Posts
Vibe Coding an OTA, Thoughts on AI Impact on Online Travel
Operating Leverage as a Source of Market Inefficiency
Data Update 1 for 2026: The Push and Pull of Data
Net debt in enterprise value - Seasonality and fair values
The Kelly Criterion
CAVA Valuation - Looking for feedback on process
I've put together a very short analysis for CAVA restaurants. Just as some background, I spent roughly 5-7 hours working on this. I came in cold as this was the first restaurant I've ever looked at so had to get up to speed on some of the terminology and general …
Q4 2025 Letters & Reports
Investment Firm | Return | Date Posted |Companies ---|---|---|--- [Greenfield Investment Management](https://www.greenfieldinvestment.ca/post/time-flies-when-you-are-having-fun)| | January 8| [Desert Lion Capital](https://mcusercontent.com/2b965ce88104d672785279e80/files/9c8198f8-7be7-5e3a-dc4e-ba48a010c802/2025_12_Desert_Lion_Investor_Report_December_2025.pdf)| | January 8| [Kerrisdale Capital - Long Thesis on TDS](https://www.kerrisdalecap.com/wp-content/uploads/2026/01/TDS-Kerrisdale.pdf)| | January 8| TDS [Horizon Kinetics](https://horizonkinetics.com/app/uploads/Founders-Letter-2026_Final.pdf)| | January 23| [Tectonic Investors ](https://files.constantcontact.com/403e24bc901/eec7a07e-ad4e-44d5-b24c-95da84ba0bb1.pdf)| | January 23| [Bonhoeffer Partners](https://mcusercontent.com/2511717cdf1bae9a0638c942a/files/4ce92677-66f3-d646-b342-59c9b7cbcc51/Bonhoeffer_Partner_Letter_Q3_2025.pdf)| | January 24| [Kerrisdale Capital …
Trying to break into equity research / capital markets – any advice?
**Edit**\*: I've found this\* [**finance interview course** ](https://financeinterviewprep.com/)to be very helpful, they have dedicated courses for equity research and capital markets. Starting to ramp up prep for equity research and capital markets roles and wanted to get some perspective from people on the other side of the table. I have …