VassLetters
The Analyst's Archive

Open a drawer.

The archive is arranged by theme, not by date — a private research library where each drawer follows one idea across letters, notes, and dossiers.
01

Inflection Points

Where the S-curve bends — the narrow territory where returns are decided.

0 entries →02

Infrastructure

The physical and financial plumbing beneath the screen.

Letter 014 · The Junctions / Dossier · The Compute Build-Out / Letter 013 · The Cost of Light

4 entries →03

Capital Cycles

How money learns the same lesson, slowly, again.

Dossier · The Compute Build-Out / Note · A note on compute leases / Letter 013 · The Cost of Light

4 entries →04

AI & Compute

The new heavy industry, priced as if it were light.

Dossier · The Compute Build-Out / Note · A note on compute leases / Letter 013 · The Cost of Light

3 entries →05

Crypto Market Structure

Liquidity, rails, and the plumbing of digital assets.

Letter 011 · Rails and Their Wear

1 entry →06

Credit & Liquidity

Where load is transferred, and where it fails.

Note · On rates, briefly / Letter 014 · The Junctions

2 entries →07

Companies as Machines

Reading a business the way one reads a drawing.

0 entries →08

Notes from the Periphery

Cities, painters, walks — markets seen sideways.

Letter 012 · A Geneva Corridor

1 entry →