Start here: Quality investing through a behavioral lens
If you're new to Alpha Equity, this is your introduction to our approach
Most analysts see the same financials and reach the same conclusions. That’s why quality deterioration surprises the market, and why exceptional businesses trade at average multiples for years.
We analyze differently.
The traditional approach misses the signals
Standard analysis focuses on outcomes: revenue growth, ROIC, margins. These are trailing indicators. By the time they deteriorate, the stock has already repriced.
We analyze the decision patterns and organizational behaviors that create those outcomes. This reveals quality advantages before they show in the financials and quality deterioration before it appears in the numbers.
Example: When management starts describing “strategic flexibility” instead of specific capital allocation criteria, that’s a behavioral red flag 2-3 quarters before ROIC trends down.
The QAPITAL framework
Every company we analyze gets evaluated across seven quality dimensions:
Q - Quality of business economics
Revenue sustainability, margin defensibility, capital efficiency
A - Allocation excellence
ROIC trends, reinvestment effectiveness, capital deployment discipline
P - Predictability through resilient systems
Cash flow visibility, customer retention, business model resilience
I - Intrinsic competitive advantages
Moats, pricing power, barrier sustainability
T - Team and organizational effectiveness
Leadership capability, decision-making patterns, organizational depth
A - Alignment of incentives
Compensation structures, insider ownership, stakeholder balance
L - Long-term value creation focus
Strategic patience, reinvestment discipline, sustainable growth
What makes this different: We don’t use fixed weightings. Each analysis identifies which 2-3 dimensions matter most for that specific company and why. This is supported by academic research on competitive advantage and quality factor persistence.
What you get
Weekly insights on identifying quality businesses through behavioral pattern recognition. We show you what to look for in earnings calls, capital allocation decisions, and competitive positioning that predicts long-term performance.
Company analysis applying the QAPITAL framework to businesses we’re evaluating right now. Complete scoring, valuation work, and investment implications. You see our entire process.
Transparent methodology. When we identify quality, we explain exactly why. When we walk away, you see the red flags we spotted.
Who this is for
You’ll find value here if you:
Want to identify quality businesses before the market recognizes them
Think most investment analysis misses critical behavioral signals
Believe cognitive patterns create competitive advantages (and destroy them)
Prefer concentration in exceptional businesses over diversification in average ones
If you think traditional analysis systematically misses what actually predicts long-term returns, you’re in the right place.
Getting started
New here? Read our recent company analyses to see the framework in action.
Ready for deeper work? Premium members get quarterly institutional-grade investment cases with complete financial modeling, valuation scenarios, and multi-year monitoring frameworks.
Free subscription:
Weekly behavioral insights and quality assessment tools
Regular company analysis with QAPITAL framework application
All delivered to your inbox
Premium subscription:
Everything in free, plus:
Quarterly deep-dive investment cases (30-40 pages)
Complete financial modeling and valuation work
Quarterly Q&A calls to discuss cases and your own analysis
Full archive of past quarterlies and recordings
Bottom line
Quality businesses compound. But first, you have to identify them correctly.
Most investors analyze what happened. We analyze the patterns that predict what happens next.
Subscribe below to start seeing what markets systematically miss.
Questions? Just reply to any email.
Ruben van Putten
Alpha Equity