Browse student-produced investment theses, sector reports, market commentary, and educational primers.
4 publications · Updated regularlyA 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.
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
Introducing SCM Research, a student-led publication built around Stern Capital Management's investment pod program.
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).
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