Research Library
Published research
Source-scored research reports with adversarial counter-thesis analysis. Read the methodology, then judge the output.
CLARITY Act Beneficiaries: RegTech, Compliance & Financial Infrastructure
# Executive Summary The Digital Asset Market Clarity Act (H.R. ...
Clearwater Analytics Competitive Positioning in Asset & Wealth Management
Clearwater Analytics is sustaining its $10 trillion asset servicing franchise through integration-based switching costs rather than proprietary technological barriers, creating a moderately durable but increasingly contestable competitive position. The company's 77% ARR growth to $872 million and 108% net revenue retention rate reflect deep operational embeddedness across front-, middle-, and back-office workflows, yet these advantages stem from execution complexity rather than defensible intellectual property that would prove difficult for well-capitalized competitors to replicate. ...
AI-Native CRM Entrants: Threat to Salesforce’s Competitive Moat (2026)
Salesforce's competitive moat is materially threatened by feature-parity convergence and switching-cost reduction mechanisms that disproportionately expose its SMB and mid-market customer base to displacement by LLM-first entrants and vertical AI CRM solutions through 2026–2027. Despite reporting $900 million in Data Cloud and AI annual recurring revenue—up 120% year-over-year as of February 2026—this enterprise-tier momentum masks customer acquisition pressure in lower-ACV segments where HubSpot's 40–60% total cost of ownership advantage and Attio's early-stage capture are eroding Salesforce's historical lock-in mechanisms. ...
Enterprise LLM Adoption: Build vs. Buy Decision Framework
Organizations pursuing self-hosted LLM deployments will face a 6–18 month payback horizon before cost advantages over third-party APIs materialize, while simultaneously confronting acute talent scarcity and 30–50% higher infrastructure staffing costs than API-first alternatives. For enterprises processing under 100M tokens monthly—the typical production workload for B2B SaaS and mid-market deployments—the operational overhead of maintaining GPU clusters, inference frameworks, and MLOps tooling typically exceeds marginal cost savings, making managed APIs rational through the 18+ month horizon despite per-token pricing premiums. ...
Digital Asset Custody Regulatory Risk Landscape: US & EU 2026
# Executive Summary The US institutional crypto-asset custody framework remains functionally incomplete despite regulatory progress, with the SEC's modernized Rule 223-1 still in proposed form and the OCC's authorization of national bank custody services contingent on undefined "safe and sound" standards that lack enforcement precedent. While the SEC's Division of Investment Management has confirmed that state-chartered trust companies qualify as custodians under Rule 206(4)-2 and the OCC's Interpretive Letter 1184 permits national banks to offer custody and outsource to third-party providers, investment advisers operating in the crypto space continue to lack clear guidance on acceptable non-qualified custodian safeguarding solutions, creating operational uncertainty for firms managing digital assets outside traditional qualified custodian arrangements. ...
NVIDIA AI Accelerator Market Position: Q1 2026 Snapshot
# Executive Summary NVIDIA's market share in AI accelerators will erode from current levels above 80% toward 65–70% by 2028 as custom silicon from hyperscalers and AMD's MI-series capture incremental inference workloads despite NVIDIA's ecosystem advantages. The discrete AI accelerator market is expanding from $55 billion in 2023 to $200 billion by 2026—a 264% increase—yet this growth masks a structural shift: custom XPU systems captured $17. ...
Dollar Milkshake Theory: Cross-Asset Divergence Under Geopolitical Stress
The Dollar Milkshake Theory remains dormant in mid-2025 despite structural vulnerabilities, as dollar weakness and concurrent risk-asset inflows signal reflation rather than the crisis-driven capital flight that would activate the framework's predicted feedback loops. While the dollar index has declined nearly 10% year-to-date to 97. ...
GLP-1 Therapeutics: Investment Implications for Eli Lilly & Novo Nordisk
Eli Lilly's tirzepatide franchise is capturing disproportionate share gains in the GLP-1 market, threatening Novo Nordisk's historical dominance despite the latter's continued volume leadership. Lilly's Mounjaro and Zepbound generated $12. ...
Coverage gap
SME & mid-cap research coverage
3,500+ US public companies between $300M–$2B market cap receive little or no analyst coverage. Celadon produces institutional-grade research on companies Morningstar doesn't cover.
| Company | Sources | Score |
|---|---|---|
| Clearwater Analytics | 42 | 87 |
| Shift4 Payments | 38 | 84 |
| Definitive Healthcare | 31 | 76 |
| Integral Ad Science | 29 | 73 |
Sample comparison matrix. Scores reflect source quality and evidence depth.
Methodology
Source quality breakdown
Every source scored on four dimensions. Reports show full provenance chain so you can verify every claim.
T1 SEC filings, court records, legislation · T2 Reuters, FT, institutional research · T3 Trade press, analyst blogs · T4 Social, forums, unverified
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Portfolio-scale sector screening
15 structurally comparable reports with the same methodology, scoring, and adversarial rigor.
Enterprise SaaS sector screen — 15 companies, cross-entity contradictions, shared source index.
Coverage desert
MiFID II research gap
European research unbundling caused the first net decline in analyst coverage since 2006. Small and mid-cap European companies lost coverage entirely. Celadon covers them in Professional tier.
Global Coverage
Emerging & frontier market coverage
Markets with growing capital flows and thin-to-nonexistent analyst coverage. A report on a Vietnamese conglomerate costs the same as a report on Apple.
Southeast Asia
Singapore, Thailand, Vietnam, Indonesia
Growing capital flows, thin Morningstar coverage. Local-language source retrieval with translated attribution.
Middle East & Africa
Dubai, Saudi Arabia, South Africa
DIFC-regulated advisors need coverage on locally listed companies with zero existing research alternatives.
Latin America
Brazil, Mexico, Chile, Colombia
Consumer-driven markets with strong local exchanges and regulatory frameworks ready for structured research.