Brighthedge · Independent market research

Clear-eyed research on equities and the macro that moves them.

Brighthedge publishes deep-dive equity initiations and macro thesis pieces — the kind of work that takes a position and shows its math. No hot takes, no horoscopes. Just a framework, the numbers behind it, and the trade.

CoverageUS equities · cross-asset macro
CadenceWeekly macro · monthly deep-dive
FormatLong-form, data-led
Established2026 · Global

01 — Latest research

7 published
▸ Equity research

Oklo: priced for the single branch of a binary

A pre-revenue advanced-fission developer with a genuine regulatory head start, a 5 MT HALEU award and a $2.5B debt-free treasury — priced near $56 for a cost, conversion and financing outcome history funds at well under 10%. The company is not the problem; the price is.

Published2026-06-12
Read~28 min
RatingAvoid
AccessFree
Read the thesis →
2026-06-11
◆ Macro thesis

The Market Already Hiked

Fed funds futures carry a full hike into December. The curve delivered that hike months ago — and the new chair's tightening, when it lands next Wednesday, won't come through the policy rate at all. Zero hikes in 2026; the priced hike path is the cleanest mispricing on the board.

11 min · Macro
Rates · Fed
○ Free
2026-06-04
◆ Macro thesis

The Earnings Are the Bubble

Record highs, record complacency, and a depreciation clock the market hasn't started. The bubble is in the earnings, not the multiple — and the single variable that decides crash-or-worse is the total addressable market.

18 min · Macro
AI · Equities
○ Free
2026-06-04
▸ Equity research

Zscaler: cheap against its peers, fully valued against its cash

A founder-led platform repriced 54% in a year — the cheapest scaled, higher-quality name in security software on sales, yet still fully valued on the cash it generates once stock comp is counted. Watchlist; probability-weighted fair value ~$117 vs a ~$134 price.

35 min · Equity
ZS
○ Free
2026-05-22
◆ Macro thesis

The Dollar's Borrowed Strength

A new Fed chair, a blocked strait, and a market that thinks the dollar's props are sturdier than they are. EUR/USD higher and USD/JPY lower through 30 Sep — the compression comes from the foreign legs rising, not the Fed cutting.

8 min · Macro
FX · Rates
○ Free
2026-05-22
▸ Equity initiation

Fortinet: the business is a Buy, the entry point is not

An elite security franchise priced for near-perfection — >50% global firewall share and net cash, but the stock embeds a near-certain bull case. Initiating at Watchlist.

30 min · Equity
FTNT
○ Free
2026-05-22
◆ Macro thesis

The Commodity With No Futures

A 1955 corner, a 1958 law that has never been repealed, and the one place a market lets us run its own counterfactual — onions.

11 min · Macro
Commodities
○ Free

02 — The discipline

How Brighthedge writes
Equity initiations

A full thesis on a single name — the model, the bull/base/bear, the price target, and the specific things that would make me wrong.

Macro thesis

Cross-asset writeups that connect a policy or flow regime to positioning — rates, FX, and the equity read-through, in one frame.

The standard

Every number is sourced. Every call carries a falsifier. If the thesis breaks, you read it here first — not in the next piece.

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