Letter 01421 May 2026 · 3 min
The Junctions
Markets rarely break where the crowd is looking. They fail at the points of transfer — where old materials meet new ambition.
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Letter 01307 May 2026 · 2 min
The Cost of Light
The AI build-out is the new heavy industry. Markets keep pricing it as though it were software — weightless, marginless, free to copy.
Letter 01223 April 2026 · 2 min
A Geneva Corridor
On capital cycles, patience, and the long hallway between two doors marked "this time is different."
Letter 01109 April 2026 · 1 min
Rails and Their Wear
Crypto market structure is, at last, becoming infrastructure. The interesting question is no longer what it can do, but how it wears.
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