Tankrich est. 2011

Methodology

How the research is done.

Tankrich is an independent research notebook. Company research leans on primary material (annual reports, filings, investor presentations and earnings calls) and shows its reasoning, so a reader can follow the argument and disagree with it.

There is no single formula. Different businesses and different years called for different frameworks, and the archive shows them changing over time. These are the lenses that come up most often, each with the posts where it is worked through.

Business quality and earnings power

The first question is whether a business can earn more than its cost of capital for a long time. Earnings power, return on equity and where the returns come from are worked out from the reported numbers, not taken from a screen.

Competitive advantage

A moat is tested, not assumed: pricing power, customer float, cost position and how long the advantage is likely to last.

Management and capital allocation

What managers do with the cash a business produces decides long-term returns. Annual reports are read in full, across several years, to see whether actions match words.

Valuation

Price matters. Different businesses need different methods, and the reasoning behind a valuation is shown so a reader can disagree with the inputs.

Checklists and finding ideas

A written checklist slows decisions down and takes impulse out of them. Ideas come from screens, annual reports, other investors and patient watch lists.

Special situations

Demergers and spin-offs often create mispriced parts. These are studied as events with their own sum-of-the-parts arithmetic.

Following up, including the mistakes

Companies are revisited in annual reviews and later updates, and the earlier view is compared with what happened. Misses are written up too. Each company page shows the full history, oldest first.

Momentum and rules-based systems

Alongside company research, the site tests simple, rules-based systems for trend following and drawdown control across Indian, US and Australian indices. Rules are stated in full so they can be checked.

Portfolio construction and funds

How the pieces fit together: diversification, a core of index funds and ETFs, and a smaller active portion. Mutual funds are selected with a written framework.

What the research is not

It is not a tip sheet and not personal advice. Posts are dated and kept as written, including views that later turned out wrong. Read the disclosures before acting on anything here.