Analysis & Explainers
Longer reads on stocks, crypto and markets - the context behind the headlines.
Apple: The Ecosystem Behind the World's Most Valuable Company
Apple's profit comes from selling hardware and then charging for services, and its valuation rests on that loop holding.
Coca-Cola: The Concentrate Business Behind the Iconic Brand
A look at how Coca-Cola makes money, the sources of its durable advantage, and the risks to its steady story.
Oracle's Moat, Cloud Pivot, and the Price the Market Pays
Oracle's database franchise has a rare moat; the cloud transition is the test.
Broadcom: How Custom AI Chips and Software Drive Growth
Broadcom combines custom AI chips and sticky infrastructure software. Here is how it makes money, why investors pay a premium, and what could break the story.
Walmart: The Retail Machine That Runs on Scale
Walmart's edge is scale and logistics, but its profit mix and valuation assumptions matter as much.
Mastercard and the Durable Economics of Payment Networks
A structural look at how Mastercard earns from every swipe, why investors pay up for it, and the threats on the horizon.
UnitedHealth Group: Where the Money Comes From
How UnitedHealth's insurance and Optum arms work, why the market pays up, and what could go wrong.
Exxon Mobil: How the Integrated Supermajor Earns
A look at Exxon Mobil's integrated business model, its competitive strengths, how the market prices it, and the risks ahead.
Visa: Network Economics and the Price of Trust
Visa earns a toll on nearly every card transaction, and its network moat explains both its growth and its premium valuation.