Begin with the operating reality
Ask how revenue is earned, which customers matter most, and which people the business depends on. These basics reveal more than polished summaries.
If answers are vague, slow down. Ambiguity is information.
Separate story from evidence
Growth narratives are useful, but diligence should test them against records, customer patterns, and operational constraints.
Our process is designed for Zyphyr Capital’s own investment decisions. It is not a public advisory service.
These notes describe our internal perspective. They are not investment advice, an offer to sell securities, or a solicitation of investor capital.
