Long-form research on US mid, small, and micro caps.
Written for investors who want to understand a sector without having spent fifteen years inside it. Every figure in every note ties back to a filing the company sent to the SEC. No paid databases, no expert calls, no positions in any name we cover. The first note ships later this year.
What we cover, and why
Mid, small, and micro-cap US-listed companies sit in a coverage gap. The big banks mostly ignore them. The boutique sell-side firms write for other specialists, in language you need a decade in the sector to follow. If you want to understand these names and you're willing to put in the work, you're stuck with marketing decks and message boards. That's the gap we write into.
Mid, small, and micro caps
We focus on US-listed names where what's already published is thin, stale, or written for analysts who already live in the sector. The point is to find businesses worth real work, not the ones already crowded with coverage.
The sector before the argument
Every note opens with how the business actually runs: unit economics, regulatory regime, channel, customer. The thesis comes after that, in plain language. You shouldn't need a finance background to follow the argument.
Sources from EDGAR, full stop
Every figure ties back to something the company filed with the SEC: 10-Ks, 10-Qs, 8-Ks, proxies, registration statements, and the exhibits attached. No paid databases, no expert networks, no off-record briefings. The source ledger lists every EDGAR accession number, so anyone can pull the original document themselves, free.
How a note is made
Every claim is built on visible, inspectable evidence within the note itself.
Notes are built in six phases (intake, diligence, modelling, review, publish, maintain). Every phase writes to the same source ledger the reader sees. That ledger is the bridge between what the analyst is claiming and what the company actually filed.
When the model disagrees with the market, we describe the asymmetry and stop short of telling you to trade on it. When we're uncertain, we show the band and say why. When we've been wrong, the changelog is dated and signed.