Research

Sector Research

• Community Banks and the Benefit of Boring Clever niches vs. operational efficiency. A research survey of 55 small banks. October 2026
• Following the Money: A Capital Cycle Screen in Three Industries I ran Marathon's capital cycle framework on 80 industries, and then dug into three of them. Here's what I found. September 2026
• The Forest, and the Trees: Investing in Timber Forestry, timberland, and lumber. A deep dive on humanity's oldest capital resources. July 2022