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A 360-Degree Perspective

A first-principles approach requires a holistic view. A great business can be undone by a deteriorating industry, just as a mediocre one can be lifted by a powerful tailwind. Therefore, our analysis always adopts a 360-degree perspective
A 360-Degree Perspective

A first-principles approach requires a holistic view. A great business can be undone by a deteriorating industry, just as a mediocre one can be lifted by a powerful tailwind. Therefore, our analysis always adopts a 360-degree perspective, examining both the internal and external forces shaping a company's destiny.

  • The "Inside View" (Bottom-Up): We scrutinize the core fundamentals of the business itself—its financial health, the quality of its management team, and the strength of its competitive moat. This is the detailed inspection of the engine.
  • The "Outside View" (Top-Down): We then zoom out to assess the broader landscape. We analyze the macroeconomic trends, the competitive dynamics within its industry, and the potential for technological or regulatory disruption. These are the currents the business is swimming in.

Only by synthesizing these two views can we develop a truly balanced and realistic picture of a company's long-term outlook.