Methodology

How a memo comes together

Research starts from public filings and market data at the time of writing, then works through the same questions any equity thesis has to answer: what does this business actually do, what has to be true for the stock to be mispriced, and what would prove that view wrong. The memo is the write-up of that process — reasoning shown, not just a conclusion.

Some memos include supporting figures or charts as images alongside the text; none should be read as a definitive valuation output. Assumptions and judgment calls are part of the writing, not hidden behind a model.