High-Quality Business at a Bargain Price
A durable network-effect business priced as if privacy changes, competition, and long-duration investment would permanently impair earnings power.
Wesley Wells
Investment Analyst, DM Capital Management
MIT Sloan MBA Candidate, Class of 2028
I research public companies from the bottom up, with an emphasis on business quality, market expectations, downside risk, and capital allocation. This site contains selected research, notes on my investment process, and postmortems on mistakes.
Selected research
A Post-Spin Relative Value Dislocation
A sum-of-the-parts analysis of the manager distribution, retained carry, and the value implied for Brookfield’s balance-sheet investments.
Land, Local Financing, and Structural Margins
How lot control, vertical integration, and Texas municipal financing can support returns that look structurally different from peers.
Investment process
Every business calls for a different model. The constant is the sequence: understand the economics, identify the market’s embedded expectations, underwrite downside, and define what would change the thesis.
Read more about the process- 01Business quality
Unit economics, competitive advantage, reinvestment, and capital allocation.
- 02Expectations
What the current price implies and which assumptions create the disagreement.
- 03Downside
Balance-sheet resilience, cyclicality, execution risk, and permanent impairment.
- 04Decision
Variant perception, catalysts, falsification points, and position sizing.
Postmortems
What I believed, what changed, and what I would do differently.
Asset Value Without a Reliable Path
A postmortem on confusing theoretical asset value with realizable value when control, streaming losses, and timing work against minority owners.
- Control matters
- Time is a cost
- A catalyst must be underwritten
Mistaking Peak Economics for Normal
A postmortem on supply constraints, mean reversion, import competition, and the danger of capitalizing temporarily elevated margins.
- Normalize the cycle
- Map supply response
- Stress-test margins
A Brand Can Be Real and the Investment Still Fail
A postmortem on infrastructure spending, delayed operating leverage, working capital, and the gap between strategic potential and shareholder returns.
- Cash flow outranks narrative
- Execution has a clock
- Position size for uncertainty
Pathway Forward Scholarship
I founded a permanent scholarship fund for high-achieving students from low-income backgrounds in rural Georgia—an extension of my belief that long-term capital should expand opportunity.
Read about the scholarshipContact
For recruiting conversations, investment ideas, or thoughtful disagreement, reach me through LinkedIn.
LinkedIn