About Hayabusa Research
Hayabusa Research is an independent investment research publication covering public equities, macroeconomics, and market structure. We examine the relationship between business performance, market expectations, and valuation to identify where an investment thesis is supported—and where it may fail.
Curiosity Before Capital.
Return with evidence.
Our Approach
A strong business is not necessarily an attractive investment at every price. Our research considers both the quality of an opportunity and the expectations already reflected in its valuation.
We focus on three questions:
- What does the market expect? Identify the assumptions embedded in price.
- Where does value accrue? Examine which businesses can capture durable economic returns.
- What would change our mind? Define the evidence that would strengthen, weaken, or invalidate the thesis.
Our reports distinguish established facts from estimates and interpretation. We use scenarios to assess uncertainty, make assumptions explicit, and consider downside alongside potential returns.
The Meaning of Hayabusa
Hayabusa is Japanese for peregrine falcon. For us, it represents perspective, patient observation, and precision: the ability to survey a broad landscape, recognize what matters, and act selectively.
The name also draws inspiration from Japan’s Hayabusa sample-return missions, which brought material from distant asteroids back to Earth for examination. That connection informs our promise: Return with evidence.
These ideas express the research discipline we aim to practice—explore broadly, examine carefully, and draw conclusions supported by evidence.
How Our Research Is Produced
We draw on both paid and publicly available data, including company filings, earnings calls, investor presentations, industry research, and market data. These inputs inform our proprietary analytical models, methodology, and research framework.
Our process combines source review, financial analysis, valuation, and the examination of competing explanations. We assess the relevance, timeliness, and limitations of the evidence rather than treating every source as equally reliable.
AI tools assist with research organization, data processing, and drafting. Human review and editorial judgment remain responsible for the analysis and conclusions we publish.
The Hayabusa Compass
The Hayabusa Compass provides a consistent framework for examining an investment from multiple perspectives. It brings together the business, its valuation, the surrounding market environment, and the risks that could alter the outcome.
The Compass structures judgment. It does not eliminate uncertainty or substitute a score for a reasoned investment thesis.
What We Publish
Investment Briefs provide focused analysis of a company, development, or investment question.
Full Underwriting reports examine the business model, industry economics, valuation, scenarios, catalysts, and principal risks in greater depth.
Each format serves the same purpose: to make the investment case clear, its assumptions visible, and its weaknesses open to examination.
Research Standards
We aim to represent sources accurately, disclose relevant conflicts, and explain the limits of our conclusions. When material evidence changes, our assessment should change with it.
Our research is published for informational and educational purposes. For details on investment risk, methodology, positions, and potential conflicts, please read our Disclosures.
Contact: hello@hayabusaresearch.com