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Organization UpdateIntroducing Research @ Stern Capital Management
Introducing SCM Research, a student-led publication built around Stern Capital Management's investment pod program.
Read the publication Stern Capital ManagementIdeas worth
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Student-led research on public markets, industries, and the habits of rigorous investment thinking.
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Technology◆Fixed Income and Credit
Latest thinking
Browse the archive Recent research
Equity ResearchPosition Initiation
(NYSE:SPOT) Why AI Subscription Tiers Are Overvalued
A short thesis on Spotify arguing that price-hike churn, slowing free-to-paid conversion, and uncertain Pro Tier economics outweigh the market's AI-driven growth narrative.
Equity ResearchPosition Initiation
(NASDAQ:AFRM) Beyond Buy Now, Pay Later
A long thesis on Affirm arguing that its partnership network, expanding card ecosystem, international rollout, and operating leverage can drive GMV and earnings above consensus
Equity ResearchPosition Initiation
(NASDAQ:ASTS) Grounded Expectations
At $90 the market is paying for company that is expected to scale MAUs 5x faster than SpaceX, with a fraction of required funding, high hardware and launch costs; we see ~61% downside to $35 on our base (4.2x R/R).
Investment pods
Coverage, by desk
Two focused pods pair clear analyst ownership with room to build teams as coverage grows.
How the pods work