Methodology

How the photonics-sector research is built and what you can rely on.

Primary sources first

Every load-bearing claim in these knowledge bases is traced to a primary source: SEC filings, company press releases, investor decks, conference presentations, patent records, or direct disclosures. Where a claim cannot be sourced to primary material, it is either flagged with explicit confidence ("inferred", "speculative", "community-reported") or removed.

Confidence flags, not certainty

Investor research is fallible. We do not claim to publish the truth. We claim to publish what is sourced — and to mark the rest. Where two primary sources disagree, both are quoted. Where the public record is silent, we say so. Where we are inferring, we mark it as inference.

Falsifiable theses

Each company KB anchors on an investment thesis structured as named, falsifiable conditions. We track those conditions over time and update the thesis state as evidence accumulates. The bear case is given the same care as the bull case — both inform whether the thesis still stands.

Open disagreements

Where our reading conflicts with company statements, sell-side analysis, or community consensus, the disagreement is named on a dedicated page with the evidence on both sides. We do not silently take a position — we surface the conflict and let the reader weigh it.

What this is not

• Not investment advice. Nothing here is a recommendation to buy, sell, or hold any security. Do your own research.
• Not real-time. Knowledge bases are refreshed on a schedule, not continuously. Always verify the "last updated" date.
• Not exhaustive. Coverage is depth-first on a small number of companies, not breadth-first across an index.
• Not anonymous. Author and contact are listed. Mistakes are corrected publicly with a changelog.

Independence

The author is an independent investor-analyst with personal positions in some of the companies covered. Specific position disclosures are listed on each company's KB. There is no affiliation with the companies covered, no paid relationship with sell-side firms, and no sponsored content. Display advertising via Google AdSense supports site costs.

Corrections

Found a primary source we missed, or a claim we got wrong? Email ward@elst.be. Corrections are integrated as soon as they are verified, and noted in the changelog of the affected KB.