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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 5, 2026·Thesis·4 min read
SaaS roll-ups vs permanent-capital holdcos: what actually changes after close.
Roll-ups and permanent-capital holding companies look similar on a deal page. The operating posture, brand decisions, and life of the founding team after close are not the same.
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May 2, 2026·Thesis·2 min read
The holding period is the moat.
Pricing power, switching costs, distribution, talent — every B2B SaaS moat only fully compounds on a decade-plus clock. Time itself is the unfair advantage.
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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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