KSRKILCULLEN SMIKLE
RESEARCHSTART AN INQUIRY ↗
INDEPENDENT EQUITY RESEARCH · NEW YORK

Research built
to be tested.

A verified public track record, built in the open. 15-step methodology. Every position documented before the outcome.

EXPLORE THE RECORD →READ THE RESEARCH
FOUNDERMAXWELL KILCULLEN SMIKLE · 16
COMPOSITELIVE SINCE APR 2026
RESEARCH7 DEEP DIVES PUBLISHED
HORIZONLONG-TERM
01 / PUBLIC RECORD

Evidence, not
after-the-fact claims.

Each applicable position connects to research published before the outcome—so the thinking can be judged alongside the result.

TICKER / COMPANYENTRYEVIDENCESTATUS
$DUOLDuolingoJul 2026THESIS PUBLISHEDOPEN↗
$POWLPowell IndustriesJun 2025POSITION LOGGEDOPEN↗
$SPYS&P 500Jun 2025POSITION LOGGEDOPEN↗

COMPOSITE +15.47% since inception · Third-party verification in progress

VIEW FULL RECORD →
02 / LATEST RESEARCH

Read the work.

Completed deep dives, published in the open. Full archive and in-progress work are available to Substack subscribers.

07DEEP DIVE
SEP 2026

Robinhood$HOOD

A rigorous assessment of the platform, its economics, competitive position, and long-term opportunity.

OPEN CASE FILE ↗
06DEEP DIVE
AUG 2026

Circle$CRCL

Leading issuer of USDC with a dominant position in regulated stablecoins.

OPEN CASE FILE ↗
05DEEP DIVE
AUG 2026

Coinbase$COIN

Completed independent equity research deep dive.

OPEN CASE FILE ↗
VIEW ALL 7 REPORTS →SUBSCRIBE ON SUBSTACK ↗
03 / THE PROCESS

Fifteen steps.
One documented
verdict.

The same research framework sits behind every public memo and private engagement—from company quality and competitive advantage to valuation and risk.

01–04UNDERSTAND05–09INVESTIGATE10–13VALUE14–15DECIDE
“Max's Robinhood assessment is rigorous, well-structured, and translates complex analysis into clear, actionable insights. His professionalism and strong judgment make the work directly useful for investors. Engaging Max for equity research is a smart move for anyone seeking credible, high-quality analysis.”

CLIENT · ROBINHOOD DEEP DIVE

CUSTOM RESEARCH

Put the process
to work for you.

Commission a single company deep dive or retain ongoing coverage. Name the company—or provide the parameters and KSR will find it.

START AN INQUIRY ↗PRIVATE DELIVERY · CUSTOM SCOPE · RESPONSE IN 1–2 BUSINESS DAYS