Greetings fellow Nerds,

As previously announced, this week’s article will be the first under the new paywalled format.

If you want to continue to receive the vast majority of the content you’ve been getting, you will need to take action and subscribe to a paid tier below. In addition, please note that hosting services have been upgraded fromSubstacktoBeehiivto take advantage of their great tools. No action is needed on your end.

We’ve spent thelast 4 yearsdelivering to you what we view asthousands of pages of best-in-class equity research…for free.