Elevance Health

Trimming a winner is harder than buying one. Here's how to separate thesis decay, valuation stretch, and position-size risk — and act on the right one.

A practical framework for sum-of-the-parts analysis: how to size a conglomerate discount, separate real mispricings from structural ones, and avoid value traps.

A practical framework for placing semiconductors in the cycle using three signals — book-to-bill, lead times, and distributor inventory — and what each really tells you.

When a company ramps capex, free cash flow gets squeezed before it gets paid back. Here's how to map the cycle and time the payoff for your portfolio.

A reverse DCF flips valuation on its head: instead of guessing growth, you solve for the rate baked into today's price — then ask if it's even plausible.

Software companies report three different demand numbers — bookings, billings, and revenue. Here's how to read each one and why the gaps between them matter.