Business Breakdowns

Each piece follows the same structure: thesis, model, moat, risks. Built so the reasoning is portable to whatever business you study next.

The Unit Economics of Luxury: Why Hermès Scales Differently

An investigation into inventory turnover, artisanal labor moats, and the counter-intuitive physics of Veblen goods in a digital economy.

How a warehouse club generates most of its profit from $60 annual fees — and why that arrangement is nearly impossible to copy.

Why the world's largest payment network earns 60%+ operating margins while taking almost no credit risk.