The Capital Memo.
A daily newsletter applying peer-reviewed academic research to M&A deals, buybacks, divestitures, and capital structure decisions. Written by Marques Blank (CMA, MBA, Series 65).
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About
A research letter on compounding, capital allocation, and what the filings actually say. Tuesday and Friday.
The Capital Memo is a twice-weekly research letter for readers who want institutional-grade equity research without the institutional price. Tuesdays carry a series letter — a framework piece on compounding math, capital allocation, or the mechanics of how the right tail of the market actually behaves. Fridays carry a single case study — applying the framework to one company's filings.Every piece is sourced. The academic literature is cited. The 10-K page numbers are referenced. Where a number is rounded, it is flagged as rounded. Where the framework cannot adjudicate a question, it says so.There is no advisory, no fund, no other product. The newsletter is the work.
Portfolio managers, analysts, FP&A leads, equity research associates, founders, and a small set of sophisticated private investors. The reader who stays subscribed is the reader who reads the citations.The Capital Memo is not a news letter. It is not a hot-take letter. The cadence is deliberate and the production is slow on purpose. 96% of every U.S. stock since 1926 lost to T-bills. The other 4% produced all the wealth. The Capital Memo writes about the mechanics of the 4%.
Marques Blank writes The Capital Memo. Previously Northrop Grumman and Citibank. CMA, MBA, Series 65.Reachable at [email protected]. Reads every email.
Tuesday — the series letter. Framework, history, math. 1,000–1,500 words.Friday — the case file. One company, three filters, a verdict. 700–1,000 words.Monday (Pro only) — the Premium Memo. Long-form deep dive on a single right-tail finding, with the model file. 2,500–3,500 words.
The Capital Memo is for informational purposes only. Nothing in the letter is investment advice. Specific securities mentioned are case studies drawn from public filings and published academic research, not recommendations. The author may hold positions in securities discussed. Past performance does not predict future results.blankcm.com · The Capital Memo · Marques Blank
A daily newsletter applying peer-reviewed academic research to M&A deals, buybacks, divestitures, and capital structure decisions. Written by Marques Blank (CMA, MBA, Series 65).