Research Library

Each report shows its current version. Earlier versions stay listed under it with the price and target they were written at. Nothing is removed when a call changes.

Coverage
BUYHyperliquid Strategies (PURR): October UpdateUpdate with model · 0.95x adjusted NAV, share count doubled · BUY, $12.79 12-mo weighted · 4 pp. · Author holds a positionEquityCrypto10 · 2026→ PDF
Earlier versions (1)↳05 · 2026Original · DAT vehicle, mNAV / ELOC mechanics$8.25 at writing · BUY $13–17 · 8 pp→ PDF
HOLDHyperliquid (HYPE): October UpdateUpdate with model · revenue behind the May path, Kraken HIP-3 leg · HOLD, $93.36 12-mo weighted · 8 pp. · Author holds a positionCryptoDeFi10 · 2026→ PDF
Earlier versions (3)↳05 · 2026Update · ETFs live, HIP-3/4, DCF$48.12 at writing · BUY $85–105 FDV · 11 pp→ PDF↳04 · 2026Update · post S&P 500 license$37.00 at writing · BUY $60–80 · 12 pp→ PDF↳02 · 2026Original · HIP-3 / HIP-4 TAM thesis$30.08 at writing · BUY $47–58 · 9 pp→ PDF
BUYNEAR Protocol (NEAR): Pricing the Agent-Payments OptionInitiation with model · AI-agent payments valued as a five-state option · BUY, $11.59 12-mo target · 16 pp. · Author holds a positionCryptoL1AI Agents10 · 2026→ PDF
BUYThe Cigna Group (CI): Priced for the Bear CaseInitiation with model · 2028 PBM reform priced as a permanent margin cut · BUY, $504 weighted value · 8 pp. · Author holds a positionEquityHealthcareValue10 · 2026→ PDF
HOLDMicron Technology (MU): DCF, Comps, Cycle PositioningInitiation with model · semi memory cycle · HOLD, $395 base · 15 pp.EquitySemis04 · 2026→ PDF
BUYCircle Internet Group (CRCL): InitiationRelevered peer beta · stablecoin issuer economics · BUY, $87.35 12-mo · 5 pp. · Author holds a positionEquityFintech02 · 2026→ PDF
Macro & Positioning
UnratedEquities on Stilts: October UpdateUpdate · two June triggers printed, pullback hedged, core long · no rating; 12-mo weighted SPX 7,707 · 10 pp.MacroEquitiesVol10 · 2026→ PDF
Earlier versions (1)↳06 · 2026Original · vol regime & dealer positioning, trigger setSPX 7,609.78 at writing · no target · 11 pp→ PDF
AccumulateSold Out: BTC Positioning & Cycle StructureUpdate · recovery confirmed, Fed hike absorbed, MSCI forced seller scheduled · Hold + laddered · 5 pp. · Author holds a positionCryptoBitcoinCycle09 · 2026→ PDF
Earlier versions (1)↳07 · 2026Original · washed-out base, 7:1 R/R$59,600 at writing · Accumulate $126k · 10 pp→ PDF
Papers

Coursework. Unrated.

PaperPerpetual Futures: Mechanics, Risk, Regulatory TrajectoryApplied derivatives final · Hyperliquid as primary case study · 14 pp.DerivativesCrypto04 · 2026→ PDF
PaperUnitedHealth (UNH): Bond Credit AnalysisBloomberg-sourced fundamentals · covenant & spread analysis · 9 pp.CreditFixed Income03 · 2026→ PDF
Track record →RSS →