Patient Money covers tech-enabled disruptors of legacy industries — the kinds of businesses where software or data is quietly eating a market that incumbents built over decades. The names here tend to sit between $100 million and $10 billion in market cap, trade at valuations that make sense relative to their growth, and carry investment theses built on a 3-to-5 year horizon, not a 3-to-5 month one.

This is research for people who hold things.

Every name covered is one I understand deeply enough to defend over a meal. That rules out a lot of things — pharma, commodities, heavy industrials, anything I can't underwrite with real conviction — and it means the coverage list stays short and considered rather than broad and thin. When Patient Money covers a company, it covers it properly: a multi-part series working through the business model, the numbers, and the risks, followed by ongoing thesis updates as the story develops.

A word on volatility. The companies written about here are often volatile stocks. The underlying businesses, increasingly, are not. If a name gets cut in half over a bad quarter, the response won't be silence — it'll be a piece walking through whether the thesis still holds and what, if anything, has changed. Drawdowns are a feature of investing at this end of the market cap range. Patient Money writes for investors who have already made peace with that.