Writing
Our reasoning, in public.
We publish the arguments we would make in a memo. It is the fastest way for a founder to work out whether we think clearly, and the fastest way for us to find the founders who want to be argued with.
Jun 2026 · Essay · 9 min
May 2026 · Note · 6 min
The terminal is the whole company
Standard venture underwriting assumes the explicit forecast period carries meaningful value. For capital-intensive frontier businesses it carries almost none — and everything about how you raise should change as a result.
What actually kills a frontier raise
Eight failure modes, drawn from processes we have run and many more we have watched from the other side of the table. None of them are the technology.
Publishing cadence. One substantial piece a quarter is enough to
hold a reputation and few enough that each one can be good. Both essays here are
drafts written for the site build — rewrite in your own voice before launch.