Independent Equity Research
Insightful. Rigorous. Actionable.
16 Weeks,
16 Reports,
1 Portfolio.
Inside Each Report
Market Update
Macro trends, market commentary, and what I’m watching.
Mock Portfolio Update
$1M US equities portfolio performance and positioning.
Stock of the Week
In-depth look at the highest-conviction idea.
Private Markets Activity
Notable private-market deals, rounds, and valuations.
Business Spotlight
A deep dive into an interesting business story.
Latest Reports
Stay up to date on markets, see how the portfolio changed over the week, discover the latest addition to my portfolio, and more.
Financial Models
PLNT
Planet Fitness
Valuation Model
Three-statement financial model, discounted cash flow analysis, comparable-company analysis, and precedent-transactions analysis.
ECL
Ecolab
Valuation Model
Three-statement financial model, discounted cash flow analysis, comparable-company analysis, and precedent-transactions analysis.
AXP
American Express Company
Valuation Model
Levered discounted cash flow analysis with operating assumptions, capital-structure considerations, and valuation sensitivities.
TRV
The Travelers Companies
Valuation Model
Levered discounted cash flow analysis with operating assumptions, capital-structure considerations, and valuation sensitivities.
GOLF
Acushnet Holdings
Valuation Model
Three-statement financial model, discounted cash flow analysis, comparable-company analysis, and precedent-transactions analysis.
UBER
Uber Technologies
Valuation Model
Three-statement financial model, discounted cash flow analysis, comparable-company analysis, and precedent-transactions analysis.
RGLD
Royal Gold
Valuation Model
Net asset value model incorporating asset-level production, commodity-price assumptions, mine lives, and discounted cash flows.
PARR
Par Pacific Holdings
Valuation Model
Mid-cycle sum-of-the-parts discounted cash flow analysis across refining, logistics, and retail operations.
MCK
McKesson Corporation
Valuation Model
Three-statement financial model, discounted cash flow analysis, comparable-company analysis, and precedent-transactions analysis.
FN
Fabrinet
Valuation Model
Three-statement financial model, discounted cash flow analysis, comparable-company analysis, and precedent-transactions analysis.
CPRT
Copart
Valuation Model
Three-statement financial model, discounted cash flow analysis, comparable-company analysis, and precedent-transactions analysis.
INTU
Intuit
Valuation Model
Discounted cash flow analysis with operating forecasts, margin assumptions, and valuation sensitivities.
PANW
Palo Alto Networks
Valuation Model
Discounted cash flow analysis with operating forecasts, margin assumptions, and valuation sensitivities.
AEP
American Electric Power
Valuation Model
Dividend discount model incorporating dividend growth, cost of equity, and long-term payout assumptions.
PLD
Prologis
Valuation Model
AFFO discounted cash flow analysis incorporating property-level operating assumptions, AFFO growth, and valuation sensitivities.
KR
Kroger
Valuation Model
Discounted cash flow analysis with operating forecasts, margin assumptions, and valuation sensitivities.
Live Portfolio Return
Returns of the passive U.S. equities portfolio, during and after construction