Weekly - MondayBalance Sheet7 min read
Issue 010: Five Percent Changes the Math
Stocks rose as AI enthusiasm returned, but a 5.18% Treasury yield changed the price investors must pay for future growth.
Articles
Clear writing on business, operations and judgement.
Essays on company building, investing, service, leadership and the habits behind durable work.
Weekly - Monday
Weekly - Wednesday
Weekly - WednesdayBusiness Breakdown10 min read
How AppLovin Built an Ad Empire Without Owning the Audience
AppLovin does not own a social network or search engine. Its advantage comes from controlling the auction between advertisers, apps and performance data.
Weekly - MondayBalance Sheet7 min read
Issue 009: The Index Is Hiding the Market
The Fed raised rates, the Nasdaq held firm and much of the market kept weakening beneath the headline indices.
Weekly - MondayBalance Sheet6 min read
Issue 008: Less Bad Was Good Enough
Markets rallied after CPI was not worse than feared, but oil, yields and Fed expectations kept the relief fragile.
Weekly - WednesdayBusiness Breakdown11 min read
Why Figma’s Business Looks Stronger Than Its Stock
Figma’s stock has collapsed from its post-IPO high, but the operating numbers still look unusually strong.
Weekly - MondayBalance Sheet7 min read
Issue 007: The Fed Split
A strong jobs report unsettled markets because it made the Fed's next move genuinely harder to call.
Finance11 min read
Uber’s Harder Question
Uber has become a cash-generating platform. The harder question is whether autonomous vehicles make it more powerful or less essential.
Weekly - MondayBalance Sheet6 min read
Issue 006: The Calm Market
Stocks reached records, but weak retail sales and softer sentiment made the calm look less convincing.
Weekly - MondayBalance Sheet7 min read
Issue 005: The Bad News Rally
Stocks hit records after a weak jobs report, because markets were betting on easier money.
Weekly - MondayBalance Sheet7 min read
Issue 004: The Market Wanted Proof
Big Tech earnings steadied markets, but higher yields and sticky inflation made July harder to dismiss.
Weekly - MondayBalance Sheet7 min read
Issue 003: The AI Cash Test
Markets punished AI spending, oil stayed tense and strong labor data made the rate path harder to ignore.
Weekly - WednesdayBusiness Breakdown7 min read
Why Broadcom Is No Longer Just a Chip Company
Broadcom looks like an AI chip winner, but its real strength may be the infrastructure and software plumbing beneath the AI boom.
Weekly - MondayBalance Sheet6 min read
Issue 002: The AI Trade Finally Blinked
Tech sold off, oil surged and investors finally questioned whether the AI trade had been priced for perfection.
Finance9 min read
Real Estate vs. the S&P 500
A century of data suggests the real question is not property or shares. It is which bargain you understand well enough to hold.
Weekly - WednesdayBusiness Breakdown9 min read
Why Costco Is Harder to Copy Than It Looks
Costco’s advantage is not simply low prices or bulk packaging. It is a tightly connected operating model built around trust, discipline and membership.
Weekly - MondayBalance Sheet3 min read
Markets Shrugged Off the Ceasefire
Markets rose again, but record leverage and renewed geopolitical risk made the calm worth questioning.
Business4 min read
Why Better Systems Build Better Businesses
Great businesses make consistency repeatable instead of relying on heroic effort.
Business4 min read
The System Is the Service
What customers actually buy isn’t just the product. They buy the experience of receiving it. And that experience is almost entirely created by systems.
Business6 min read
The Hidden Cost of Complexity
Most businesses do not need more people, software or meetings. They need fewer moving parts.
Finance9 min read
The Wealth Gap Isn't About Income. It's About Ownership.
High income can improve comfort, but lasting wealth usually comes from owning assets that keep working after the pay cheque stops.
Finance10 min read
Bitcoin: The First Truly Global Form of Money
Bitcoin is best understood not as a shortcut to wealth, but as a serious attempt to build scarce, decentralised money for a digital world.
Life9 min read
Your Life Is the Sum of Small Decisions
A life changes less through dramatic reinvention than through the small decisions that quietly become habits, standards and systems.