Blog
Long-form writing on what I'm learning and shipping.
2026
Clean Harbors and the business of owning the waste nobody wants
v1Published 2026-05-13Updated 2026-05-13Clean 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…
CNQ: the oil factory hiding inside a commodity stock
v1Published 2026-05-12Updated 2026-05-12CNQ: the oil factory hiding inside a commodity stock As of: 2026-05-12 This is not investment advice. It is a research note meant to preserve the industry mecha…
Tejon Ranch Q1 2026: a land bank trying to become a cleaner cash-flow story
v1Published 2026-05-11Updated 2026-05-11Tejon Ranch Q1 2026: a land bank trying to become a cleaner cash-flow story Tejon Ranch is easy to misunderstand because the asset is obvious and the timing is …
Senior living is a real estate cycle wearing an operating-company income statement
v1Published 2026-05-08Updated 2026-05-08Senior living is a real estate cycle wearing an operating-company income statement Senior living looks like a care business. It is also housing, hospitality, la…