The Waver Research Library is live and the first report is on the house
A new format. Institutional-grade PDF dossiers, built for investors who want to go deeper.
When I started Waver, the format was simple: one company, one email, one week. That format stays. But a newsletter has limits there is only so much you can do with valuation tables, installed base models, and bear/bull scenario analysis inside a scroll. Some ideas need more space to breathe.
That is why I am launching the Waver Research Library: a permanent, structured archive of high-fidelity PDF research dossiers. Each one covers a single company end-to-end thesis check, P&L deep dive, KPI analysis, proprietary insight, scenario framework, and a full definitions appendix. The kind of document you actually save, reference again, and share with someone who asks “what do you think of this stock?”
The first 4 dossiers are live today.
Apollo Global Management (APO — NYSE) — FREE
8 pages. The Athene float, 16 origination platforms, 0.1% default rate, and why a 22% YTD selloff may be mispricing one of the most elegant business models in American finance.
Use code waver100 at checkout.
Vusion Group (VU — Euronext Paris) — $9.99
9 pages. FY2025 blowout analysis. The VAS flywheel, the ESL installed base model, the hidden ARR story inside non-recurring revenue, and a bottom-up 2030 valuation. The flywheel just went supercritical.
Lumin Group (LMN - TSXV) — $9.99
10 pages. Lumine trades at 19× FCFA2S, a multi-year low, while FY2025 delivered record revenue (+15%), operating income (+31%), and free cash flow available to shareholders (+153%). The discount is driven by organic growth anxiety and Synchronoss integration risk, not business deterioration.
What a Waver dossier looks like
Each report follows the same structure: a one-page cover that stands alone, an executive summary in four bullets, numbered investment pillars with embedded charts, a Bear/Bull scenario table, a proprietary insight section, and a definitions appendix. The goal is a document you could hand to someone who has never heard of the company and they would understand both the business and the risks within 15 minutes.
These are not slide decks. They are not Twitter threads reformatted into PDF. They are research documents with data, with citations, with honest risk flags, and without a buy/sell recommendation, because I am not your financial adviser.
FOR PREMIUM SUBSCRIBERS
You do not need to do anything. PDF dossiers are being integrated directly into your paid articles with a 100% discount code in each article, as a permanent upgrade to your membership. You already own the library. If you’re not a premium subscriber, this is the moment you grab -20%
Why now
The standard newsletter format is good for keeping up. It is less good for building conviction. When a position is volatile when headlines are noisy and the market is panicking what you actually need is a structured document you can return to that reminds you why you own what you own. That is what the Library is for.
Apollo is a good test case. The stock is down 22% year-to-date on reputational noise while the business posts record results across every metric. Having an 8 pages document that walks through the Athene float, the default history, the FCF trajectory, and the risk matrix makes it considerably easier to hold or to decide it is not for you.
The Library is at waver.one/s/the-waver-research-library. Apollo is free for a month. Vusion is €9.99. Both are there right now.
More dossiers are in production. If there is a company you want to see covered in this format, reply to this article and tell me or send me a message. The queue is open.