Nathaniel Asefa

I studied engineering at Rutgers. I never worked as an engineer, but the degree gave me a broad grounding in science, and it shapes how I read a market. Most market commentary starts with the share price. I start with the technology and the science underneath it: what has changed, what it makes possible, and what still stands in the way. I only get to the companies once I understand the industry they are in.

At Rutgers I worked as a research assistant on a study of how remote instruction changed STEM tutoring, and co-authored a paper presented to the American Society for Engineering Education. After school I was a materials planner at Robertet, keeping production of flavor compounds supplied. That job is where I learned that a product ships only as fast as its slowest input, which is most of what the letter is about. Since 2023 I have traded my own account, and I built Tibeb because I wanted a thesis to prove itself before I put money behind it.

Habesha is the name Ethiopians and Eritreans use for ourselves. The letter is written by Habeshas, for the world: for anyone who would rather understand an industry than be handed a tip. The tibeb, the woven border on Ethiopian cloth, is where the terminal gets its name.

What I make

The letter is long-form research on the engineering behind the markets, from AI power and memory chips to optics and batteries. It carries no ticker symbols and no recommendations.

Tibeb is a research terminal for new technology. It makes a thesis prove itself, through eight checks on the question and the evidence behind it, before it names a single company. It stops at research: it places no orders and makes no buy or sell calls.