Regime Change

Tagged analyses

depth score: 0

MRNAModerna is a binary R&D bet with negative owner earnings; Too Hard.

Too Hard · 2026-05-04

KKRAlt-AM compounder with sticky locked-up capital, trading at a one-third discount to base IV.

Buy · 2026-05-04

BMYA cheap pharma cash machine racing a patent cliff with one new blockbuster bet.

Hold · 2026-05-03

OMCAn average advertising holdco trading at a discount priced for AI disruption.

Hold · 2026-05-04

VLORefining is a commodity cycle we cannot price; pass.

Too Hard · 2026-05-05

KMBA great brand house at a fair price, but Kenvue could break the compounder.

Hold · 2026-05-04

RMDResMed sells nightly oxygen to a duopoly of habit-bound patients.

Buy · 2026-05-04

GILDSplendid HIV franchise wrapped in pharma's permanent patent-cliff treadmill.

Avoid · 2026-05-04

RVTYDecent life-sciences franchise, ugly leverage, optically cheap on a damaged earnings base.

Hold · 2026-05-04

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