Four practices. One standard.

Methodology

First-principles inquiry from primary sources. Every claim is traceable. Estimates are labelled as estimates; opinion is labelled as opinion. The firm publishes selectively rather than continuously.

Process

1. 01

   A written brief scopes the question the reader is trying to decide.

2. 02

   Primary sources are gathered, catalogued and cited before conclusions are drawn.

3. 03

   A working model, where relevant, is built and stress-tested before the note is written.

4. 04

   The final document is signed by the founder and issued in full — with methodology and limitations disclosed.

Analytical Standards

No commissioned coverage. No paid amplification. When a conclusion is revised, the record is corrected on the same page with the same prominence.

Scope

• Equity & credit notes
• Thematic memoranda
• Sector primers

Methodology

Discounted cash flow, market multiples and precedent transactions applied together rather than in isolation. Assumptions are disclosed in full and the workbook is made available for independent review.

Process

1. 01

   The valuation question is defined in writing before any model is opened.

2. 02

   A base-case DCF is built alongside triangulating multiples and, where appropriate, precedent transactions.

3. 03

   Sensitivities are run on the assumptions most likely to be contested.

4. 04

   A signed opinion is issued with a full methodological appendix.

Analytical Standards

One opinion per engagement. The firm does not adjust a valuation to fit a desired outcome and will withdraw from a mandate where that expectation is present.

Scope

• Fair-value opinions
• Fairness opinions on request
• Model review & second opinions

Methodology

Advisory is scoped to a specific decision and a specific reader. The firm does not sell retainers, distribute products or hold commission relationships that could bias the counsel offered.

Process

1. 01

   An initial correspondence establishes the decision at issue and whether the firm is the right party to advise on it.

2. 02

   A written mandate defines scope, questions, materials and timing.

3. 03

   Work is conducted by the founder; interim findings are shared in writing.

4. 04

   A final memorandum sets out the recommendation, the reasoning and the evidence behind it.

Analytical Standards

Non-discretionary. The firm advises; the client decides. The record of what was advised, and why, is preserved.

Scope

• Capital allocation
• Growth & positioning
• Ownership & transition

Methodology

AI is treated as an analytical instrument, not a source of conclusions. Every output that reaches a reader passes through human review; limitations of the tooling are disclosed alongside the work it informed.

Process

1. 01

   Requirements are established as a written brief, in the same manner as any other mandate.

2. 02

   Tooling is selected for the specific task; nothing is deployed for its own sake.

3. 03

   Outputs are reviewed by the founder before they inform any recommendation.

4. 04

   Documentation records what the system did, what it did not, and where a human overruled it.

Analytical Standards

The firm does not present model-generated text as independent analysis. Where AI has contributed to a workflow, that contribution is stated.

Scope

• Research automation
• Decision-support systems
• Model review