Independent equity research · Semis · AI infrastructure · Energy · Commodities

Every rating ships with a target and the test that would break it.

Each coverage note carries a published rating, a target and the specific number that would prove it wrong, and when that number prints the call is graded in public against the line set before it. Through-cycle valuation is the lens; the writing and the calculators are free.

2023 CFA Institute Research Challenge · Americas winner