Strata
You’ve read the headlines, checked the company numbers and asked AI. But what do they add up to—and what would justify your next investment decision?
Start with a company or market. Strata Research gathers the evidence and develops it into a structured investment case.
10 free monthly credits · Standard and Strata Expert
Start with the question
The economic outlook
Inflation. Jobs. Interest rates. Each release adds a piece. The investment question is what the pieces mean together—and which exposures could benefit or suffer.
What does this mean for my investments?
Follow the macro researchThe company case
A growing business, a rising share price and an attractive valuation are different claims. Examine the financial evidence and the assumptions that connect them.
What makes this company worth owning?
Follow the company researchThe case against
The most useful research examines its own weak points: demand that disappoints, margins that compress, policy that changes course, or expectations that prove too ambitious.
What would change my mind?
See how the case is challengedStrata Research
Select a bar to explore.
See the evidence Strata brings to your question.
Business economics & reported results
Growth drivers & execution
Price, multiples & expectations
Can Microsoft turn AI and cloud demand into durable growth without losing the economics to reinvestment, margin pressure or execution risk?
Microsoft · Strata Expert · 16 June 2026 · Historical example
Selected content from the Microsoft Expert report of 16 June 2026, condensed and represented for the website. These historical examples explain the research process; they are not current quotes or recommendations. Dates, source notes and recorded assumptions in the full report support later review.
Growth, inflation & employment
Rates, liquidity & transmission
Credit, currencies & sectors
Can growth remain resilient while policy stays restrictive—and does market pricing already assume too much of the favourable outcome?
United States · Strata Expert · 14 August 2026 · Historical example
Selected content from the US Expert report of 14 August 2026, condensed and represented for the website. These historical examples explain the research process; they are not current quotes or recommendations. Dates, source notes and recorded assumptions in the full report support later review.
See what supports the case—and what still needs proof.
Cloud and AI demand, enterprise adoption and the scale of the software business.
How adoption becomes paid usage, and whether growth can preserve margins after reinvestment.
Follow the business model, earnings and capital allocation into the valuation assumptions.
Growth holds, but economic and market signals remain uneven.
Weakening employment, activity or credit could force a more defensive view.
See how policy and market expectations shape the alternative paths.
Examine the detailed valuation or allocation playbook in Expert research.
Inspect the forecast and compare its valuation with other perspectives.
Discounted cash flow (DCF) estimates today’s value from the cash a business could generate in the future.
Modelled cash after operating costs, tax and reinvestment, before payments to lenders and shareholders. The final three periods transition towards a mature growth rate.
A shared value scale makes disagreement visible. Analyst and peer ranges are reference points, not probability intervals.
| Assumption | Report base case |
|---|---|
| Growth | 15.1% → 5.6% |
| Operating margin | 40.2% |
| Reinvestment | 12.3% |
| Discount rate (WACC) | 9.0% |
| Long-run growth | 3.7% |
WACC is the blended return required by the business’s lenders and shareholders. A higher discount rate reduces today’s value of future cash flows.
| Case | Modelled value | Weight |
|---|---|---|
| Bull | $527.30 | 15% |
| Base | $473.38 | 60% |
| Bear | $428.06 | 25% |
The full report adds sensitivity analysis, peer multiples and analyst actions. Scenario weights express the model’s assumptions.
Microsoft · Strata Expert · 16 June 2026 · Historical example
Connect each allocation stance with its reasoning, a hedge and evidence that could change the view.
| Asset group | Report stance | What to watch |
|---|---|---|
| Rates | Cautious on long-duration exposure | Real yields and policy expectations |
| Credit | Constructive on higher-beta credit | Whether spreads remain contained |
| Currencies | Neutral stance | Renewed dollar pressure |
| Commodities | Less need for inflation hedges | Oil and inflation tail risks |
| Equities | Constructive, with selective leadership | Growth breadth and balance-sheet resilience |
Selective risk exposure with a quality bias.
More defensives and resilient balance sheets; less cyclical and lower-quality credit exposure.
Asset allocation means how investments are spread across different asset groups.
The historical report’s growth-scare scenario favours defensive exposure and resilient balance sheets. Its reacceleration scenario allows more cyclical and credit risk. A hedge is an exposure intended to offset a particular risk.
Country comparisons and sector positioning add another layer: where the theme may be better expressed, and which sectors could benefit or remain vulnerable.
United States · Strata Expert · 14 August 2026 · Historical example
Know which evidence to look for next.
The Microsoft report asks whether monetisation keeps pace with spending, and whether execution, cybersecurity or regulatory problems change the economics.
A useful next question: what evidence in the next results would strengthen or weaken the cash-flow assumptions?
The US report watches labour deterioration, widening credit spreads and renewed inflation pressure. These observations connect back to the scenario and allocation response.
A useful next question: when would selective risk exposure need to become a more defensive stance?
The discipline behind the answer
An invented fact can distort the argument. A weak assumption can change the conclusion. Strata puts checks between evidence, reasoning and the final report.
1 of 4
The report recognises AI adoption while keeping paid-seat conversion and pricing power as unresolved questions. A promising story does not automatically become a proven assumption.
AI hallucinations are plausible-sounding invented information. In Expert equity research, valuation calculations follow model rules rather than being freely recalculated by the final writing stage. Rule-based checks control whether retrieved evidence can influence valuation. Weak or unverified external material can remain a qualified watch item, but cannot be promoted into valuation-moving evidence. Source references and recorded assumptions support later scrutiny; these safeguards reduce risk without making every output infallible.
The pieces become a research argument
Your evidence, valuation, scenarios and risks belong together. With Strata, you can examine the complete argument, discuss it and return to it without piecing together scattered conversations.
Keep the original view, generate a later report and compare how the reasoning changes.
AI and cloud demand support the case. Monetisation, reinvestment and execution shape the conviction.
Historical example · Condensed report content
Research you can bring to the table
Circulate the analysis before an investment-club meeting, examine assumptions together, or bring selected pages into a presentation.
Scroll across to explore the three pages.
Investment view
AI and cloud demand support the argument. Monetisation, reinvestment and execution shape how much conviction it deserves.
Discussion agenda
Competing reference points
A shared value scale makes disagreement visible. Analyst and peer ranges are reference points, not probability intervals.
The path behind the value
Modelled cash after operating costs, tax and reinvestment, before payments to lenders and shareholders. The final three periods transition towards a mature growth rate.
Website-native reconstructions inspired by the app’s PDF layouts, using the same Microsoft report selected above. Text is condensed for display; the exported report contains the fuller analysis and source notes.
A shared documentDecision summaries, analytical charts and tables.
A traceable argumentDates, source context and assumptions for review.
A consistent formatNative PDF export carries the structured report beyond the app.
Your first research question
Select a company or one of the supported macro regions.
Use Standard for a shorter report or Expert for deeper analysis.
Read the evidence, inspect the assumptions and identify what matters next.
Standard
A shorter report covering the central view, evidence and risks.
1 credit per reportStrata Expert
In-depth company analysis and detailed valuation, or macro scenarios with an allocation playbook.
2 credits for macro · 3 for equityFree accounts receive 10 credits each month. You can try Expert with free credits. Pro and optional credit packs support more frequent research.
Explore plans and creditsDetailed valuation depends on the company model; macro depth depends on available evidence. Monthly free credits expire at the start of the next UTC calendar month.
Learn the method
Strata’s finance education centre explains the concepts through worked examples and questions that test your understanding.
Before you begin
Macro research covers the US, eurozone, UK, Japan, China and Canada. Company research starts with a ticker or company search; available data and valuation depth vary by company.
No. Free accounts receive 10 monthly credits, and Expert is available when you have enough credits. Standard uses 1 credit, Expert macro 2 and Expert equity 3.
Yes. Sign-in connects your research reports, history and credits to your workspace.
Report generation collects evidence and assembles the analysis, so it takes time. The app shows progress while the report is being prepared.
Yes. Export a PDF or Markdown report for your own review and discussion. PDF export includes the report’s analytical content and source context.
Strata supports investment research and education. It helps you examine an investment argument; it does not provide personalised investment advice.
Strata Research
Start with a company or market you already follow.
