The Evolution of our Research Terminal

Why we’re moving from a newsletter model to direct institutional access, and what it means for your membership

The Hermit is no longer a newsletter; it is a research terminal with exclusive primary data and an engaged community. To reflect that, we are moving to a professional model that prioritizes proximity and direct access.

From Spectator to Participant

Starting next month, direct access to our team and fund data will move to a permanent home of $699/year. Our Inner Circle tier includes:

• All Paid Features: Write-ups, portfolio updates, and weekly picks.

Plus…

• Priority Briefs: Real-time updates on companies as they evolve, based on primary data and stakeholder conversations.

• The Fund Chat: Weekly updates sharing real-time data about our holdings and companies we cover.

• Quarterly Strategy Calls: Live sessions (Google Meets/Teams) to review our portfolio and interact directly.

Are you an early believer?

We want to honor the early believers before we hit this new scale.

Upgrade to the Annual Plan ($329) before the end of the January, and we will manually move you into the Inner Circle.

Quick Math:

• Today: Pay $329.

• Next Month: This access costs $699.

• Your Result: You save $370 every single year you remain a member while keeping the quarterly calls and fund transparency.

Your Choice Matters

You can wait and pay $699 later, or lock in the $329 rate now and secure your spot on the cap table at a permanent discount.

The spectator phase is over.

See you on the cap table.

- Alejandro Yela, Founder, Equity Focus FIL