Selected theses

Research on individual businesses

These notes explain what attracted us to an investment, the assumptions behind the thesis, and the risks we saw. Read them alongside the follow-ups to see how our thinking develops.

Healthcare · Small cap

Sanara MedTechSMTI (Acquisition announced)

Sanara sells products used in surgical and advanced wound care. Our research examines the business’s growth opportunity and management’s decisions about where to invest capital.

What we are examining

The quality of capital allocation and governance, and whether growth can create lasting value for shareholders.

Read the write-up

Life sciences tools · Small cap

Rapid Micro BiosystemsRPID

Rapid Micro automates microbial contamination testing for pharmaceutical manufacturers. Our thesis examines customer adoption, additional instrument installations, and the economics of the growing installed base.

What we are examining

Whether adoption and improving unit economics support the investment case as the business grows.

Read the initial write-up Read the follow-up

Earlier research

The archive includes work on Snyder’s-Lance, Silver Spring Networks, Envision Healthcare, Integrated Device Technology, Amazon, and Chipotle, along with notes on companies that were acquired.

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New notes and follow-ups

We publish research updates and shorter commentary on Substack between quarterly letters.

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Questions about the research?

We can discuss the assumptions behind a thesis and how an investment fits into the portfolio.

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