Forward views · market commentary · technical
Market Insights
Stay informed with our latest perspectives on late-stage technology investing, market trends, and systematic analysis of the evolving landscape.
Wrapocalypse Now: Part 1 of 3
"It is just a wrapper" has become too blunt a phrase to do the work investors are asking it to do. It mistakes naming for analyzing. Part one of a three-part series replaces the lazy dismissal with a better vocabulary for understanding the AI application layer.
The Bull Case for Being Human
AI collapses execution as a moat, so mediocre ideas die faster than ever. Novel human knowledge, trust networks, and the slow accumulation of character emerge as the highest-leverage assets in the economy.
Why indexing fails in private markets
Few financial innovations have created as much lasting wealth for ordinary investors as indexing. But the mechanics that make indexing work in public markets simply don't exist in private markets, at least not today.
Search
Categories
Popular Tags
Wrapocalypse Now: Part 1 of 3
"It is just a wrapper" has become too blunt a phrase to do the work investors are asking it to do. It mistakes naming for analyzing. Part one of a three-part series replaces the lazy dismissal with a better vocabulary for understanding the AI application layer.
The Bull Case for Being Human
AI collapses execution as a moat, so mediocre ideas die faster than ever. Novel human knowledge, trust networks, and the slow accumulation of character emerge as the highest-leverage assets in the economy.
Why indexing fails in private markets
Few financial innovations have created as much lasting wealth for ordinary investors as indexing. But the mechanics that make indexing work in public markets simply don't exist in private markets, at least not today.
Ignoring private innovation is no longer an option for tech investors
As private technology companies stay private longer and grow larger than any time in history, having exposure to these companies is rapidly transitioning from a nice-to-have to a necessity.
Modern IPOs are Victory Laps, Not Starting Lines
Public markets have historically been the arena where companies grew from promising upstarts into industry titans. Today's IPO isn't a beginning, it's an exit.
The Private Market's Biggest Lie: Why 'Discount to Last Round' Is a Dangerous Investing Myth
Private market investors obsess over a single metric when evaluating secondary opportunities: the discount or premium to the last funding round. This approach is fundamentally flawed.