A research led process built around how industries actually change.

How we think about change

Transformative technologies and business models rarely grow in a straight line. They follow an S curve. A slow and uncertain beginning, a steep acceleration once the model proves itself, and a long plateau as adoption matures. The most asymmetric opportunities often sit in the early and middle stages, before a company’s competitive position is fully priced into the market. Much of our work goes into figuring out where a business actually is on its curve, and whether the rest of the market has mispriced the slope ahead.

First principles as a lens

Consensus narratives are useful but often incomplete. We take businesses apart and reason from the ground up. What is actually being sold. Who the customer is. What happens to unit economics as the company scales. What has to be true for the thesis to hold, and what would break it. First principles thinking gives us a structured way to separate genuine competitive advantage from noise, and it is how we keep conviction grounded when sentiment swings.

What we look for

We gravitate toward companies where the product is enabling a meaningful shift in how an industry operates, where unit economics improve with scale, and where management is aligned with long term value creation. We prefer concentrated exposure to a small number of ideas we understand deeply rather than diffuse exposure across a broad basket. Our time horizon is measured in years, not quarters.