Equity Research
Pegasus: Beyond the Revenue Headline
How RASK, CASK, load factor, and fleet economics can reveal more than airline revenue growth alone.
Oct 17, 2026 · 6 MIN READ
THE RESEARCH DESK / EST. 2026
Look Closer.
Think further.
Research on companies, market cycles, and the forces behind the numbers. Built on curiosity, clear reasoning, and the belief that better questions lead to better conclusions.
THE AKSAYCAPITAL JOURNAL01 / RESEARCH
A FRAMEWORK, NOT A FORECAST.AC — 01
AREAS OF INQUIRY 01 — PUBLIC EQUITIES 02 — MACROECONOMICS 03 — MARKET BEHAVIOR
01 / RESEARCH NOTES
View all research The latest thinking
EDITOR'S SELECTION · Equity Research
Tüpraş: Reading Between the Refining Margins
A framework for separating headline crack spreads from the operating drivers that shape a refinery's earnings.
Macro & Markets
Why Bond Prices and Yields Move in Opposite Directions
An intuitive explanation of fixed coupons, market interest rates, and the duration risk behind bond prices.
Oct 16, 2026 · 5 MIN READ
Macro & Markets
Gold, Real Yields, and the Cost of Holding Nothing
A practical framework for understanding gold's relationship with interest rates, the dollar, and uncertainty.
Oct 15, 2026 · 6 MIN READ
Initial articles are sample editorial notes for the website preview; verify and replace them with your own research before launch.
02 / PHILOSOPHY
Research over rhetoric
I.
Ask the better question.
Start with what the market assumes, what the business actually does, and what might be missing from the story.
II.
Work from the evidence.
Build the argument with company reports, economic data and clear assumptions—not just price movements.
III.
Stay willing to change.
Every thesis has risks. Good research makes uncertainty visible and adjusts when the facts do.
03 / ABOUT THE PROJECT Independent by design.
Independent by design.
Curious by nature.
AksayCapital is a personal financial research project exploring the relationship between businesses, economies, and investor decision-making.
The story behind AksayCapital