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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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3 essays matching “Investors”
May 11, 2026·Investors·6 min read
LP-grade reporting for a permanent-capital holdco.
What we publish quarterly and annually, the governance stack behind the reporting, and why we hold ourselves to an institutional reporting standard nobody is making us follow.
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May 10, 2026·Investors·6 min read
Concentration is the strategy: why a four-brand portfolio is the right shape.
Why Cobalt Glacier holds four B2B SaaS brands on purpose, what concentration buys us that diversification cannot, and the specific conditions under which we will add another.
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May 9, 2026·Investors·6 min read
How we underwrite a software acquisition for a 25-year hold.
Three filters every deal has to clear before we model it, what changes when the hold period is twenty-five years, and why the discipline is in what we walk away from.
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