Letters on the institutional behavior of capital
Sep 2, 2026
Letters on the institutional behavior of capital.
Aug 18, 2026
How a working company impairs its own round by building the organization of a much larger one.
Aug 4, 2026
Why the legible bet is already the crowded one — and the case for a sleeve that re-rates on execution rather than narrative
Jun 25, 2026
The arithmetic that quietly punishes mid-sized venture funds.
Jun 23, 2026
On what a venture investor actually buys — and how quietly it can be taken away.
Jun 18, 2026
Why speed is the one signal capital can read instantly — and why the things it should be weighed against are exactly the things that cannot be read fast.
Jun 16, 2026
Why a company can become less risky and more expensive at the same time.
Jun 11, 2026
Why the metric capital trusts most is only as good as an assumption no one checks — and what happens in the rare cycle when the assumption breaks.
Jun 9, 2026
Why the Angel Migration Misses the Real Shift
Jun 5, 2026
Why the most familiar fact in technology investing — that the assets go home at night — turns out to describe something almost no one priced: that venture equity was never a claim on them at all.
Jun 3, 2026
Why a growth number loses its meaning when the investor, the supplier, and the reported demand are the same party — and why the question is no longer whether the growth is real, but whether anyone outside can still tell.
May 27, 2026
Why Brex's $5B Exit Wasn't a Failure
