Deep Insights.Rigorous Due Diligence.
Independent, uncompromised analysis on macroeconomics, global equities, and fixed income. Designed for the serious investor.
Macro Analysis
Top-down perspectives on monetary policy, inflation, and global liquidity trends.
Equity Research
Bottom-up fundamental analysis of public companies, focusing on free cash flow and moats.
Fixed Income
Yield curve reading and credit cycle analysis to uncover mispriced risk.
About the Author
At Due Diligence Capital Notes, I believe that superior returns are generated through dissenting from the consensus when the consensus is wrong. My approach combines top-down macroeconomic analysis with bottom-up fundamental equities research, focusing heavily on cash flows and capital cycle theory.
Read My Full PhilosophyRecent Notes
The latest deep-dives and market commentary.
Strategy Inc. Shareholders Signal Governance Concerns Over Retroactive Preferred Stock Changes
At Strategy Inc.'s June 2026 annual meeting, a proposal to retroactively ratify a preferred stock amendment—filed with Delaware in July 2025 without prior shareholder approval—drew 10.4% opposition, more than three times the resistance to executive pay. The vote surfaces governance tensions within Strategy's four-series preferred stock architecture, which funds its leveraged Bitcoin accumulation but raises questions about whether management will maintain institutional trust as it structures future capital raises.
Hyundai Motor: Georgia Plant Ramp Positions Company for a Second-Half Margin Recovery
Hyundai's Q1 2026 operating profit dropped 30.8% year-over-year after absorbing KRW 860 billion in US tariff costs on Korean-assembled vehicles, even as revenue hit a record and hybrid sales reached an all-time quarterly high. The $12.6 billion Georgia Metaplant, now producing tariff-exempt IONIQ 5 and IONIQ 9 vehicles, is ramping toward 500,000 annual units — a structural shift that should materially reduce US tariff exposure by the second half of 2026, a dynamic the current valuation does not appear to reflect.
AST SpaceMobile's $3 Billion Infrastructure Bet: Cash, Debt, and a Lost Satellite
AST SpaceMobile raised $1.075 billion in convertible debt in early 2026 and holds roughly $3 billion in cash, yet its SpaceMobile Service segment has recognized zero revenue while burning over $400 million per quarter. A $155 million Block 2 satellite was destroyed in April after a launch vehicle failure, adding schedule risk to a $1.2 billion backlog of carrier contracts that cannot be invoiced until sufficient constellation coverage is operational.