Research
Notes from inside the build
Essays, whitepapers and letters from our partners on the Safer, the state of early-stage capital and the long arc of AI. Every piece is here in full.
Library
The thinking behind every company we build
- Revenue-Based Repurchase Mechanism With No Exit Required6 min readCompany Reports
- The Future of Venture Capital: Rethinking Startup Fundraising in 202615 min readIndustry Reports
- JPMorgan's $1.5 Trillion Plan and the Financial-Industrial State8 min readIndustry Reports
- Trump's $100k H1B visa: big tech wins, startups lose15 min readResearch
- The Hitchhiker's Guide to the Long Arc of AI Innovation7 min readIndustry Reports
- RobinHood unveils plan to break Wall Street's IPO cartel8 min readInsights
- The Fall of Venture Capital: Why the $40B OpenAI Deal and AI Overconcentration Signals Systemic Collapse16 min readInsights
- The People’s Portfolio: Investing in Intelligent Infrastructure12 min readInsights
- GDP shock: Venture Capital's government bailout begins9 min readInsights
- 2025 Annual Letter16 min readAnnual Letters
- Safer: Accounting Treatment Whitepaper for Startup CFOs and Accounting Firms2 min readResources
- Introducing the Safer: A Better Alternative to Safes for Startup Financing5 min readResearch
Books
Our model at book length
Our general partners each wrote a book. One on how venture studios build companies, one on the instrument that pays out as companies earn.
Venture Capital 2.0
Venture Capital Without UnicornsPut this thinking to work
Founders bring us the hard problem. Investors bring the patient capital to back it. Either way, it starts with a short note to the partners.