I stopped dumping 10-Ks into a chatbot. The NVIDIA credit issue actually told me which footnote to read.

Priya Mehta

Product manager · Chicago, IL
The depreciation clock piece is the first time someone explained that lag without talking down to me.

Marcus Hale

Accountant · Atlanta, GA
Joined for one Micron note. Did four course chapters on the train home. That was not the plan.

Elena Ruiz

Equity analyst · Miami, FL
I pick my own stocks and I am slow about it. Fifteen dollars is cheaper than another year of guessing.

Owen Briggs

Retired teacher · Madison, WI
The photonics issue made me draw a map in my notebook. Then I bought the year because I knew I would come back.

Hana Cho

Designer · Brooklyn, NY
I like that they show the model breaking. Most research talks like the base case is destiny.

Dev Sharma

Software engineer · Toronto, ON
I have an hour after clinic. One chapter, then sleep. I finally finished a 10-K without skimming.

Leila Hassan

Physician · Minneapolis, MN
I send the free tools to clients. I keep the member issues for myself.

Ruth Ellison

Advisor · Richmond, VA
Not a trading feed. Thank god. I read one thing, then I leave it alone for a week.

Jamal Wright

Operator · Houston, TX
The course is not cute. It is long. That is why it worked.

Sofia Rossi

Founder · San Francisco, CA
I'm 24 and this is the first research I have finished without Googling every third sentence.

Ben Keller

Grad student · Ann Arbor, MI
I wanted the archive, not a Discord. This is closer to a desk than a feed.

Keiko Tanaka

Ops · Seattle, WA
Power names make more sense once someone walks the capex through to electricity. That GE Vernova write-up stuck.

Luis Ortega

Electrician · Albuquerque, NM
Saturday used to be me, three tabs, and a headache. Now I read one issue and close the laptop.

Claire Donovan

Controller · Portland, OR
Updated

Start here: how Yield Theory approaches research

Research desk
Reviewed
Evidence
0 external references · Method

Yield Theory is an independent research publication for people investing their own money. We study the business behind a stock: how it makes money, what it costs to grow, what could get in the way, and what would have to be true for an idea to work. We do the hard work. You make the call.

What is free

What members get

  • Every member issue and the full archive. Each issue covers the business, the numbers and valuation assumptions, the catalysts to watch, and the evidence that would change our view.
  • New research throughout the month
  • Models, valuations and company comparisons
  • The full fundamental research course, with interactive explainers and worked exercises

Membership costs $39 a month or $249 a year. Choose a membership →

Three first reads

  1. NVIDIA’s growth has a financing bill. Our free sample issue: why NVIDIA's cash flow lagged its profit, and a valuation worksheet you can run yourself.
  2. The hyperscaler AI capex tracker. 2026 capital spending guidance from Microsoft, Amazon, Alphabet and Meta, company by company, with sources.
  3. Congressional trades. See what members of Congress have disclosed buying and selling.

How we work

Every issue keeps three things apart: what a company reported, what we think it means, and what nobody can know yet. Material claims link to their sources, starting with filings, earnings releases and government records. Each page shows when it was published and last reviewed. The full standard is on our methodology page.

Members-only research

Members are reading this

The thesis, the numbers behind it, and what would break it. Full access is $39 a month.

Read the full research