Equity research newsletter from a long-term value and growth investor, featuring company deep dives, valuation updates and reflections on investment process. Readers get detailed analysis of global stocks plus the author's own portfolio reasoning and decisions.

Investor-focused analysis of individual high-quality public companies, mostly quarterly earnings breakdowns with commentary on management behaviour, capital allocation and valuation. Readers get numbers by region and segment, call takeaways, and the author's own view on each stock.

Firm Returns publishes detailed investment research reports on individual companies it considers undervalued, such as a PepsiCo report covering segments, margins and activist history. It also posts brief portfolio change updates.

Incremental Returns publishes long-form investment analysis of individual stocks and market structure, such as Meta, Visa, Mastercard and FICO. Each issue pairs financial figures with analogies and a clear investment view.