Analysis & Explainers
Longer reads on stocks, crypto and markets - the context behind the headlines.
Salesforce: The CRM Leader's Business and Valuation
How Salesforce makes money from cloud subscriptions, what supports its moat, and what could break the story.
Coca-Cola: The Brand Behind the Bottle
How Coca-Cola earns from concentrate and brand power, and the structural threats to its premium valuation.
UnitedHealth Group: The Business Behind the Premium Rating
UnitedHealth's paired insurance and health-services engines earn a premium rating, but the risks are real.
Exxon Mobil: How the Integrated Oil Major Earns and Is Valued
An integrated oil major whose earnings hinge on crude prices and whose valuation reflects expectations for the next cycle and the long-term energy transition.
Oracle: Can the database giant win the cloud war?
Oracle's database lock-in funds a costly cloud bet, and the market is skeptical.
Broadcom's Profitable Pivot: Custom Silicon Meets Stickier Software
How Broadcom's mix of custom AI silicon and infrastructure software drove a rerating on Wall Street.
Walmart: The Platform Economics Hiding Inside a Retail Giant
How Walmart's grocery-led model funds its platform bets, and what could derail the story.
Mastercard: The Toll Road at the Center of Global Payments
Mastercard's network profits from every transaction, but its rich valuation and regulatory exposure deserve as much attention as its growth.
Visa: The Tollbooth of the Payments World
A look at how Visa's network model generates durable, high-margin revenue - and what could erode its competitive moat.