Insights
Research, frameworks, and investment memos.
Selected writing from the desk. Frameworks we use, market reads we stand behind, and the occasional position memo when the thesis is durable and the disclosure is appropriate.
Featured
Framework·May 12, 2026·6 min read
The Quantamental Stack
Why macro, alpha, and beta live in one book.
Most funds choose a lane: fundamental or systematic, alpha or beta. Three lenses, used together, beat any one of them used alone.
Read the memo →
Archive
All memos.
Framework·April 28, 2026
Beneficiary-Side AI
A test, not a theme.
Most AI investing is producer-side: betting that this startup will sell AI. We invest beneficiary-side — who uses AI to permanently lower their cost structure.
5 min · Read →
Framework·April 14, 2026
The Six-Question Bar
What separates a position from a story.
A name is not a core position until the cover memo answers all six. Anything less is a starter, not a thesis.
4 min · Read →