We break down industry position, business model, moat and financial quality first — then return to valuation, positioning and trade structure. Conclusions change; the framework must stay inspectable, and survive both the bull and the bear case.
We break down industry position, business model, moat and financial quality first — then return to valuation, positioning and trade structure. Conclusions change; the framework must stay inspectable, and survive both the bull and the bear case.
From single companies to portfolios, macro forces and multi-case series — pick the scale that fits the question.
Business, financials, competitive advantage and risk scenarios.
ETFs, factors, tax and portfolio structure.
Rates, policy, geopolitics and their transmission paths.
Compare multiple cases of the same theme side by side.
The three most recent pieces — start from the newest view.
Revenue growth cut to just 3% YoY, Q3 guidance implying a 12% decline — two of the three pillars behind March's rebound have broken. The Publicis billing audit, a nearly full C-suite turnover, and historical DSP-industry precedent (Rocket Fuel, Criteo, Meta) test whether the “open-internet AI advertising operating system” narrative still holds.
Revenue up 90% YoY, EPS up 116% YoY, guidance raised again — yet the stock fell 13.4% that day. The sell-off isn't about the income statement, it's about order pace: book-to-burn fell from 2.1x to 1.4x. We test STRL's CEC and Stone Ridge acquisitions against PVL's own M&A framework.
Arista's constraint was never demand. RPO and order visibility keep expanding; the real ceiling is external chip and component supply — supply sets the growth ceiling, and valuation only makes sense inside that frame.
Start from the first article of each series and build the framework in order.
Mergers and spin-offs are two sides of the same capital allocation question. This introduction uses conglomerate discount, focus premium and the best owner test to judge when to merge and when to split.
Most M&A failures aren't valuation mistakes — they're people mistakes. This opening piece maps five M&A archetypes around one question: after the deal closes, do you trust the people you acquired, or do you control them? A strategic framework for Taiwan enterprises going global.
BDCs are legally mandated to distribute 90% of taxable income as dividends — yielding 9–13% annually. This guide breaks down the structure, income mechanics, six key risks, and practical steps for Taiwan-based investors.