Long-form research on US mid, small, and micro caps.

There is a category of US-listed company where institutional coverage is thin, surface-level, or written entirely for analysts who have already spent a decade inside the sector. These are the mid, small, and micro caps, companies where the business is interesting, the disclosure is real, and the reader who wants to understand them is left to do most of the work alone. The Midrey covers this gap.

The reader we have in mind is a sophisticated generalist, a portfolio manager covering ten sectors, a family-office analyst, an individual investor with a real horizon. Someone who wants to understand a business but doesn't want to learn the sector's jargon to do it. Each note opens with the operating reality of the business, the unit economics, the regulatory regime, the channel, the customer, before it makes its argument. The argument earns the reader; the reader doesn't have to earn the argument.

Each note is an argument about a US-listed business: usually one we think the market is reading wrong, sometimes one the market is correctly indifferent to but for the wrong reasons. The argument is built strictly from the company's own primary disclosures filed with the SEC, 10-Ks, 10-Qs, 8-Ks, proxies, registration statements, and the exhibits filed alongside them. No paid databases, no expert networks, no off-record briefings. Every figure in the note indexes to a public source ledger that lists the EDGAR accession number, the filing date, and the page or section reference; readers can pull any cited document themselves, free. Every initiation states the conditions under which we would change our view. When we revise, the public changelog says so.

The firm's name is a small tribute to the midrash tradition, commentary that sits beside a primary text, acknowledging the text's authority while making its own reasoning visible. A research note has the same shape. It is commentary on the filings, the disclosures, and the operating reality of a business, and it is always answerable to the primary record. The Midrey is the form of writing that takes that seriously.

We aim to publish weekly when the work justifies it, and decline to publish when it doesn't. We hold no positions in any name we cover. Notes are medium to long, the length of the argument decides the length of the note, not the other way around.