Thinking on Markets, Capital, and Growth
The Future of Enterprise AI: Investment Opportunities in the Autonomous Enterprise
As AI transitions from experimental pilot to operational infrastructure, we examine the architectural shifts defining the next generation of enterprise software and the capital allocation implications for growth investors navigating an extraordinarily dynamic market.
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Navigating the New Growth Frontier: Capital Deployment in a Higher-Rate Environment
The sustained reset in growth equity valuations has created a more disciplined investment landscape. We explore what durable value creation looks like in a world where the cost of capital has permanently shifted and efficiency has replaced growth-at-all-costs as the primary investor value signal.
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Platform Convergence and the Winner-Takes-Most Dynamic in B2B SaaS
Vertical integration and platform consolidation are accelerating across every major enterprise software category. We map the structural forces creating winner-takes-most outcomes and analyze what they mean for growth investors allocating capital in an increasingly consolidated landscape.
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Building for Durability: What Institutional Investors Look for in Growth-Stage Companies
The criteria institutional investors apply to growth-stage company evaluation have evolved significantly through multiple market cycles. We articulate our current framework for assessing durability, defensibility, and capital efficiency in companies operating at the Series A through pre-IPO stage.
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The Compounding Advantage: How Network Effects Define Long-Term Value in Technology
Network effects remain the most powerful and most misunderstood concept in technology investing. We examine the distinct types of network effects operating in today's enterprise software markets, how to distinguish genuine effects from superficial ones, and how to underwrite their long-term value implications.
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