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The full archive of Micro Math Capital research. New reports every 2–3 weeks. Free to read. Position disclosed in every issue.
The Repricing of Heart Health: Why Big Pharma Is Betting on Inflammation
Biotech capital in 2026 has demonstrated unusual appetite at the intersection of cardiology and inflammatory pathways. We trace the deal flow, the underlying science, and the small handful of companies positioned at the front of the wave.
The Crisis Hidden Behind the War: Private Credit's Reckoning
While headlines track oil prices and missile strikes, a $1.8 trillion private credit market is quietly approaching its first stress test under fire. We map the exposures and the second-order effects.
Gold Is Moving: The Next Phase of the Resource Cycle
The past quarter has reminded the market that commodities, too, can compound. We examine which second-order plays capture the move — and which won't.
Alaska Energy Metals' Critical Role in America's Future
Decades of underinvestment in domestic supply have created an opportunity hidden in plain sight. A long read on a junior worth knowing.
Where Did Cerence AI Go Wrong?
A post-mortem on a category leader that lost its moat. The deeper I dug, the more I realized only one of these companies was still a business.
How VERSES AI Crushed OpenAI's Top AI Model
"The stock is not the company, the company is not the stock." A close read of one of the more curious benchmark results of the year.
Tenaz Energy: A Masterclass in Value Creation
"I don't look to jump over 7-foot bars: I look around for 1-foot bars that I can step over." A study in capital discipline applied.
The Lithium Glut Nobody Was Pricing
A walk through the supply-side miscount that shaped the bear cycle, and the operators best positioned to survive into the next leg.
Why GLP-1 Manufacturers Are Hitting a Wall
The first cohort of mass-market metabolic drugs is running into manufacturing, payor, and pipeline limits we didn't see priced. Where the next leg goes.
Reading the SaaS Slowdown: A 2025 Outlook
Sector multiples are misleading. What the underlying unit economics actually tell us about the next twelve months for mid-market software.
Conversation: The Operator's View of the Lithium Down-Cycle
A long conversation with the CEO of a mid-cap lithium producer, recorded after their Q3. What's working, what's not, and what the next 24 months look like from inside the cab.
North American Gas: The Decade-Long Setup Nobody's Watching
LNG export capacity, AI datacenter load, and a regulatory regime that's quietly tightening. We map the names that compound on the demand side.