What's Coming in 2026: The Owner's Analysis
When we launched in November 2025, First Principles Briefs (FPBs) established our analytical approach.
Two months later, we kept hearing: "This tells me what the company does. Now tell me: what's the case for ownership—and when does it break?"
Reading Ownership Composition: Advanced Insights
This is Part 2 of a two-part series on ownership structure. In Part 1, we explored why ownership matters and introduced three foundational signals every investor should evaluate. Here, we dive deeper—examining how ownership dynamics evolve over time
Why Ownership Structure Matters More Than Most Investors Realize
This is Part 1 of a two-part series exploring how ownership structure shapes investment outcomes. In this first part, we'll establish the foundational framework—why ownership matters, the spectrum of ownership structures, and three key signals every investor should evaluate.
The Hour Glass Limited (AGS.SI): Gatekeepers of Time — How a Family Retailer Built a Luxury Moat Piece by Piece
A family-owned gatekeeper to the world's most exclusive timepieces across Asia-Pacific — holding authorized dealer relationships with Swiss luxury brands that most retailers can't access...
The Ticker Isn't the Business: Why Share Prices Tell You Less Than You Think
Most investors treat share prices like gospel. Down 15% in three months? Panic. Up 20% in a week? Euphoria. But here's what the market won't tell you: the price you see flashing across your screen is determined by less than 1% of the company's shares actually changing hands.
