Dhruv H Shah

I publish independent equity research and macroeconomic analysis for investors who value substance over noise. My work focuses on rigorous valuations, competitive positioning, and the fundamentals that drive long-term returns.

Currently pursuing my Master's in Finance at Vanderbilt University and working toward my CFA charter.

Read Research About Me

Dhruv H Shah

Currently pursuing my Master's in Finance at Vanderbilt University and working toward my CFA charter.

Read Research About Me

Jan 10, 2026Macro

2026 Global Markets and Economies Outlook

Global markets enter 2026 with rare alignment: policy easing, fiscal support, and solid consumer demand. AI-driven investment and large fiscal programs should sustain moderate growth despite inflation, labor shortages, and high tariffs.

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Latest Reports

Recent equity research and market analysis

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Mar 29, 2026DBAMacro

Fertilizer Shock: The Chokepoint That Will Feed This Year's Food Inflation

Urea hit $700 per ton. A third of global fertilizer ships through Hormuz. Oil has a pipeline workaround. Fertilizer does not. Spring planting is happening right now, and the market is not pricing what comes next.

Mar 28, 2026HOODFinancialsHOLD

Robinhood Is Building an Exchange. The Market Is Pricing a Brokerage.

With Rothera, its CFTC licensed prediction markets exchange and clearinghouse, going live mid-2026, Robinhood is acquiring vertical control over an entirely new asset class that generated $300+ million in annualized revenue in its first year. Exchanges trade at 20 to 30x EBITDA. Brokerages trade at 13 to 15x. The distinction matters.

Mar 22, 2026DBAMacro

The Strait That Starves the Field

Half the world's traded urea ships through Hormuz. U.S. fertilizer prices are up 70% in 90 days, spring planting starts in weeks, and there is no strategic fertilizer reserve anywhere on earth. The market is pricing an oil shock. It has not started pricing the food shock yet.

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