A house of letters.

This is not a feed. It is a correspondence. The letters are written slowly and meant to be read the same way — long enough to hold a full argument, quiet enough to be kept.

The work begins from a single conviction: that markets are built environments. They have foundations and façades, load-bearing members and decorative ones, junctions where one regime of risk is handed to another. They are best read the way an architect reads a building — structure before sentiment, drawing before budget, joints before walls.

The object of the search

Beneath the architecture runs one recurring shape: the S-curve. Technologies, credit regimes, market structures — they adopt slowly, then compound, then saturate. Nearly all of the return, and nearly all of the risk, is decided in the narrow territory where the curve bends. The goal of these letters is to find those inflection points early — while they are still an argument, not yet a consensus — and to say plainly what would prove the argument wrong.

What you will find here

Long-form letters and market notes; occasional visual dossiers that combine writing, charts, and archival imagery; and a private archive organised by theme rather than date. The subjects recur: the inflection points of S-curves, infrastructure, capital cycles, AI and compute, crypto market structure, credit and liquidity, companies read as machines, and the odd note from the periphery — a city, a painting, a walk that happened to explain a market.

On the author

The letters are published under the pen name A. Vass — an editorial voice, not a résumé. What matters is the method, not the biography: a preference for one precise metaphor over ten loud claims, for the boring layer over the bright one, for the seam over the surface.

Markets rarely break where the crowd is looking. They fail, like buildings, at the junctions — where load is transferred, where old materials meet new ambition, where a beautiful drawing becomes a budget.

How to read along

Public letters can be read here in full. The complete correspondence — every long letter, the monthly dossiers, the private archive, and audio readings — is reserved for subscribers, and is managed through Substack. You can enter the correspondence here.