First Principles Brief

First Principles Brief

Structured business analyses built from first principles. These briefs examine what a company does, why it exists, and how it succeeds for long-term investors.
Apr 07
Singapore Exchange: The Exchange Is the Infrastructure

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 16
Centurion Accommodation REIT: The Architecture of Essentiality

Centurion Accommodation REIT: The Architecture of Essentiality

CAREIT listed on the SGX Mainboard on 25 September 2025 under stock code 8C8U, becoming Singapore's first pure-play purpose-built living accommodation REIT.
8 min read
Feb 26
NetEase: The Artisan's Engine in a Platform World

NetEase: The Artisan's Engine in a Platform World

The way I see it, digital gaming has become what coffee is to the modern professional: a near-daily ritual, recession-resistant, and remarkably sticky. In idle moments, in downtime, in the spaces between — people reach for it. The market is enormous. The question is who's capturing it.
7 min read
Jan 01
TAYLOR SWIFT: THE ECONOMICS OF OVER-SERVING

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