Analysis & Explainers
Longer reads on stocks, crypto and markets - the context behind the headlines.
Mastercard and the Durable Economics of Payment Networks
A structural look at how Mastercard earns from every swipe, why investors pay up for it, and the threats on the horizon.
UnitedHealth Group: Where the Money Comes From
How UnitedHealth's insurance and Optum arms work, why the market pays up, and what could go wrong.
Exxon Mobil: How the Integrated Supermajor Earns
A look at Exxon Mobil's integrated business model, its competitive strengths, how the market prices it, and the risks ahead.
Visa: Network Economics and the Price of Trust
Visa earns a toll on nearly every card transaction, and its network moat explains both its growth and its premium valuation.
Palantir: A Software Moat in Defense and Data
Palantir builds data software for governments and enterprises; here is how the business and its rich valuation work.
AMD's Business: Processors, GPUs, and a Premium Valuation
A deep look at how AMD makes money across data centers, PCs, and gaming, what its premium valuation assumes, and the threats to the story.
Netflix: How the Streaming Pioneer Earns and What Could Break
How Netflix turns subscriptions into cash, what underpins its valuation premium, and where the risks lie.
Nvidia's Business, Moat, and the Risks in Its AI Franchise
Nvidia's business, its software moat, and the risks that could break the AI story.
Netflix's Streaming Economics: Scale, Spend, and the Market's Verdict
Netflix makes money through global subscriptions and original programming. Here is how its expensive content model creates both leverage and risk.