Insights
Letters, research, and market commentary on the structural shift in technology investing.
The Cost of Distribution in the AI Era
AI has collapsed the cost of building product. But winning — building a global brand and earning enterprise trust — is getting harder, not easier. When everyone can build the product, only distribution differentiates.
Why the Direct Secondary Market Exists
The secondary market is now the primary liquidity mechanism for private company shareholders. It reached $240 billion in 2025 — nearly ten times its size a decade ago.
AI Is Changing the Economics of Scale
AI-native companies are generating ten to twenty times the revenue per employee of traditional SaaS. Cloud reduced the capital needed to start a company. AI is reducing the capital needed to scale one.
The Structural Shift in Tech Investing
Companies that once went public at $200 million in revenue are now staying private well into the billions. The steepest part of the growth curve has moved to the private markets.