Notes & Research

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Occasional writing on the things we spend our time on — hard assets, software businesses, supply chains, and the slow arithmetic of compounding. We publish when we have something worth saying, not on a schedule.

Capital Holdings · · Research

The Rare Earth Map: Every Public Company in the Critical Minerals Trade

China processes roughly 85% of the world's rare earths. Washington has spent the last eighteen months trying to change that with price floors, equity stakes, and Section 232 authority. We mapped the listed companies standing in the middle of it — ticker by ticker, with two years of earnings and an honest read on each.

Read the report