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Notes on building forever.
Essays on permanent capital, AI-native SaaS economics, and what we're learning operating our brands.
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2 essays
May 4, 2026·Operator notes·3 min read
AI doesn't lower SaaS prices. It widens margins.
The reflexive take is that AI commoditizes software. The actual outcome, for operators who run the math, is the opposite.
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May 1, 2026·Thesis·3 min read
Permanent capital is the only sane structure for software.
Software compounds over decades. Most capital structures force exits in years. The mismatch is the entire opportunity.
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