Archive

The Other Door

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.

Paid in Its Own Coin

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.

The Leveraged Forecast

Why Brex's $5B Exit Wasn't a Failure

Manufacturing Alpha: What the Seed-to-A Gap Is Actually Measuring

Manufacturing Alpha: Index Exposure at Hedge Fund Pricing

Manufacturing Alpha vs. Engineering Failure: What Medallia Reveals About When GTM Capital Actually Works