On Capital. Judgment. The Long Term.
Featured · Letter No. V
Spring 2026
Uncertainty is not a regime; it is the default condition of capital allocation. To organise a firm around the assumption that uncertainty will eventually clear — that the next quarter, or the next year, will reveal the answer — is to construct an institution that is consistently and predictably surprised.
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Winter 2025
Infrastructure is no longer a yield product; it has become a strategic asset class.
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The advantage in the next decade of private equity will accrue to operators, not arbitrageurs.
Summer 2025
Financial structuring determines what is possible; operational depth determines what is actual.
Spring 2025
On the structural difference between capital that compounds across decades and capital that must be deployed on a calendar.
