Framework
How to map a company operating model
Trace customers, value delivery, resources, constraints, and feedback loops before reaching for a valuation multiple.
Company systems index
Understand how companies actually work.
Research frameworks for business models, operating systems, sectors, revenue quality, and source-driven company analysis.
Map an operating model01CustomersWho pays and why
02EconomicsWhere margin comes from
03OperationsWhat must work at scale
04EvidenceWhat supports the claim
Analysis frameworks
Look beneath the headline metric.
Economics
Revenue growth and revenue quality are different questions
Examine concentration, recurrence, pricing, returns, incentives, and cash conversion behind a headline growth rate.
Strategy
Test whether a business really has a network effect
Distinguish true participant-to-participant value creation from scale economies, brand, switching costs, and simple market growth.
Library
More field notes
Marketplaces
Marketplace anatomy: liquidity, trust, and take rate
Analyze a marketplace as a matching and governance system rather than a website with two user groups.
Software
Recurring software metrics without the shorthand
Connect bookings, billings, revenue, retention, deferred revenue, and customer acquisition to the contracts that produce them.
Methodology
A source hierarchy for company research
Choose primary evidence, preserve dates and definitions, and keep observation separate from inference.
Market infrastructure
How a non-custodial perpetual exchange operates
Map custody, collateral, pricing, execution, liquidation, and revenue as separate operating systems.
Operating model
Map a direct-to-consumer telehealth operating model
Trace acquisition, intake, clinical review, prescribing boundaries, fulfillment, follow-up, and unit economics without treating marketing claims as clinical evidence.
Operating model
Analyze a paid social growth service
Map the product catalog, customer promise, delivery model, platform dependency, support burden, and reputation risk of a social growth provider.
Operating model
Analyze a premium outdoor-living brand
Map customer occasions, product architecture, channels, sourcing, hospitality demand, repeat purchase, and operational constraints for a weather-oriented consumer brand.
Operating model
Analyze a direct-to-consumer e-bike brand
Map product range, channel, service network, parts commitments, seasonality, and working capital for an electric-bicycle brand that sells online without its own stores.
Operating model
Read the operating model of a European cloud-backup service
Separate storage capacity, retention, transfers, support obligations, data location, and control-plane dependencies when reviewing a subscription backup business.
How this publication works
The publication explains operating systems and research methods; it does not provide investment recommendations.
Observations, company statements, estimates, and inferences should never be presented as the same kind of evidence.