Business, Industry & Company Analysis
F1 Business Fundamentals and Models
The firm as an object. What it does, for whom, and how the money arrives.
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B2B
Topic 02B2C: How Selling to Firms Differs From Selling to People
F2 Revenue and Pricing
The revenue side in detail. Shape, durability and whether price can be raised.
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Revenue Growth
Topic 02Monetisation Improvement
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ARPU
Topic 02Average Order Value: Two Different Denominators
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Gross Margin
Topic 02Contribution Margin: What Each Subtracts
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Fixed Costs
Topic 02Variable Costs: The Test Is Volume
F3 Operating Model and Supply Chain
The cost side and the machine that produces it. Chain, throughput, capacity, dependency.
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Vertical
Topic 02Horizontal Integration: Which Way to Grow
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Just-in-Time
Topic 02Just-in-Case Inventory: How Much Cover to Hold
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Make
Topic 02Buy: Whether a Step Is Worth Owning at All
F5 Competitive Advantage and Moats
Why a business earns more than its cost of capital, and whether that persists.
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Cost Leadership
Topic 02Differentiation: Where the Advantage Lives
F6 Industry Structure and Sector Behaviour
The field. Five forces, concentration, and how a sector behaves through a cycle.
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Sector
Topic 02Industry: Two Units of Counting That Do Not Nest
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Company Analysis
Topic 02Industry Analysis: Where the Evidence Comes From
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Cyclical
Topic 02Defensive Sector: What the Label Leaves Out
F7 Market Size and Addressable Market
How big the field is, what drives demand, and how a share of it moves.
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Market Concentration
Topic 02Market Share: How Each Measure Fails
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Top-Down
Topic 02Bottom-Up Market Sizing: Which Route Can Be Run
F8 Innovation and Technology Shift
What changes a field. Adoption, disruption, and why incumbents lose.
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Product Innovation
Topic 02Process Innovation: Which One Pays
F9 Corporate and Business Strategy
What management chooses to do about all of it, and whether the choice is coherent.
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Growth Investment
Topic 02Capital Return: One Pot, Two Uses
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Horizontal
Topic 02Conglomerate Diversification
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Centralised
Topic 02Decentralised Organisation
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Company Research
Topic 02Investment Research: Where They Part
F10 Management and Governance Quality
Who is choosing, what constrains them, and whether their interests align with owners.
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Founder-Led
Topic 02Professional Management: What Actually Changes
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Promoter Ownership
Topic 02Institutional Ownership
F11 Strategic and Business Risk
What could break the thesis, recorded rather than felt.
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Platform
Topic 02Pipeline Business: Where the Risk Sits
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Asset-Light
Topic 02Asset-Heavy
Topic 03Capital-Intensive Business
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Commodity
Topic 02Branded Business: Who Sets the Price
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Strategic Risk
Topic 02Financial Risk: Where Each One Bites
F12 Business Research Method
The method layer. Where the evidence comes from and how a variant view is built.
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Primary
Topic 02Secondary Research: What Each One Can Settle