About
What this is
One company a week, a real model, and a number you can hold me to.
2 Comma Investor publishes independent equity research on companies that return capital to shareholders — buybacks, dividends, and the arithmetic that turns those into compounding. One deep-dive report a week, free to read, free to download, no email required.
Why it looks like a sell-side note
Because the format works. A rating, a reference price, a target, a model, a bull case, a bear case, and a risk matrix force a level of specificity that a hot take doesn't. If a view can't survive being written down with numbers attached to it, it probably wasn't a view — it was a vibe.
The format is borrowed. The institutional weight behind it is not. This is one person's research, published openly so it can be checked, argued with, and scored. See Disclosures for exactly what that does and doesn't mean.
How the reports are built
- Filings first. 10-Qs, 10-Ks, proxies, earnings call transcripts, investor decks. Consensus and market data come from third parties and are labelled as such.
- The bear case gets argued properly. Every report steelmans the other side, in its own section, without strawmen. If the bear case is right, the report says so.
- Scenarios, not a single number. Bull, base, and bear, each with an explicit weight, so you can see exactly where the target comes from and swap in your own assumptions.
- Sources are listed. Every report ends with what was read. Go check it.
The scoreboard
Every call stays on the coverage board with the price it was made at, whether it works or not. Calls that get scored stay up. A price target nobody ever marks to market isn't research — it's marketing, and there is enough of that already.
Where else to find it
Each report goes out as a thread on @2commainvestor, usually the same morning it publishes here. The thread is the summary; this site is the work.