Industry lenses
Follow the constraint.
Meridian begins with the dependency that shapes an industry—not with a list of fashionable sectors.
01 · Industrial services
Capability is rarely interchangeable.
Certification, skilled labour, installed equipment, customer approval and local response density can matter more than category labels. The research asks which capabilities are scarce, who actually holds them and what can—or cannot—be reproduced with capital.
02 · Healthcare services
A regulated operating system.
Licensing, clinician retention, referral patterns, reimbursement, patient access and local density determine whether an attractive market can support a durable platform.
03 · Power and infrastructure
Permission before capital.
Land control, grid position, permits, equipment queues and contracted demand determine what is buildable. Meridian separates assets that money can recreate from those dependent on scarce permission or network position.
04 · Logistics and real assets
Networks create the edge.
Location is only the beginning. Route density, lease quality, local entitlements, operating throughput and adjacency determine the value of a physical network.
05 · Vertical software and applied technology
Embedded in the workflow.
The relevant questions concern workflow ownership, data rights, switching cost, regulatory exposure and the operating dependency beneath recurring revenue.
These are selected research lenses, not claims of continuous coverage, current client mandates or investment recommendations.
Worked example · Healthcare services
Fragmentation is the opportunity.
The healthcare-services lens, made concrete. In US senior-care services, hundreds of independent operators serve each state, and the average operator holds a fraction of one percent of its local market. That dispersion — not sentiment — is the structure a disciplined buy-and-build compounds.
Source: US Census — American Community Survey (2022) and County Business Patterns (2022); establishment counts for nursing and residential care (NAICS 623) and home-health services (NAICS 621610). Aggregate public data, illustrative of market structure — not investment advice, an offer or a recommendation.
Research architecture