How we work
An investing publication that shows its work.
Marketshare Investing exists for one kind of reader: the person who wants to understand a business well enough to own it through a bad year. That reader does not need excitement. They need arguments, evidence, and someone willing to be specific.
The method
Read
Annual reports, filings, transcripts and the credit agreements. We start with what a company is legally required to disclose.
Model
A simple model: return on capital, reinvestment runway, and the cash conversion of growth. If it needs a spreadsheet to be impressive, it is not.
Argue
The note is written as an argument against ourselves first. What would have to be true for this to be a mistake?
Editorial standards
We write the falsifier first
Before a note is published, we write the condition that would prove it wrong. If we cannot name one, we do not have a thesis — we have an opinion, and opinions do not belong in the letter.
No price targets
Price targets create the illusion of precision and invite readers to outsource judgement. We publish a stance, a conviction level and a horizon, and we explain the assumptions behind them.
Wrong calls stay published
Notes are not deleted or quietly edited when they age badly. A research archive that only contains wins is a marketing brochure.
No simulated performance
We do not publish back-tested or hypothetical returns as if they were track record, and we do not run a fund. The model portfolio is written reasoning, not a managed account.
Disclosure on every note
If a writer owns a security we cover, the note says so. Writers do not trade against the letter's published stance.
The wire stays free
Market news is a public good. Our news page and its JSON endpoint stay free and unauthenticated, including for people who never subscribe.
How the business is funded
Subscriptions. That is the whole model. We take no payment from issuers, brokers or funds to cover a security, we run no advertising network, and we do not sell reader data. The free market wire is supported by subscribers who choose to pay for the research, which is why it can stay open to everyone else.
Contact
Corrections, questions and reader mail are welcome. Write to the desk at desk@marketshare.example and we will answer, including when the answer is that we were wrong.