Volume 01 / 2026

Conviction,
with a few
reservations.

On capital, technology, and the things that happen after the announcement.

Conceptual artwork: a monumental limestone staircase ends at an ordinary office door. — FIG. 01 THE NEXT LEVEL

Capital. Technology. Human nature.Perspectives / 2026Post Money Problems

01 / PerspectiveOur thesis

The future is unevenly distributed.
The decks are remarkably similar.

We follow what happens after the pitch: the customer, the contract, the work. A good invention can survive a bad investment. An excellent presentation can precede both.

What we look for.

Our criteria

Earned
conviction.

A view that survives a customer conversation.

Technical
substance.

Something difficult that actually works.

Human
consequences.

Someone still has to live with the outcome.

Independent
thought.

Preferably formed before the group chat.

Selected perspectives.

Capital / Culture / Consequences

A cream bank facade on a wind-up mechanism disassembles into blocks that form a new tower against an ochre background.

The long view / Six parts / 35 min

We Believe in Creative Destruction.
Please Start Elsewhere.

The technology can work. The valuation can fail. The debt can still come due.

Read in six installments ↗

A repaired terracotta vessel, brass tool and cream notebook sit on a worn navy workbench; a blue trophy stands behind.

CultureOctober dossier

Unfortunately, the Founder Has Relevant Experience.

The customer understands the problem. This has complicated our search for a visionary.

4 min read

A cream folded document rests inside a terracotta life ring on blue water.

CapitalFounder terms / Part 1

SAFE Is the Name.

The document removes the repayment clock. It does not remove the economics.

5 min read

A cream paper bridge joins two stone plinths above a brass clock, beside an empty navy chair.

CapitalOctober dossier

Why We Prefer Convertible Notes. You Should Ask Why.

A clock, an accruing balance, and a conversation you may not be in a position to decline.

4 min read

A cream accordion-folded contract forms a spiral shell beside a brass key and terracotta wax seal against a navy background.

CapitalFounder terms / Six parts

Congratulations. We Have Deferred Your Valuation.

An annotated fictional note: what each clause buys the investor, where it can bite the founder, and what to ask for instead.

28 min read

A small navy smartphone rests in an open cream ceremonial coffin, with a bright ochre wreath and a messaging-paper ribbon

CultureOctober dossier

We Held a Funeral for Apps. The Reception Is on WhatsApp.

A platform funeral still needs somewhere to send the invitations.

3 min read

Two cream satellites exchange an ochre thread of data above a tiny navy globe, one dominant orbital composition

TechnologyOctober dossier

The Cloud Has Taken the Branding Literally.

An orbital workload deserves its own business case.

3 min read

Volume 01 · 51 perspectives · Three reading seriesExplore the complete collection

Correspondence

Something
we missed?

Send a question, a correction, or an argument worth having.

Conviction,
with a few
reservations.

The future is unevenly distributed.
The decks are remarkably similar.