Client research.
Macro commentary, company research, portfolio commentary, model-portfolio changes, allocation notes, watch lists, and monitoring, reserved for clients.
Macro Commentary
Our ongoing view of the long-term forces shaping economies and markets.
Publications in preparation.
Company Research
In-depth research on individual businesses, including the full coverage history as each thesis develops.
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Company Research Report - Dentsply Sirona, Inc. - NASDAQ: XRAY
A Turnaround Under Construction: Testing Dentsply Sirona's Return-to-Growth Plan Against the Evidence — Real Management Change, Early and Mixed Proof Points, and a Valuation Discount That Reflects Today's Performance, Not Tomorrow's
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Company Coverage August 2026 Update: Eldorado Gold - NYSE: EGO · TSX: ELD
Q2 2026 Results: A ~25–26% 2027E Free Cash Flow Yield — a Level Rarely Available in a Producing Gold Name — as Skouries and McIlvenna Bay De-Risk on Schedule; the Consolidated Cost Base Is Running Ahead of Full-Year Guidance, but the Print Is Better Underneath the Headline Than the Tape's Reaction Suggested.
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Company Coverage August 2026 Update: KBR, Inc.- NYSE: KBR
Q2 2026 Results: Mission Technology's Margin Trajectory Is the Underappreciated Story, but Sustainable Technology's Growth Is Increasingly Fixed-Price and JV-Earnings Dependent as Plaquemines Rolls Off — This Print Tests, Without Yet Breaking, MPC's Reclassification Thesis."
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Company Coverage Update: Eldorado Gold - NYSE: EGO · TSX: ELD
Valuation Scenarios & Metals Price Matrix: this note adds three analytical dimensions not developed in the June 2026 Strategic Asset Analysis — a mine-by-mine AISC cost-curve positioning analysis benchmarked against mid-tier gold peers; a mechanics deep-dive on Skouries' copper byproduct credit across live copper prices; and a 5×5 multi-scenario valuation matrix spanning gold at $4,000–$6,000/oz and copper at $5.00–$7.00/lb. The strategic asset inventory, leadership analysis, balance-sheet review, and monitoring framework in the June 2026 report remain current and are not restated here.
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Company Coverage Update: Photronics, Inc. - NASDAQ: PLAB
Competitive Position Upgrade — Revised: Photronics is the only U.S.-headquartered, publicly traded, independent merchant photomask supplier — and unlike previously characterized, it is in active EUV photomask production with manufacturing-grade IBM R&D agreements at 7nm, 5nm and beyond, and holds the first U.S. merchant multi-beam mask writer with explicit U.S. Government Trusted designation. The national security characterization requires material upgrade.
Portfolio Commentary
How the portfolio is positioned and why.
Publications in preparation.
Model Portfolio Changes
Additions, exits, and weight changes as they are made.
Publications in preparation.
Quarterly Allocation Notes
Asset allocation thinking each quarter.
Publications in preparation.
Watch Lists
Companies and themes under active consideration.
Publications in preparation.
Monitoring Dashboards
Ongoing monitoring of the positions and signals we track.
Publications in preparation.