An independent research firm
Flywyl is a research firm. We study how good businesses get built, how cash-generative businesses are bought, and how durable public companies can be found in the market. Then we write up what we learn. We don't manage money, hold client assets, or make investment recommendations. Our work is research and nothing else.
The flywheel thesis
Twenty-five years ago a small bookstore in Seattle began what Jeff Bezos would later call a flywheel. It was a self-reinforcing cycle, where each turn made the next turn easier. Lower prices brought more customers. More customers brought more volume. More volume lowered costs, which lowered prices again. That single loop compounded into more than a trillion dollars of value.
Amazon was not unusual in this. The flywheel is one of the most powerful ways value gets created in business, and plenty of smaller companies are building similar loops while the market still misreads them. Flywyl studies these businesses. We look at how their flywheels form, what keeps them durable, and how to tell a real one from a story. We publish that work. We do not act on it for clients.
What we research
Each lens looks at a different way durable value gets created. Together they make up how we think about what lets a business compound.
Research on how generational businesses get built. We look at long-term viability, durable value, and revenue and profit that compound over time.
Read the research →Research on small, capital-light businesses that throw off steady cash. We study what makes a durable, cash-generative operation worth understanding and worth buying.
Read the research →Equity research on durable public companies, in the analytical tradition of Munger, Buffett, and Pabrai. We study the businesses; we don't trade them.
See the research →How we work
We read primary sources, study businesses over long horizons, and write what the evidence supports rather than what is fashionable. The goal of our research is to describe how value gets created and where the risks sit, so readers can think more clearly for themselves. We don't tell anyone what to buy or sell.
“Risk comes from not knowing what you're doing.”
Warren BuffettWe put this discipline to work in Philo, our research platform. It brings the kind of analysis usually reserved for professionals within reach of any individual.