I’m noticing that most business commentary focuses on quarterly numbers, leadership quotes, or macro headlines. But the bigger drivers tend to be structural: market power, upstream bottlenecks, incentive design, and temporal constraints inside supply chains.

Seeing this across aviation, semiconductors, media, and even consumer goods, the pattern is the same. I’m writing breakdowns exploring the “mechanics beneath the headlines” here:

https://capitalfolly.com

Curious how others analyze companies beyond earnings and PR cycles. What do you look at first when trying to understand an industry?