Singapore Exchange Limited (S68.SI): The Exchange Is the Infrastructure
The One-Liner
Singapore Exchange does not compete for market share. It is the market — and it collects a toll on
We Publish Equity Research on Selected Public Companies
Our First Principles research builds from understanding the business to the full investment case — making explicit the assumptions, risks, and conditions that define rational ownership.
Rigorous analysis means understanding what must be true — and what could go wrong.
We provide the analytical foundation. The conviction is yours.
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Centurion Accommodation REIT (8C8U.SI) : First Principles Analysis
If you're coming from the First Principles Brief, you already know what Centurion does and why the business
Three Lessons from 126 Years of Market History
Equities outperformed not because they are traded more frequently, analysed more thoroughly, or held by smarter investors. They outperformed because they represent ownership stakes in productive businesses — entities that generate earnings, reinvest capital, and compound value over time.
Centurion Accommodation REIT (8C8U.SI): The Architecture of Essentiality
The One-Liner
Centurion is a leading specialized accommodation provider that builds and operates mission-critical human infrastructure — regulated housing for the
CAGR Is The Number That Matters
There's a version of this story that happens thousands of times a year — in Singapore, and in every market where fund marketing exists.
Investor Frameworks — now live.
Some of the most useful investment thinking doesn't arrive in a 3,000-word report. Sometimes a single visual
When Everyone Sells — Who Is Buying?
But here is what struck me most, sitting with this across those two days — not panic, not a desire to act, but a deeper question.If I were to sell right now... who exactly would be buying?
That question sounds simple. It is not.
NetEase (9999.HK): First Principles Analysis
If you're coming from the First Principles Brief, you already know what NetEase does and why the business
Clarity in Focus
Jan 01
TAYLOR SWIFT: THE ECONOMICS OF OVER-SERVING
"It is our job to make this look accidental, and it is our job to make this look effortless. I don't think of this as the pieces falling into place. You PUT the pieces where they are."
— Taylor Swift to her dancers and co-performers,The Eras Tour (Taylor's Version) documentary
That stopped me.
8 min read
Dec 29
Company Snapshots: Quick Reference for Business Analysis
We've added a new content format to Glavcot Insights: Company Snapshots.
Buffett says he can evaluate most businesses
2 min read
Dec 23
The Book Value Trap
Why 57% of SGX companies trading below book value aren't bargains—and what metrics actually reveal business quality for Singapore investors.
1 min read
Dec 22
The Hour Glass: Snapshot
3 min read
Dec 22
Samduera Shipping Line: Snapshot
3 min read