About — Banyan Lane Research
Independent equity research
Reports generally include thesis, business & industry overview, key issues, range of outcomes, & risks
I publish ranges. I do not publish recommendations, price targets to act on, or trade alerts. The arithmetic between today’s price and the range is there in full, and you draw your own conclusion from it. That is a deliberate choice, not a legal hedge.
Background
I have been interested in investing since playing the stock market game in a high school accounting class. After the usual investment banking training, I spent roughly ten years at several long/short equity hedge funds, in roles ranging from generalist to specialist and from consumer to iron ore.
Banyan Lane Research is a publication of Banyan Lane Capital LLC.
The ideas will not fit a single style, but I do gravitate toward theses with at least two of three characteristics: cyclical, secular, or idiosyncratic. That framework came from several years covering energy subsequent to covering secularly trending industries.
The mispricing has to have a name. Neglect, complexity, forced selling, a misread print, or a market unwilling to underwrite a long duration. If I cannot say why the opportunity exists and show evidence for it, I am probably the one being taken.
Theses generally target one to three years, sometimes longer.
What you get
Free: The thesis, the mispricing and the evidence for it, and the range of outcomes.
Paid: The complete research… typically covers key debates, industry structure and business quality, model outputs, valuation work, and risk / bear case.
Other: Relevant current themes, primers on the industries covered, graveyard of ideas that did not survive diligence.
What this is not
This is research and commentary, not investment advice, and not a recommendation to buy or sell any security. I am not an investment adviser.
Positions in covered names are disclosed on every piece. I do not materially alter a position in a covered name within 48 hours of publishing on it. I hold no obligation to update personal holdings beyond publication.
Do your own work.
