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What's free, and what's coming

Every report we publish — full write-up, cited figures, and a plain Buy, Sell and Hold call — is free to read, and the fair value calculator on this site is free for anyone to use. A monthly subscription tier is on the way for additional reports available only to subscribers.

$0 / free, today

The Margin of Safety Letter

Every report we publish, in full, no paywall.

  • Research notes by email as they publish
  • Full thesis, risks, cited figures, and a Buy or Sell call
  • Access to the public research archive
  • The fair value calculator on this site
Join free
Winter 2026
Coming soon / monthly

Subscription Reports

Not live yet. Everything in the Margin of Safety Letter stays free when this launches.

  • Additional reports published only for subscribers
  • Planned monthly cadence, on top of the free archive
  • Pricing: $25/month - Launching Winter 2026
Get notified at launch

Offshore digital informational publishing. Billed in USD ($25/month). Not marketed, offered, or available to residents of India.

Methodology tool

Earnings Quality & Cash Conversion Audit

Examine whether reported accounting profits are backed by true cash flows, or driven by aggressive working capital accruals and aggressive revenue recognition.

Used to evaluate balance sheet accrual intensity.
Forensic quality rating
High Quality
Cash conversion rate112.5%
Working capital driftHealthy (-3.0%)
Accruals ratio-1.6%
✓ Cash flow exceeds net income; zero aggressive revenue-booking signs.

What a subscription will be — and won't be

Note

When it launches, a subscription will buy you extra reports. It won't buy you a personal recommendation, a portfolio review, or advice tailored to your situation — see the research disclaimer. Every Buy or Sell call we publish, free or subscription, is our general opinion on the company, not advice for any individual reader. If you want ongoing, personalized investment advice, that's a conversation with a licensed financial advisor, not a subscription to a research letter.