Essays, theses, and the occasional letter. Things we think about between meetings.
On the unreasonable leverage of six brilliant people in a room with a clear thesis.
Beyond models: the picks-and-shovels economy emerging beneath every agent.
What the last decade of DTC taught us — and what to forget in the next.
We've stopped talking about it. That's a mistake — and an opportunity.
A quiet quarter. A loud thesis. Notes from our first ninety days of 2026.
