Today’s Dispatch
- 01Nvidia's loopification deepens as Google TPUs reach Meta
- 02European defence consortium files Brussels paperwork
- 03FCR-D shoulder season begins early
Hold Forever, Sell Never
Two non-American compounders — one in Toronto, one in Milan — are quietly inverting the LBO playbook. Buy, fix, hold forever. The asset class their existence implies is larger than the unicorn class, and almost nobody is pricing it correctly.
Featured · Essay · Technology · 8 minText Is the New State
What changes about operating businesses when the software you're shipping has to be trusted, not verified. A field guide for capital allocators and operators living through the transition from deterministic systems to probabilistic agents.
Capital
Investment perspectives, market signals, venture insights
Energy
Battery storage, grid economics, energy transition
Technology
Agentic AI, defence tech, cybersecurity, innovation
Culture
Digital art, Milano Paradox, creative experiments
> subscribe --weekly-briefing
Dispatch for investors & operators
One a week · unsubscribe in one click