The Three Streams: Uncoupling Subscription Revenue
Learn how a three-stream subscription model—residential, enterprise, and hardware—creates a resilient moat. This framework applies beyond satellite internet.
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Valuing the Unvalued: Blended Peers for Unique Companies
Standard valuation models fail for hybrid companies like Starlink. Learn a blended peer group framework using sector-specific multiples to estimate fair value.
SpaceX's Moat: Cost Advantage Through Vertical Integration
Discover how SpaceX's ownership of launch creates an uncatchable cost moat for Starlink, and why investors should pay attention to this structural edge.
The Orbital Treadmill: Why Satellite Replacement Never Stops
Satellite constellations like Starlink face a perpetual replacement cycle that turns a one-time build into an ongoing capital obligation. Here’s how to model it.
Starlink's Uncoupling: A Business Case Analysis
Explore the strategic rationale behind Starlink's separation from SpaceX, its standalone economics, and what investors need to know.
Why Index Funds Beat Stock Picking (Almost Every Time)
The data is clear: over 90% of professional fund managers fail to beat the market over 15 years. Here's why low-cost index funds are the smarter play.