Memos.

Essays, dated. Written when there is something worth writing.

• AUGUST 2026

  The falling cost of finding out.

  It has never been cheaper to test an idea. What that changes, and doesn't, about deciding what to build.

• AUGUST 2026

  The reading and the judgment.

  Research is two jobs wearing one name. The machines are good at one of them.

• AUGUST 2026

  The written answer.

  Allocators have started asking about AI in writing. The answer is short when the practice behind it is deliberate.

• AUGUST 2026

  The office that runs on discretion.

  The office holds AI as an investment conviction and, more quietly, as a habit. Only one of those was chosen.

• AUGUST 2026

  Whose system, whose terms.

  Protection for sensitive information follows structure, not intention. A 2026 ruling made the mechanics unusually clear.

• AUGUST 2026

  The counterparty that happens to be software.

  Tools that hold your information are counterparties. The vetting hasn't caught up.