I
The Productive Capacity Supercycle
Every era of capitalism assigns capital a center of gravity. Ours has moved — and the movement is cyclical.
Read the essay →A series in installments
The Return of the Physical World
One argument, published as it is built: what is happening, how to see it, and what it demands of the discipline of investing.
II
Category Foresight
How categories are anticipated before consensus can name them.
III
Structural Mispricing
Why markets misprice companies whose demand is written in national budgets.
Earlier writing
The Hormuz Prerequisite
X · April 2026Category Foresight as Reflexivity
Essay · 2026Most Venture Investors Are Solving the Wrong Problem
LinkedIn · 2026The Next-Round Financeability Framework
Framework · 2026The series arrives by letter first. Subscription is open.