Sample reports

A sample of our research.

A selection of our thought leadership and company reports, each open to read and download in full. We cover many more US companies than appear here.

9Thought leadership reports
1Company report
282Pages of research
By theme Technology booms & the capital cycle Where returns come from Frameworks By company Technology

Thought leadership

By theme

Questions that sit above any single stock, each tested against historical cases or a century of market data.

Technology booms & the capital cycle

4 reports

Who is paying for the build-out, and where the returns end up.

Latest · Oct 202624 pp

The Toll on AI's Checkout

$379BAI build by five hyperscalers, fiscal 2025
$2.7BVisa and Mastercard capex combined

Visa and Mastercard earn a fee each time an AI agent checks out with a card, whoever built the agent. In earlier booms the investors who paid for the build lost 55% to 99%, while the network that collected on use got paid.

Oct 202656 pp

Other People's Money

New debt funded 32% of big-tech capex in the year to June, up from 9%. Six warning signs from past booms, tested against today's data-centre build-out: three are clearly present and two are borderline.

Sep 202621 pp

Is This One Different?

The new technology wave passes two of the three tests for a general-purpose technology. The third, making other people's inventions possible, has yet to show up in anyone's accounts. Where the money survives once the architecture settles.

Jun 202621 pp

The Future of AI

A structured imagination study, not a forecast: 32 original futures, the patterns across them, and where institutions are failing, for decisions made under real uncertainty.

Where returns come from

3 reports

How advantage is built, how long it lasts, and why it breaks.

Jul 202623 pp

The 10x Engine

With the iPod as the anchor case, a seven-step method for telling a 10x product from a 10x system, and for finding who controls the system once it scales.

Frameworks for judging companies

2 reports

Tests we use on public and private companies alike.

Sample company reports

By company

An example of the report you receive on any US-listed company you name, within 24 hours.

Technology

1 report
Software · Jul 202636 pp

AdobeNASDAQ: ADBE

$221Price, 14 Jul 2026
$147 / $349 / $583Bear / base / bull
~9xForward earnings

Does the creative workflow still need Adobe once content costs almost nothing to generate? At $221 the price sits far closer to our bear case than our base. The number to watch is organic Digital Media net-new ARR.

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