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A 41-page cross-cut walking Berkshire Hathaway, Apple, Microsoft, Koch Industries, Lyft, and Meta through the six-source-of-funds framework. Sourced numbers traced to 10-K filings. The thesis: at sufficient scale, every operating company starts allocating like a PE firm, whether or not it admits it.
A 51-page cross-cut walking Lyft, Cleveland-Cliffs, SNAP, and General Motors through the §382 ownership-change limitation, valuation allowance dynamics, and the book-vs-tax bridge that most sell-side models miss. Sourced to each company's 10-K and recent 10-Q.
Position disclosure. The author owns shares of LYFT and CLF, two of the four companies discussed in this Brief, as disclosed in full in the Brief itself. The author has received no compensation from any issuer named, holds no material non-public information regarding any issuer named, and observes a 30-day trading blackout before and after publication. Educational case study — not investment advice, not a research report, not a buy/sell rating, not a price target. Every number traces to a public SEC filing. The Institute is not a registered investment adviser; this is a Lowe v. SEC publisher-exception publication.
What pro sports teams can actually do to reduce their players' state tax bills — the jock-tax mechanics, the CBA disparity between MLB, NBA, and NFL, and the legally defensible levers a front office can pull without inviting a challenge from a state department of revenue.
MLB players file bankruptcy at one-third the NFL rate. The reason is structural — specific collective-bargaining provisions that route athletes toward second careers, second businesses, and second acts instead of post-career drift.
The numbered series was reset in May 2026. The inaugural Issues 01 (OBBBA exemption) and 02 (buy-sell audit) were short practitioner observations rather than the cross-cutting, multi-company Briefs the Library uses the word "Brief" to mean. They have been republished under their original titles on the.
Going forward, a Brief is a 15-40 page synthesis across five or more companies with sourced numbers and a methodology note. Issue 03 (MLB CBA, four leagues compared) sets the standard. The Private-Equity Brief and the Net-Operating-Loss Brief sit alongside it as Special Briefs. See how the four shelves fit together →
A Brief is a cross-cutting synthesis across four or more companies, 15-50 pages, with sourced numbers traced to filings and a methodology note. The Private-Equity Brief walks six PE firms through the six-source-of-funds framework. The Net-Operating-Loss Brief walks four companies through the §382 limitation. Issue 03 walks four leagues through the post-career bankruptcy data. Each was ready when the cross-cut was complete, not when the publishing calendar said so.
For the practitioner moment-in-time observations — the OBBBA play, the §1202 stack, the 13-week cash forecast — see the.