Essays
Short Takes & Ideas
2 essaysShorter pieces on business models, investing frameworks, market dynamics, and ideas worth thinking through carefully.
EssayApr 1, 2026
What Makes a Business Defensible?
Most discussions of moats treat them as binary — you either have one or you don't. The more useful question is: what is the mechanism, how durable is it, and what is it actually defending?
4 min read
EssayMar 5, 2026
How I Read Annual Reports
Annual reports are designed to be read by lawyers and regulators. Here's how to read them as an analyst — where the signal is, where the noise is, and what to look for that management doesn't highlight.
4 min read