WATCH / UNDERSTANDYOUTUBE
Where the Numbers Hide
Business and investing stories through an accounting lens. We unpack financial results, business models and the assumptions behind the market’s biggest narratives.
Visit the YouTube channelAN ACCOUNTANT’S CURIOSITY. AN INVESTOR’S QUESTIONS.
Look beyond
the headline.
We explore the numbers, narratives and people behind businesses — and turn what we find into research you can watch and explore.
Founded by two chartered accountants.
DILIGENCE LAB / RESEARCH LENS01—03
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01 / THE NUMBERSFollow the cash.Revenue · Margins · Cash flow
02 / THE NARRATIVECompare the views.
Bull caseBear case
Claims · Context · Disagreement03 / THE PEOPLEKnow who’s leading.
Leadership · Track record · Governance
A CLEARER PICTURE STARTS WITH BETTER QUESTIONS.
OUR RESEARCH TERRITORY
Technology / Business economics / Market sentiment / Leadership
01 / OUR WORK
Two ways in.
One curious mindset.
Some questions need a story. Others need a tool. We build both, so you can go from an interesting idea to a closer look.
EXPLORE / COMPAREDASHBOARD
The Ledger
Our research dashboard maps bullish and bearish views from leading analysts and investors in podcasts, alongside company research, CEO backgrounds and governance digs.
Open The Ledger dashboard02 / OUR APPROACH
Pull on the thread.
A headline is a starting point. We look at the economics, compare the arguments and ask what the people running the business bring to the table.
THE ACCOUNTING LENS
A good story should survive a closer look at the numbers.
Revenue growth is a beginning, not the whole picture. We look at margins, cash generation, capital requirements and the assumptions that connect a business’s results to its story.
- What is driving growth?
- How much turns into cash?
- What has to keep going right?
03 / THE PEOPLE BEHIND THE LAB
Two chartered accountants.
A shared curiosity.
We started Diligence Lab to make the questions behind our research easier to explore.
Our accounting background shapes how we look at businesses: follow the numbers, understand what drives them and keep asking what might be missing. Through Where the Numbers Hide and The Ledger, we share that process with people who want to look more closely at companies and markets.
Our work brings financial analysis together with public investor commentary and research into company leadership. The aim is a more informed conversation — with room for uncertainty and competing views.
ACCOUNTING DISCIPLINERESEARCH CURIOSITY
KEEP ASKING BETTER QUESTIONS.