About Us

Punch Card Research is an independent equity research boutique.  Alone among equity research firms, we provide on-demand, in-depth research with a value investing approach.   Each project is customized and tailored to your specific needs.

Punch Card Research helps busy investment professionals gain the valuable insights they need to make smart investment decisions. Whether you are a hedge fund that needs an extra pair of hands, an RIA looking to add Wall Street-level analysis to your practice, or an investor seeking someone to challenge your thesis, Punch Card can help.

What sets us apart?

  • Other research firms stress their narrow focus and in-depth knowledge of 1 or 2 industries. We take a starkly different approach.  We come at our analysis from an entirely different direction.   We look at all different industries and can bring these various perspectives to bear on all projects.  We believe this wide variety of experience creates mental models that aid in analysis and avoid “forest and trees” confusion.
  • We are fully independent. Our research is unbiased and free from conflicts of interest.  The posts on the blog give you a good idea of the quality and level of research and analysis we provide.  Further samples are available upon request.


Sample projects include:

  1. Analysis of competitive threat posed by wireless broadband to wired broadband (cable) providers.
  2. Review of competitive landscape of specialty finance companies in US, UK, Canada and Australia with particular focus on whether competitive advantages exist.
  3. Review of niche manufacturing companies and, specifically, what level of market share creates a durable deterrent to new entries.
  4. Historical review of local monopolies created by city daily newspapers and lessons learned that provide insights for platform companies generally.
  5. Analysis of switching costs in the online brokerage industry as a durable competitive advantage.