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Incremental Returns is a research letter for investors who want to own great businesses for a long time.
I write about quality companies — the kind with durable moats, high returns on capital, and management teams that compound shareholder value year after year. No day trading. No macro calls. No hot takes. Just patient research on businesses worth holding.
If you’re new here, this page is the fastest way to understand what I do and decide if it’s for you.
Start with this one post
If you read nothing else, read this:
Why Chris Hohn & TCI Own GE Aerospace
Chris Hohn runs one of the most concentrated, highest-returning hedge funds in the world. When he makes GE Aerospace a top position, it’s worth understanding why. This piece walks through the moat, the math, and the reason TCI sees a long runway most investors miss.
Then learn the framework
The TCI piece shows you what a great business looks like. This next one shows you how to value one:
Beyond DCF: Two Other Ways to Value High-ROIC Companies
DCF models break when you try to value a true compounder — the terminal value swallows the model and the assumptions stop being meaningful. This piece walks through two alternative approaches I actually use for high-ROIC businesses, with worked examples.
What you get as a free subscriber
Every week, I publish research that’s free to read:
Quality business breakdowns. How companies like Otis, Apple, and S&P Global actually make money — and why their economics are so hard to replicate.
Investing frameworks. Practical tools you can apply to your own research, like the Beyond DCF piece above.
Industry deep dives. The structural dynamics behind monopolies, oligopolies, and the businesses that quietly dominate boring categories.
Want to see what paid looks like? Read this.
Every month, paid subscribers get a full deep dive on a single company — the kind of write-up that takes me weeks to put together and runs 5,000+ words with original financial models.
I’ve removed the paywall on one of them so you can see exactly what you’d be getting:
GE Aerospace: The Full Deep Dive
If that’s the kind of research you want in your inbox once a month, the paid tier is built for you.
What you get as a paid subscriber
Everything in free, plus:
One monthly deep dive on a quality compounder — same depth and rigor as the GE Aerospace piece above.
One monthly stock recommendation with my actual buy zone, position sizing, and thesis in writing.
Real time trading alerts
Quarterly portfolio updates — what I own, what I’ve added, what I’ve trimmed, and why.
It’s the full research workflow I use for my own investing, delivered to your inbox.