Investment thinking
Thinking out loud, before consensus.
Investment Thesis2026-07-14
Most interesting companies don't start with a technology
The ones we find most interesting often start somewhere else: a decision that has become unreasonably difficult.
Founder Notes2026-06-02
We don't need your market to be worth $40 billion
We'd rather understand who wakes up with the problem, and why they haven't already solved it.
Venture Architecture2026-05-09
Early-stage investing is full of false precision
A five-year revenue model doesn't remove uncertainty. A clearer question usually does more work.
Defence2026-04-21
Autonomy is outrunning assurance
Capability is arriving faster than the ability to test, assure and explain it.
Financial Services2026-03-18
Institutions change slowly because consequence is opaque
The blocker is rarely appetite. It is the inability to see what a change actually costs.
Health2026-02-11
Clinical evidence is longitudinal, incomplete and fragmented
Reasoning across time is a harder problem than summarising a document.