Methodology

How a pitch gets made

Every note follows the same structure, so pitches are comparable with each other and the reasoning is auditable after the fact.

1. Structure: Situation, Complication, Thesis

Each pitch opens with the consulting-style SCR arc: what the business is (Situation), what the market is arguing about (Complication), and the differentiated view (Thesis), broken into two to four numbered pillars that can each be individually falsified.

2. Risks are MECE, and every risk gets a mitigant

Risks are listed mutually exclusive and collectively exhaustive, and each one is paired with either a mitigant or a concrete monitoring metric. A risk without a plan is not analysis, it is disclaimer text.

3. Valuation is triangulated, not asserted

Three lenses on every name: comparable multiples entered at the pitch date, bear / base / bull price targets, and a five-year DCF whose assumptions are exposed as live inputs with a WACC-by-terminal-growth sensitivity grid. Readers can disagree with an assumption and see the fair value move in real time.

4. Accountability: the timestamp is the product

The pitch date is recorded in the repository history and cannot be quietly revised. Performance tracks the pitch ticker against SPY from the pitch date onward, computed from live market data on every page load. Winners and losers both stay on the board.

Data

Prices come from free public market data endpoints, refreshed hourly. Comparable multiples are recorded manually at pitch time, which is deliberate: the comps that justified a call should stay frozen with the call.