PERSPECTIVES
Writing on private-market structure and the buildout.
Essays and notes.
The liquidity regime of the private buildout
Why long private tenure created structural sellers, and why a company’s trust is the scarcest asset in the market.
Pricing against frenzied rounds
Entry discipline when a round’s headline price records only what the most motivated investors agreed to pay.
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The thesis
Why the AI buildout is one supply chain, and where scarcity forms along it.
Read the thesis →For companies & lead investors
How Carbyne works as a shareholder, and how we come into a round.
Companies & lead investors →