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Notes on building for the long clock.
Essays on building AI-native SaaS inside a studio, unit economics, and what we're learning building our brands.
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May 17, 2026·Investors·6 min read
Why we pass on most venture-backed B2B SaaS operators as co-founders.
We pass on most venture-backed SaaS operators not because they are bad operators, but because a venture capital stack is mismatched with a patient-capital building period. The structural reasons, and the narrow conditions under which we lean in.
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May 1, 2026·Thesis·4 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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