Why We Start With Primary Sources

The fastest way to misunderstand a company is to begin with the market narrative. Headlines, price action and consensus opinions are useful context, but they are not the foundation of good research. We start with filings, earnings, financials and management commentary, then work outward into industry structure, competition and long-term demand. That helps us separate what the company is actually telling us from what the market currently believes about it. The goal is not to repeat the story around a stock, but to understand the evidence underneath it and identify which assumptions matter most.