NOW
ServiceNow
Entry
$93.46Last
$93.46Since pub.
0.00%Independent Equity Research
Mispriced companies. Datable catalysts. Asymmetric setups.
Most equity research is opinion. Some of it is data. Very little of it is discipline.
Ask the ResearchBeta
Answers grounded in published Spinel notes only.
Answers are generated from published Spinel notes only. Not investment advice.
3
Published notes
1
Active thesis
12–24M
Horizon
3:1
Minimum asymmetry
Start here.
Model Portfolio
Every thesis, tracked.
Active
| Ticker | Company | Published | Entry | Last | Since pub. | Status |
|---|---|---|---|---|---|---|
| NOW | ServiceNow | $93.46 | $93.46 | 0.00% | Active |
Prices as of June 25, 2026. Not real-time.
Three pillars.
The discipline
01 — Contrarian
Mispricing from the collapse of attention
When coverage thins and attention moves elsewhere, price detaches from the business. The edge is the absence of competition for information, not a posture of disagreement.
02 — Catalyst-driven
A datable reason to be right
A cheap stock without a catalyst is a value trap. Every thesis identifies a specific event, with a stated horizon, capable of forcing the market to re-price.
03 — Asymmetry
The only acceptable shape of a position
A written, bounded downside; an upside of at least three times the downside on the stated horizon. Positions that do not clear this bar are not written about.
Published research.
Full archive →Industry NoteORCL
What the Bond Market Knows: Credit Is Repricing the AI Buildout Before Equity Does
Oracle's CDS doubled while the equity consensus held Strong Buy. A framework for reading the debt-funded AI buildout through the credit market.
Read the thesis →↗
Research NoteNOW
ServiceNow: The Business Got Better. The Multiple Didn't.
A business that improved on every metric while its multiple compressed 78% from its three-year average.
Read the thesis →↗
Research NoteNOKIA
Nokia: The Western AI Infrastructure Re-Rating
Why the market is underweighting the AI infrastructure exposure inside Nokia's mix.
Read the thesis →↗
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