Higher Rates: Who Actually Breaks?
A framework to separate "rate-sensitive" narratives from balance-sheet reality.
Read more → Independent research
Structured thinking on credit, risk, and markets
Weekly research memos for finance professionals who want clear frameworks over market noise. Thesis-driven, concise, and built to sharpen decision-making.
How the research works
Every post follows the same structure: thesis, framework, what to watch, and a bottom line. No fluff, no recaps.
Thesis-driven
Each memo starts with a clear claim, why it matters, and what would change the view.
One framework per post
Drivers, unit economics, balance sheet stress, incentives, or second-order effects.
Actionable signals
Every post ends with specific indicators to watch and a bottom-line conclusion.