About

Grana Research was created with a simple philosophy:

Best equity research business is one that also manages capital.

Howard Marks once said that “all intelligent investing is value investing.” At the core of Grana Research’s process lies a value-oriented investment philosophy. That said, we firmly believe that value investing is not about buying the lowest-multiple stocks, but rather about acquiring more than you are paying for.

Grana Research follows a rigorous bottom-up investment process, searching across industries and market capitalizations for opportunities with asymmetric risk/reward profiles. Most of the opportunities featured here can broadly be described as GARP, Deep Value, or Special Situations. Every piece of research is produced primarily to support real investment decisions. That naturally sets a high bar for analytical depth and diligence. If this approach resonates with you, you’re in the right place.

Our long-term goal is to build the best investment research service — and to grow a strong community around it.

Thank you for stopping by. Welcome to Grana Research.

Navigation

The structure of Grana Research is built around an investment idea funnel that reflects our research and portfolio construction process. It all begins with a broad set of ideas and narrows down to deep fundamental research and actual portfolio positions. Below is a brief overview of the main sections:

Ideas Hub

This is where investment ideas enter the funnel. Here we collect companies that initially stand out through quantitative screening, fund letters, sell-side research, industry observations, or market dislocations. These are early-stage ideas that deserve further investigation but have not yet been fully underwritten.

Some of these ideas will never progress beyond this stage. Others will evolve into Grana Insights, Deep Dives, or eventually become portfolio positions. Ideas Hub is designed for readers who want to stay close to the continuous flow of fresh ideas.

Deep Dives

Deep Dives are comprehensive, company-specific research reports built on extensive bottom-up analysis. Rather than following a fixed template, each report is structured around the questions we believe must be answered to properly understand a business, assess its investment merits, and make a well-informed investment decision. In other words, these are institutional-grade research reports produced to support real investment decisions.

Depending on the company and the nature of the opportunity, a Deep Dive may examine the business model, competitive positioning, industry structure, growth drivers, capital allocation, valuation, expected returns, and the key risks to the investment thesis.

Grana Insights

Grana Insights sits between raw idea generation and company-specific deep dives. Here we explore industries, structural shifts, capital cycles, competitive dynamics, and emerging narratives that may shape future opportunity sets. These pieces often serve as the intellectual groundwork for future portfolio positions or deeper company-level research.

Content in this section may include:

• Thematic and sector-level research (e.g., digital advertising, luxury recovery, semiconductor cycles);

• Analysis of structural trends and capital allocation patterns;

• Updates on companies already covered by Grana Research;

• Comparative overviews of multiple companies within a single theme;

• Short-form commentary on companies that warrant attention but are not yet part of a full Deep Dive;

• Strategic notes connecting macro developments to bottom-up opportunity.

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Disclaimer

The information provided by Grana Research is for informational and educational purposes only. It does not constitute investment advice, an offer to sell, or a solicitation of an offer to buy any securities or financial instruments.

All materials, including research notes, thematic commentary, portfolio updates, and financial models, reflect opinions at the time of publication and are subject to change without notice. No representation or warranty is made as to the accuracy, completeness, or timeliness of the information presented. While sources believed to be reliable may be used, their accuracy cannot be guaranteed.

Nothing published by Grana Research should be construed as personalized investment advice. The content does not take into account any individual’s financial situation, objectives, or risk tolerance. Readers should conduct their own due diligence and consult with a qualified financial advisor before making any investment decisions.

The author and affiliated entities may hold positions in securities discussed and may buy or sell such securities without further notice.

By accessing and reading content from Grana Research, you acknowledge and agree to this disclaimer.