Perspective on the industries we build in.
Analysis, opinion, and sector news from the MountainStone team.
The fragmentation premium: why Mexico's restaurant sector is a roll-up waiting to happen
A category where 95% of operators are micro-businesses is not a category without opportunity. It is a category without a consolidator.
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The picks-and-shovels trade on Mexican reshoring is the soft landing itself
Everyone is underwriting the factories. The more capital-efficient position is to own the layer that makes the factories possible.
Boring is a feature: the case for waste as a long-duration, inflation-linked asset
Waste infrastructure offers contracted, essential, cycle-proof cash flows. The market's indifference to it is precisely the opportunity.
Mexico's power gap is a financing opportunity dressed as an energy problem
Demand is outrunning supply by a factor of five. When the constraint is capital rather than technology, the constraint is the opportunity.
The mispriced middle: why Mexico's mid-market credit gap is an opportunity, not a warning
When 80% of credit flows to the largest 20% of borrowers, the market is not telling you the middle is uninvestable. It is telling you the middle is unpriced.
The recurring-revenue thesis hiding in Mexico's informal home-services market
A fragmented, informal, everyday market is the raw material from which durable, technology-enabled recurring revenue is built.
Duration is the edge: why patient capital wins in Mexican infrastructure
The assets the country needs pay off over decades. That horizon repels most capital, which is exactly why the returns are there for those who can hold.
Water is the constraint no industrial thesis in Mexico can ignore
Scarce supply, non-negotiable demand, and a national investment program measured in the hundreds of billions. The setup is unusually legible.
E-commerce is the demand; logistics real estate is the asset
Consumption is compounding at double digits while the infrastructure that fulfills it lags. That gap is where the durable returns sit.
The consolidation thesis in Mexican private healthcare is written in the spending data
When half of all health spending is out-of-pocket and the supply side is thousands of sub-scale operators, the opportunity is not demand. It is organization.