Reading Peter Lynch Again, From the Other Side of Research
Ten lessons from a new foreword, seen differently further along the investing journey.
We Publish Equity Research on Selected Public Companies
Our first-principles research builds from understanding the business to the full investment case. It makes 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.
Featured
MoneyMax: Where Gold Meets Liquidity
A person owns something valuable, a gold chain, a wedding ring, a branded watch, and needs cash the object cannot directly provide. MoneyMax stands at that gap. It will lend against the item and hold it as security, or buy it outright, and it will also sell such items to someone else.
Zijin Mining Group (2899.HK): First Principles Analysis
State-backed capital funds entry into difficult jurisdictions. Difficult ore is precisely what Zijin's process edge was built to solve. The returns then reinforce the balance sheet that helps keep capital cheap. Remove any one component and the others weaken.
Digital Core REIT: When Digital Becomes Physical
The economic value of what the REIT owns is not ordinary floor space. It owns secured electrical capacity, cooling infrastructure, network connectivity, physical security and resilient building systems, located in markets where new supply is constrained.
What Does It Actually Mean?
I realised that every time I thought I had found another useful metric, it simply led me back to another question. Not about the metric itself. But about what it was really attempting to describe.
Outcomes Tracker (2026)
The Outcomes Tracker records how each published Glavcot Insights company analysis has performed from its original reference price.
No cherry-picking. No deleted misses. Just a transparent, equal-weight view of what has worked, what has not, and what the research record looks like so far.
Trip.com: Is Travel Still the Product, or Is the Platform the Asset?
The business itself made intuitive sense. Travel is not a fad. People still want to move, explore, visit family, take holidays, and experience places beyond where they live. The form of travel may change. The human desire behind it is unlikely to disappear.
A Matter of Prediction and Conviction
A prediction is what an investor believes will happen. Conviction is how much they are willing to stake on being right, and how long they can hold that stake when the market disagrees. The two sit on different axes.
Clarity in Focus
May 08
The AI Cake Is Real. Each Slice, a Different Price.
Every layer in the AI stack is necessary. That is the point of the framing.
But investors have often paid dearly for confusing a necessary industry with a good business.
6 min read
May 04
When a Good Business Is Still Hard to Own
So you've done the work. You understand the business. You respect how it's run. The financials hold up. And yet, you hesitate. Not because anything is wrong. But because something isn't quite enough.
6 min read
May 03
Singapore Exchange Ltd.: Snapshot
The Snapshot distills the full First Principles Analysis into a single reference page — the central question the analysis is built
11 min read
May 03
Singapore Exchange Ltd.(SGX: S68): First Principles Analysis
If you're coming from the First Principles Brief, you already know what SGX does and why the business
24 min read
Apr 07
Singapore Exchange: The Exchange Is the Infrastructure
Every time capital moves through Singapore's financial system, SGX collects: at listing, at trading, at clearing, at settlement, at custody. The structural necessity of market access converts directly into recurring fee income, at margins most businesses will never see.
15 min read
Mar 31
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
25 min read
Mar 30
Centurion Accomodation: Snapshot
The Snapshot distills the full First Principles Analysis into a single page — the central question the analysis is built around,
9 min read