Jun 11
Haidilao (6862.HK): First Principles Analysis
If you're coming from the First Principles Brief, you already know what Haidilao does and why the business
30 min read
Ryan Gallinera
My career is built at the intersection of structural thinking and visual clarity, and this perspective is the foundation of everything we do here.
Glavcot Insights is an independent, reader-supported publication.
Jun 11
Haidilao International Holding: Snapshot
The Snapshot distills the full First Principles Analysis into a single reference page — the central question the analysis is built
7 min read
Jun 05
Pan-United Corporation Ltd (P52.SI): Concrete Is the Business. The System Around It Might Be the Moat.
There is also a durability argument that I keep returning to. Concrete has not fundamentally changed in a hundred years. You can make it greener, stronger, lighter, smarter to deliver. But the thing itself, a material that hardens into infrastructure, is not going away.
17 min read
May 29
The Part We Control, and the Part We Don't
We have all heard the phrase. More risk, more reward. It is repeated so often it has stopped sounding like an argument and started sounding like a fact. Take the chance, earn the return. Accept the uncertainty, collect the return.
5 min read
May 19
Haidilao (6862.HK): Is Service the Moat, or the Cost?
Haidilao's service quality did not emerge from a training manual. It was built through a specific mechanism: a master-apprentice incentive structure where store managers are compensated not just on their own store's performance, but on the performance of managers they trained
13 min read