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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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May 17, 2026·Investors·5 min read
Why we pass on most venture-backed B2B SaaS targets.
We pass on most venture-backed SaaS targets not because the businesses are bad, but because the capital stack is mismatched with a permanent-capital holding period. The structural reasons, and the narrow conditions under which we lean in.
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May 1, 2026·Thesis·2 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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