Right About the Theme, Wrong About the Return

Why the legible bet is already the crowded one — and the case for a sleeve that re-rates on execution rather than narrative

The Middle Is a Trap

The arithmetic that quietly punishes mid-sized venture funds.

What You Are Owed

On what a venture investor actually buys — and how quietly it can be taken away.

The Closing Window

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.

The Re-Rating

Why a company can become less risky and more expensive at the same time.

The Trusted Number

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.

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.

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