Practice 04 · White-label Research
The case the consensus is missing, evidenced to the figure.
Thesis notes, chart packs and white-label reports, each figure traced to a numbered source.
What we deliver
Four formats, each built to the desk’s brief.
White-label report
A full analysis delivered under the desk’s own name. The desk keeps the client relationship and the byline.
Thesis note
The supply and demand case the consensus is missing, evidenced to the figure, for a single commodity or asset.
Chart pack
The exhibits behind a thesis, each sourced, ready to drop into the desk’s own publication.
Standing retainer
A set number of notes or reviews a quarter, on the desk’s coverage list and its calendar.
How it runs
Three steps, built around the desk’s publication date.
01 · Brief
The desk names the view to be tested, the audience and the publication date.
02 · Build
Every figure is taken from a primary source and numbered, so the desk can check each one.
03 · Hand over
The work goes out under the desk’s byline, and the client relationship stays with the desk.
Who commissions it
Macro and commodity desks, strategy teams and independent houses.
Macro & commodity desks · Strategy teams · Independent research
For research houses
The client page →
The work in public
Fourteen Field Notes, 421 numbered sources.
The Field Notes are the public sample of this practice: each tests a market story against its numbers, in the same format a desk would receive.
24 Sept 2026 · China · Iron Ore
China Mineral Resources Group · Platts · Simandou
Seven Trades
Beijing has spent four years and three supply embargoes fighting for control of the iron ore benchmark. It has won the reference, not a lower price, and the lever that will move the price is Simandou.
Value-Chain Series · 8 sources →
24 Apr 2026 · Middle East · Oil
WTI · Brent · Hormuz
28× the oil that exists. Trade the shape.
Paper barrels trade at roughly 28× the physical market. Positioning on the spot price misreads a market whose real signal lives in the shape of the curve, not the level.
Value-Chain Series →