Valuation. Business analysis. Investing. Finance meets curiosity, creativity, and skepticism.
| Platform |  | Pricing | Freemium | Publishes | Weekly |
|---|---|---|---|---|---|
| Issues | 222 | Founded | 4 years ago | Last Issue | 5 days ago |
| Active | |||||
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invariant.substack.comLatest Issues
Logista: Another Seed
Q3'26 note.
“Don’t judge each day by the harvest you reap but by the seeds that you plant.” - Robert Louis Stevenson
Haypp Group: Welcome to the Jungle
Q2'26 note.
“Welcome to the jungle, we got fun and games / We got everything you want, honey, we know the names” – Guns N’ Roses
Altria: Gradient
Q2'26 note.
“During the first half of the year, we paid approximately $3.6 billion in dividends and repurchased 5.3 million shares for $335 million. At the end of the second quarter, we had $665 million remaining under our current share re...
British American Tobacco: Narrowed
H1'26 note.
“We continue to generate strong cash returns. We expect to be within our 2 to 2.5x target leverage corridor by year-end, while continuing to reward our shareholders with our progressive dividend and GBP 1.3 billion share buybac...
Philip Morris International: Juggernaut
Q2'26 note.
“The composition of our growth, once again, highlights the consistency and sustainability of our model with stable to growing volumes, durable pricing power, and superior smoke-free economics continuing to be the primary driver...
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