TSCS

Equity analysts with London hedge fund experience delivering institutional-grade research on mispriced opportunities across global markets. Global equity research. Deep fundamentals, clear investment cases, no BS.

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I like buying late

Copper Miners Are Too Cheap

Copper is at a record and the developers who will mine it trade as if it were worth a third less. Marimaca, Hot Chili and the takeover math that closes the gap.

Recent posts

Flush Isn't Finished

The trade is over. It isn't. It also isn't the screaming buy the permabulls are selling you. Here is what the tape actually says, and the one name the…

Did Anyone Tell The Barrels?

The screen called the risk over the moment the deal closed. One of the largest crude draws on record, tanker owners still refusing the strait, mines…

You Sold The Bottom

Everyone gave up on gold right before the meeting that decides it.

Sector Research

Watch The Wrong Price

Oil is the headline. Sulfur is the story. Half the world's food chemistry has no strategic reserve and no substitute.

Macro & Structural Risk

Already Inside, Not Yet Priced

CISA has lost 40-50% of its operational capacity during an active war with a state that has battle-hardened cyber operators already inside American…

Equity Analysis

Carvana Is Worth Zero

$55 billion in market cap built on a business that made $16 million selling cars last quarter, while one family extracted $5.8 billion.

Gold Is Not Failing

A letter on why the world's most liquid insurance policy is being cashed, not repriced.