Publications
Everything we have published, newest first. Filter by desk, or read straight down.
The Cost of Patient Capital
Long-duration money is repricing. The consequences reach well past the endowment model that popularised it, into venture, infrastructure, and...
The Compute Bottleneck Nobody Priced In
Model capability is no longer constrained by algorithms or capital. It is constrained by transformers, turbines and transmission queues,...
Why Operating Leverage Stopped Working
A generation of managers was taught that scale converts revenue growth into margin expansion. Across large parts of the...