What We Cover

Three kinds of neglect

Attention is scarce and unevenly spread. We work the parts of the market it routinely skips.

01 / UNCOVERED

No analysts, no index, thin float

Companies below the size and liquidity thresholds that attract sell-side research and index inclusion. Insiders and founders often hold most of the shares, institutions cannot build a position worth their time, and the filings go unread for years at a stretch.

02 / COMPLEX

Spin-offs, holding companies, buried segments

Recent separations with no clean operating history, groups whose consolidated accounts obscure what each business earns, and subsidiaries disclosed in a footnote. Complexity raises the cost of looking, and the cost is what keeps people away.

03 / OUT OF FAVOUR

Trough cycles, restructurings, dull industries

Cyclicals at the low end of their earnings range, companies a year or two past a balance-sheet repair, and sectors that attract no commentary at all. Reputation changes slowly, which cuts both ways: sometimes the business has improved, and sometimes it has not.

How a company earns a write-up

  1. Read the filings first. Annual and quarterly reports, proxy statements, segment disclosure, and the footnotes — not the investor presentation or a summary of it.
  2. Name the reason for neglect. Float, listing venue, coverage, structure, or industry. If we cannot state the reason in a sentence, we probably do not understand the situation.
  3. Size the business. What it earns, on what capital, how cash converts, and how much debt sits ahead of the equity. Most under-followed companies are under-followed deservedly, and saying so is useful.
  4. Ask what would change. A result, a disclosure, a sale, an uplisting, or a change in the cycle. Often the answer is nothing identifiable, and that belongs in the write-up too.

What each issue contains

What we do not cover

We do not cover pre-revenue story companies promoted on social media, shell structures looking for a narrative, or anything whose main asset is a press release. We do not take part in paid placements written to look like independent work, and we do not publish price targets or claims about what a share will do next.

We also avoid companies whose disclosure is too thin to analyse. If the filings do not support a description of the business — what it sells, what it earns, and what it owes — then there is nothing here to write about, however interesting the ticker looks.

Nothing here is a recommendation. Under-followed companies disclose less, trade thinly at wide spreads, and can remain ignored for years; the work here rests on estimates drawn from limited information, and a correct read on a business is not the same thing as a share price agreeing with it. See our disclaimer.