Journal & Letters
Occasional letters from a private capital house.
We do not publish often. When we do, it is usually because a question has come up enough times in conversation that a written answer feels useful.
These are working notes, not market commentary.
- October 20244 min read
On patience as a competitive advantage
Why a longer holding period is not a soft preference but a structural edge.
Read → - July 20243 min read
What we look for in a first conversation
A short note for founders weighing whether a first call is worth their time.
Read → - March 20245 min read
Letter to founders considering a partial sale
A few things worth thinking about before you take chips off the table.
Read →