Insights & Resources

Research, analysis, and perspective

Explore our thinking on value investing, operational value creation, and market dynamics. We share our research and perspectives on the topics that inform our own investment process.

Research Reports

In-depth investment theses

Research ReportsEquitiesResearch ReportMay 5, 2026

Blackstone (BX): Q1 2026 Update, Range-Bound Despite Record Results

Updated May 5, 2026 with Q1 2026 earnings. Distributable earnings rose 25% Y/Y to $1.8B, fee-related earnings 23%, AUM reached $1.30T (+12%). At ~$124, BX trades at a 39% discount to its 5-year average with a 4.0% dividend yield, the highest in firm history. Two new AI catalysts (the BXDC IPO and the Anthropic enterprise JV) deepen the thesis. We reaffirm BUY with 45–70% upside.

32 min read May 5, 2026Read Report
Research ReportsEquitiesResearch ReportFebruary 25, 2026

Salesforce (CRM): STRONG BUY — Q4 FY2026 Confirms AI Revenue Engine

Updated February 25, 2026 with Q4 FY2026 earnings. Record $11.2B revenue (+12% YoY), massive $3.81 EPS beat, and Agentforce ARR surging to $800M (+169%). At ~$180 with 62–83% upside at ~14x forward P/E, we reiterate STRONG BUY with increased conviction.

35 min read February 25, 2026Read Report
Research ReportsEquitiesResearch ReportFebruary 17, 2026

Palo Alto Networks (PANW): Cybersecurity Leader Mispriced on Acquisition Dilution

February 2026. The world's largest pure-play cybersecurity company printed a clean beat-and-raise — 33% NGS ARR growth, $16B RPO, $780M revenue guidance raise — yet dropped 8% on a mechanical EPS miss from CyberArk acquisition dilution. At ~41x forward P/E vs. 5-year avg ~55x, we rate PANW a BUY with $210 base target (+40%) and $250 bull case (+67%).

35 min read February 17, 2026Read Report

Real Estate Research

Research on real estate markets

Real Estate ResearchReal EstateHospitalityResearch PaperFebruary 26, 2026

Inside U.S. Hospitality: A Multi-Dimensional Analysis of Capital, Construction, and Community

February 2026. A comprehensive analysis of the U.S. hospitality sector across seven dimensions: the 2026 market landscape, the $48B CMBS maturity wall and PIP convergence, new hotel construction economics, the build vs. buy decision framework, capital stack and financing, the AAHOA ecosystem and Indian-American ownership model, and structural gaps presenting capital partnership opportunities.

40 min read February 26, 2026Read Report

Investment Insights

Value investing and market analysis

Investment InsightsBehavioral FinanceDisposition EffectFebruary 17, 2026

The Disposition Trap: Loss Aversion, the Disposition Effect, and the Hidden Cost of Holding Losers

Investors sell winners too quickly and hold losers too long, costing 3–4% annually. We trace this bias from Kahneman and Tversky through five post-COVID case studies — Meta, Intel, 2022 bonds, Chinese tech, and Boeing — and present a five-step framework for breaking free.

30 min read February 17, 2026Read Report
Investment InsightsBehavioral FinanceMean ReversionFebruary 17, 2026

The Overreaction Premium: Mean Reversion, Market Panics, and the Systematic Exploitation of Sentiment Extremes

Markets systematically overshoot in both directions, generating a 5–10% annualized contrarian premium. We examine six post-COVID case studies — from the 2022 energy euphoria to the Liberation Day panic of April 2025 — and present a five-step framework for exploiting overreaction-driven mispricings.

35 min read February 17, 2026Read Report
Investment InsightsBehavioral FinanceHerding BiasFebruary 13, 2026

The Herding Instinct: How Crowd Behavior Inflates Growth-Stock Valuations

From GameStop to Palantir, we dissect six herding episodes through information cascades, momentum chasing, social contagion, and passive flow concentration. Includes a five-step contrarian framework and an in-depth analysis of Palantir’s 3,400% reflexivity-driven ascent.

30 min read February 13, 2026Read Report
Investment InsightsBehavioral FinanceAnchoring BiasFebruary 12, 2026

The Anchoring Trap: How Reference Points Distort Investment Decisions

Investors frequently anchor to purchase prices, 52-week highs, and analyst targets. We examine how this cognitive bias creates systematic mispricings and how disciplined value investors can exploit them, with five detailed post-COVID case studies.

25 min read February 12, 2026Read Report

Archive

Past versions and snapshots

Historical snapshots of reports and research as originally published. Preserved for track-record reference. Each report's current view lives at its canonical URL.

Research ReportsArchived

Blackstone (BX) Investment Thesis

Initiation thesis as originally published on February 13, 2026. Snapshot preserved for track-record reference. Superseded by the Q1 2026 update.

February 13, 2026 30 min read

Stay informed

Subscribe to receive our latest research, quarterly letters, and market commentary directly in your inbox.

By subscribing, you agree to receive periodic emails from Perseus. Newsletter content is for informational purposes only and does not constitute investment advice. You may unsubscribe at any time. See our disclosures.

Want to discuss our research?

We welcome conversations with those who share our interest in disciplined value investing and active value creation.

Get in Touch

All content is for informational and educational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any security. Perseus is not a registered investment adviser. Please consult a qualified financial professional before making investment decisions. View full disclosures.