// Blog
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.
7 of 39 essays match your filters
Open source dependency risk in B2B SaaS diligence.
License risk is the smallest of three. License drift, maintainer collapse, and supply-chain compromise are the underwriting questions that matter on a twenty-five-year hold. The Cobalt Glacier dependency workstream and remediation pattern.
The three SaaS quality-of-earnings adjustments standard QoE misses.
Engineering investment, deferred revenue mechanics, and CAC economics are the three QoE adjustments most often missed in lower-middle-market B2B SaaS — and the three that most change the steady-state earnings number a long-hold buyer will own.
Proprietary data is the only real AI moat in vertical B2B SaaS.
Model access is not a moat. Cobalt Glacier builds AI features on the data behind them — workflow-generated, non-obvious schema, closed feedback loop — not the model in front of them.
Gross margin floors in AI-native B2B SaaS: how we underwrite the cost stack.
Cobalt Glacier's 70% steady-state gross margin floor for AI-native brands, the three axes that determine where the floor sits, and the patterns that disqualify a brand idea regardless of topline growth.
Customer concentration is the most underpriced risk in lower-middle-market SaaS.
How Cobalt Glacier underwrites customer concentration on three axes — revenue share, contractual entrenchment, and narrative dependence — and the diligence workstream we actually run.
Free cash flow conversion is the underwriting bar in B2B SaaS.
Why we underwrite every Cobalt Glacier brand to a steady-state seventy-five percent free cash flow conversion ratio, the four reconciling items we focus on, and what disqualifies a brand idea from our process.
How we underwrite a new brand for a 25-year hold.
Three filters every brand idea has to clear before we greenlight it, what changes when the hold period is twenty-five years, and why the discipline is in the ideas we walk away from.
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