What we offer

The core product. An initiation runs to a dozen or more numbered sections and opens with a framework stance and a key-data box: capitalization, cash and runway, short interest and days to cover, float, consensus, institutional ownership, each with its as-of date and source.

From there the note works through the investment case, positioning and ownership, the revenue engine, the pipeline or catalyst calendar, competitive positioning, valuation, governance, risk, and the regulatory and sovereign footprint. It closes with a risk table where every item carries a severity, and an analyst agenda listing the open workstreams.

• Initiation notes, published as a web document and a downloadable PDF
• A framework stance, with the terms defined on the house view page
• Every figure carries the settlement or filing lag it was reported on

The part of the process we consider our actual edge. For any sector, we ask which structural constraint gates the outcome no matter which named company wins a given contract, trial or lane, and then we ask who owns that constraint.

In genome editing that produced five constraints: delivery beyond the liver, the safety ceiling, GMP reagents and manufacturing, reimbursement and treatment-center capacity, and foundational intellectual property. In autonomous freight it produced a different one entirely: the liability and insurance regime, which is usually treated as a footnote and which we treat as the thesis, because a technology that cannot be insured cannot scale.

• Constraint tables setting out what each one gates, and how hard
• The listed entity that monetizes each constraint
• Which constraints set the pace of adoption, and which only cap it

Where a theme has legs beyond one binary event, the note ends with an allocation map: the choke point, the investable owner, the ticker, and our stance on each. This is the picks-and-shovels layer, and it is deliberately separated from the therapeutic or technological sponsor at the center of the story.

Watch lists carry the adjacent names we are tracking but have not yet initiated on: competitors, suppliers, and the incumbents a disruption would erode.

• Every ticker currently on the map, with the role it plays in a theme
• Names that are a near-term beneficiary and a long-term casualty of the same shift

A house view is a stated conviction about structural direction, held separately from any single equity, and labelled as conviction. We publish the reasoning, the bottlenecks that set the timeline, and the conditions that would make us wrong.

Two are currently active: the industrialization of genetic cures, and the inevitability of autonomous freight together with the insurance regime change it forces.

• Conviction sections are marked as such inside the notes
• Each one carries the evidence that would overturn it