BTI Reports publishes independent sector editions.

Every edition asks the same four questions, in the same order.

Where does the money that holds this sector up actually come from? What creates the spending that turns into real activity? How does that money move through the system, and where does it pool? And what's the structural limit on how far it can go?

These are the four questions BTI Reports built for its own research. We now share this work free and public on our site.

Every edition has two parts. Part One is the analysis of the sector's structure. It describes positions in the chain rather than the companies occupying them, because the occupants change and the structure changes more slowly.

Part Two carries the interviews and the company profiles. A profile is an account of one occupant: where it sits in the chain, what it does, what constrains it.

Because no participant is named, quoted, or referenced in Part One, the analysis cannot be read as endorsing or favouring any participant in Part Two. The two parts are structurally connected by the capital chain and editorially independent of each other.

The edition closes permanently on publication. No company is added afterwards.

BTI Reports writes the profile from a recorded interview with a named executive of the company. It is written in the third person, to the same standard as the analysis, and every claim in it can be checked.

It sets out what the company does, where it sits in the sector's capital chain, and what constrains it. The analysis gives the frame. The profile gives the occupant.

It is written to be sent to an investor or a partner. It is not a brochure.