Ergatha Research is where that work happens. It exists because our model depends on judgment we do not yet fully have, and we would rather build it deliberately than acquire it by expensive accident.
Anthology is the first program under Ergatha Research.
We bring the decisions we are actually working on to investors and operators who have faced them before, and ask them to work through the problem rather than give us their conclusion. Most of what is useful in how experienced people decide is not written down anywhere, and the only way to learn it is to watch them think.
Each season takes on a small set of questions tied to decisions we have to make, and ends in something we publish. Research a firm keeps entirely to itself tends not to get finished.
We would rather understand one arena thoroughly than hold opinions about ten.
Alongside Anthology, we do the slower work of market knowledge: building a deep understanding of the regions and sectors we concentrate in, their operators, their economics, and how money actually moves through them.