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A practical framework for placing semiconductors in the cycle using three signals — book-to-bill, lead times, and distributor inventory — and what each really tells you.

Same-store sales tell you about the past. For growth restaurant concepts, AUVs, cash-on-cash returns, and new-unit productivity tell you about the future.

Beyond Buffett, a handful of CEOs use the annual letter to reveal how they actually think. Here's a framework for reading them as a forward signal — not PR.

What counts as healthy NRR depends on the software category. Here's a framework for separating durable expansion from re-pricing tricks and outright fantasy.

How to read an airline quarter without getting fooled. A working guide to RASM, CASM ex-fuel, load factors, and the levers carriers use to dress up the tape.

A framework for reading pre-announcements before earnings: why positive ones tend to underwhelm, negative ones cluster, and silence is the most useful signal of all.