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CME Group: liquidity is the product, open interest is the cornered resource, and the clearing house is the toll gate A convention for this note: statements mark…

Moody's: when accepted judgment becomes financial infrastructure Executive summary Moody's is best understood not merely as a producer of credit opinions or fin…

Vestis: route density is only a moat when service execution converts it into cash Executive summary Vestis looks like the kind of business that ought to be dura…

Moody's and the business of making trust machine-readable Moody's looks like a ratings company with a software/data add-on. I think the better mental model is n…

IAA: the salvage auction second fiddle that proved the network was scarce Copart is the clean version of the salvage-auction story. IAA is the messier one. That…

Saia and the LTL network still being built Saia is the right comparison after studying Old Dominion Freight Line2026-06-23 - Old Dominion Freight Line and the L…

Old Dominion Freight Line: the LTL network that compounds by refusing bad freight Old Dominion Freight Line is a useful case study because it looks like a truck…

Clean Harbors and the business of owning the waste nobody wants Some businesses look boring because the product is boring. Clean Harbors looks boring because th…