Deep dive

The full rebuild of a business from primary filings, taking days rather than hours, and producing the conviction a position needs.

The work is rebuilding rather than reading: reconstructing the segment history, normalising the earnings, building the capital and returns series, understanding the competitive position from several sources, and stress-testing the result.

The output is a model, a thesis, a set of monitoring conditions and a valuation range.

Most companies do not deserve this. The ones that do deserve all of it.