INDEPENDENT EQUITY RESEARCH · EST. 2025

Process-driven research.
Long Horizon Thinking

KSR produces independent, fundamental equity research grounded in a 15-step deep dive methodology. Built on contemporaneous documentation and rigorous process — not narrative.

LIVE POSITION · $POWL · POWELL INDUSTRIES
+220%
UNREALIZED GAIN · ENTRY DOCUMENTED Q3 2025 · POSITION OPEN
COMPLETED DIVES
3
AMD · EME · LOW
FRAMEWORK
15-Step
PROPRIETARY PROCESS
TRACK RECORD
Live
TWR CHAIN-LINKED
HORIZON
Long
PERMANENT CAPITAL MINDSET
ACTIVE COVERAGE
$POWL
Powell Industries
Electrical equipment manufacturer with dominant positioning in oil & gas switchgear. Identified pre-earnings catalyst on compressed valuation. Entry documented Q3 2025 before the move.
OPEN
INITIATED JULY 2025
+220% unrealized
$LOW
Lowe's Companies
Home improvement retail. 15-step complete. Conservative DCF: watchlist at $243. Buy trigger $185–200 or two consecutive quarters of positive same-store sales growth. Bull case $313.
WATCHLIST
COMPLETED Q1 2026
No position
$EME
EMCOR Group
Electrical & mechanical construction services. Deep dive complete. High-quality industrial compounder with durable ROIC profile and strong management track record.
WATCHLIST
COMPLETED Q4 2025
No position
$AMD
Advanced Micro Devices
Semiconductor. Deep dive complete. Competitive positioning in CPU/GPU markets analyzed relative to Intel and NVIDIA. Ongoing valuation monitoring.
WATCHLIST
COMPLETED Q1 2026
No position
THE 15-STEP METHODOLOGY
01–03
Business understanding
Business model, moat, competitive dynamics, industry structure
04–07
Financial forensics
FCF, ROIC, balance sheet quality, earnings quality analysis
08–10
Management assessment
Capital allocation track record, incentives, earnings call analysis
11–13
Valuation
DCF, EV/EBITDA, sum-of-parts, scenario weighting
14–15
Risk & decision
Bear case stress test, pre-trade memo, position sizing rationale
—
Every dive documented
Pre-trade memos timestamped before execution. Attribution declared before outcome.

Maxwell Kilcullen Smikle

FOUNDER · LEAD ANALYST · KSR

Independent equity researcher based in the New York Metropolitan Area. Building a documented track record of fundamental analysis through rigorous process, not performance theater. Long-horizon orientation with a permanent capital mindset.

Research inquiries, collaboration, and introductions.
Analysts, allocators, and serious peers welcome.

KSR · KILCULLEN SMIKLE RESEARCH

© 2026 KSR. Research for informational purposes only.

Inquiries

KSR · KILCULLEN SMIKLE RESEARCH

© 2026 KSR. Research for informational purposes only.

Research Library

All research produced under KSR's 15-step deep dive methodology. PDFs are freely available — no gate, no signup. If a memo influenced a position, the pre-trade timestamp is noted.

COMPLETED DEEP DIVES3 PUBLISHED · MORE IN QUEUE
$EMEEMCOR GROUPWATCHLIST
Electrical and mechanical construction services. High-quality industrial compounder with durable ROIC profile and disciplined capital allocation. Deep dive complete — under continued monitoring for entry opportunity.
COMPLETED Q1 2026·15-STEP METHODOLOGY·NO POSITION
READ FULL MEMO (PDF) →
SECTOR
INDUSTRIALS
STATUS
MONITORING
$AMDADVANCED MICRO DEVICESWATCHLIST
Semiconductor. Competitive positioning in CPU and GPU markets analyzed relative to Intel and NVIDIA. Deep dive complete — ongoing valuation monitoring as AI infrastructure cycle develops.
COMPLETED 2025·15-STEP METHODOLOGY·NO POSITION
READ FULL MEMO (PDF) →
SECTOR
SEMICONDUCTORS
STATUS
MONITORING
IN QUEUE
Additional deep dives in progress. Published as completed.
ONGOING
MAXWELL'S MARKET MEMO
Market updates and research commentary. Published when there's something worth saying.
SUBSCRIBE →

KSR · KILCULLEN SMIKLE RESEARCH

© 2026 KSR. Research for informational purposes only.

Track Record

Personal brokerage returns since July 3, 2023. All figures reflect Robinhood total return on invested capital. GIPS-compliant composite record in progress — official inception April 13, 2026.

TOTAL RETURN
+92%
SINCE JULY 3, 2023
ROBINHOOD TOTAL RETURN
HOLDING PERIOD
~2.75 yrs
JUL 2023 → APR 2026
PERSONAL ACCOUNT
GIPS RECORD INCEPTION
Apr 2, 2026
OFFICIAL COMPOSITE
IN PROGRESS
ANNUAL RETURNS
PERIODKSR RETURNNOTES
2023 (partial)~0%Jul 3 inception
202438%Full year
202534%Full year
2026 YTD11.8%As of Apr 2026
Annual breakdown to be populated from Robinhood annual statements. Numbers may seem off due to non-time weighted return methodology robinhood uses, it does not account for cashflows. Total return since inception: +92%.
POSITION LOG
TICKERTHESIS SUMMARYENTRYRETURNSTATUS
$POWL
Powell Industries
Electrical equipment manufacturer. Dominant positioning in oil & gas switchgear. Identified on compressed valuation ahead of earnings re-rating. Pre-trade memo on file.
$71.80
SPLIT-ADJUSTED
JUN 2025
+220%
UNREALIZED
AS OF APR 2026
OPEN
ADDITIONAL POSITIONS WILL APPEAR HERE AS ADDED—
METHODOLOGY & DISCLOSURES
RETURN CALCULATION
Returns from July 3, 2023 to March 31, 2026 reflect Robinhood's total return figure on invested capital. This is a simple return on current holdings and is not a time-weighted return (TWR), IRR, or GIPS-compliant composite.
GIPS-COMPLIANT RECORD
Official composite record commenced April 2, 2026. Methodology: Modified Dietz time-weighted return, chain-linked. Pre-trade memos documented before execution.
RESEARCH METHODOLOGY
All equity research produced under KSR's 15-step deep dive framework. Steps 1–3: business model, moat, industry structure. Steps 4–7: financial forensics (FCF, ROIC, balance sheet). Steps 8–10: management quality and capital allocation. Steps 11–13: valuation (DCF, EV/EBITDA, sum-of-parts, scenario weighting). Steps 14–15: risk assessment, pre-trade memo, position sizing. Every investment decision is preceded by a written pre-trade memo, timestamped before execution.
IMPORTANT DISCLOSURES
KSR is an independent equity research operation. All research is produced for informational and educational purposes only and does not constitute investment advice, a solicitation, or a recommendation to buy or sell any security. Past returns do not guarantee future results. All investments involve risk, including loss of principal. The Robinhood total return figure reflects personal account performance and has not been audited or verified by a third party. The GIPS-compliant composite (inception April 2, 2026) will be subject to agreed-upon procedures and eventual third-party verification prior to any fund launch. Maxwell Kilcullen Smikle is not a registered investment advisor.

KSR · KILCULLEN SMIKLE RESEARCH

© 2026 KSR. Research for informational purposes only.