates and opinion.
7 publications
Capital Allocation
Sample contentFree accessThe Mathematics of Compounding
A first-principles look at exponential growth, the cost of interruptions, and why the final decades of a compounding journey matter most.
Capital Allocation
Sample contentFree accessCapital Allocation: The Five Choices of Every CEO
Reinvest, acquire, repay debt, pay dividends or repurchase shares. A framework for judging management by what it does with the cash.
Private Equity
Sample contentFree accessHow Leveraged Buyouts Create Returns
A hypothetical LBO walks through the three levers of private equity returns and why leverage magnifies outcomes in both directions.
Business Acquisitions
Sample contentFree accessBuying a Small Business: Valuation Basics
How small private businesses are commonly valued, what the normalisation adjustments really mean, and where buyers most often overpay.
Real Estate
Sample contentFree accessCap Rates and the Price of Real Estate Income
What the capitalisation rate measures, why small changes move values dramatically, and the limitations of using it alone.
Infrastructure
Sample contentFree accessInfrastructure as an Asset Class
Toll roads, utilities, pipelines and digital networks share economic features — and risks — that differ from typical equities.
Public Markets
Sample contentFree accessPrice Versus Value in Public Markets
Intrinsic value, margin of safety and the discipline of estimating value before looking at the quote.