News Desk
Sector structure and company economics — the lines that tell you how a business is really doing.
Companies2 min read
The margin is the bank: reading net interest margin
A bank is a spread on money. Net interest margin tells you how wide — and whether the width was earned or bought.
Read the article →Companies2 min read
What plasma economics teach about moats
You cannot buy plasma on a spot market — which is exactly why CSL's industry is the market's best classroom on what a moat actually is.
Read the article →Companies2 min read
Same-store sales: the retailer's truth serum
Headline revenue can grow for years while a retailer quietly rots. Comparable sales is the line that refuses to play along.
Read the article →Companies2 min read
Cost curves: where miners live and die
Miners don't set their prices, so the whole game is cost. The industry cost curve tells you who survives the trough — and who is a bet on it never arriving.
Read the article →Evergreen analysis and education. General information only — not personal financial advice.