Institutional-Grade Research

Invest with
conviction.

Deep-dive equity memos and thematic research on quality compounders — built for long-term investors who think in decades, not quarters.

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Research Reports

Available Reports

Rigorous, independent analysis — no conflicts of interest, no sell-side spin.

★ Featured Report

FICO · Fair Isaac Corporation

The Score Keeper:
FICO's Unassailable Moat

A 60-page institutional memo examining FICO's pricing power, the VantageScore regulatory threat, and whether the current dislocation represents permanent moat impairment or a generational buying opportunity.

  • 60-page institutional equity memo
  • Competitive intelligence brief
  • BCG matrix & moat scorecard
  • FICO vs VantageScore deep-dive
  • DCF with bull/bear/base scenarios
$149 One-time · PDF download
Deep-Dive Memo

SPGI

S&P Global: The Toll Road of Capital

Dissecting SPGI's four-segment moat — Ratings, Market Intelligence, Commodity Insights, and Indices — and the embedded FCF machine that funds decades of compounding.

$129
45 pages
Deep-Dive Memo

MA · V

The Network Effect Duopoly: Visa & Mastercard

A side-by-side institutional analysis of the two-sided network businesses that process $20T+ in annual volume — and why no challenger has broken through in 60 years.

$99
38 pages
Deep-Dive Memo

MSCI

MSCI: The Index Inside Every Portfolio

How MSCI built a recurring-revenue empire on indices that benchmark $16T in AUM — and why switching costs make this one of the stickiest businesses in financial services.

$99
34 pages
Thematic Report

THEME · FININFRA

The Financial Infrastructure Compounders

A thematic deep-dive into the picks-and-shovels layer of global finance — exchanges, ratings agencies, data businesses — and why these businesses earn above-average returns for above-average durations.

$79
28 pages
Thematic Report

THEME · AI MOAT

AI Winners: Who Owns the Durable Moat?

Separating the infrastructure owners from the incumbents threatened — a framework for identifying which businesses have an AI-durable competitive advantage versus those facing disruption.

$79
32 pages

About

Independent Research.
No Conflicts.

Quality Equities publishes institutional-grade equity research on quality compounding businesses — the kind of analysis you'd expect from a top-tier asset manager, written for long-term investors who prioritize durable moats over short-term momentum.

The research framework synthesizes the investment philosophies of Buffett, Ackman, Hohn, and Katesaria — emphasizing return on invested capital, free cash flow quality, owner earnings, and moat durability over conventional sell-side metrics.

Every report is independent. No banking relationships, no conflicts of interest, no consensus chasing. The goal is to think clearly about a small number of businesses and get the important things right.

Follow on X at @qualityequities for real-time analysis, earnings commentary, and thread-form research.

I.
Investor-Aligned Incentives
Reports are written as an investor, not an analyst. Skin in the game on every covered name. Long-term orientation aligned with the businesses analyzed.
II.
Primary Source Research
Every memo draws from primary sources — 10-K/Qs, proxy statements, earnings transcripts, and competitor filings — not recycled sell-side summaries.
III.
Probability-Weighted Thinking
Bull, base, and bear scenarios are explicitly modeled. Every investment thesis includes the key factors that would falsify it.

Methodology

How Reports Are Built

01
Moat Assessment
Network effects, switching costs, cost advantages, and intangibles — ranked by durability and magnitude using a proprietary scorecard.
02
FCF Quality Analysis
Owner earnings over reported EPS. Capital intensity, maintenance vs. growth capex, and working capital dynamics all modeled explicitly.
03
Competitive Intelligence
Mapping the incumbent, challengers, and regulatory environment. Threat vectors are stress-tested rather than dismissed.
04
Valuation Framework
DCF anchored by owner earnings, cross-checked against ROIC-implied multiples and normalized FCF yield. Margin of safety calculated for each scenario.
05
Management Assessment
Capital allocation track record, insider ownership, compensation structure, and candor in shareholder communications.
06
Thesis Falsification
Explicit listing of what would break the thesis. Regulatory risk, technology disruption, and management failure scenarios all addressed.

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