How we arrive at a conclusion often matters as much as the conclusion.
Our reasoning on the future, on sectors, and on individual businesses — together with the thinking that led there. Some of it becomes an investment; most of it does not.
Reasoning
Aug 3, 2026
As the cost of inference collapses, value will accumulate not with those who produce cheap inference but with those who rebuild their decisions around it — read through electrification's thirty-year wait.
Semi-annual investor letters and occasional notes on markets and businesses, sent when they are published. No promotions, no noise.
You will receive a confirmation email before anything is sent. Unsubscribe at any time. Privacy Policy
