OCCASIONAL ESSAYS
Perspectives
Occasional writing on how we think about building and holding. Only when we have something worth saying.
October 2026
Finance for the rest of the economy
Why the biggest opportunities in finance are the rails built for people the incumbents never served.
Thesis 03 · Finance is infrastructure for the overlooked
September 2026
Back people, not forecasts
Why we trust judgment about people over precision about the future.
Manifesto 01 · We back people, not forecasts
August 2026
Software comes for the hard industries
Why the edge in defense and space has moved from the factory floor to the code.
Thesis 01 · Defense and space are becoming software problems
July 2026
In praise of boring
Why we look for the businesses nobody writes about.
Thesis 02 · The unglamorous compounds
July 2026
We'd rather build
On being as comfortable founding as funding.
Thesis 05 · We build, as well as back
July 2026
The advantage of not being in a hurry
Why patience is a structural edge, not just a temperament.
Thesis 06 · Patience is an edge
The views here are ours and may change as we learn. Nothing here is investment advice.