The AI infrastructure thesis we are underwriting in 2026
Where durable value is forming across the applied-AI and compute stack — and where we think the hype outruns the economics.
Research, market views, and lessons from the field — written by the investors and operators who live them.
Volatility punishes the impatient. We explain the behavioral and structural reasons that long-horizon investors capture returns others leave on the table — and how we build that discipline into our process.
From position sizing to governance to the simple refusal to sell quality at a discount, the edge of patient capital compounds quietly. In this note, our investment committee shares the framework we return to whenever markets test our resolve.
Read the Full Note
Where durable value is forming across the applied-AI and compute stack — and where we think the hype outruns the economics.
Balancing concentration and diversification when liquidity is scarce and dispersion between winners and losers is widening.
Why we believe distributed energy and storage offer some of the most attractive risk-adjusted returns of the decade.
The questions that reveal whether an investor will be a true partner — or simply a line on the cap table.
How a disciplined buy-and-build playbook turns good companies into category leaders.
Five convictions shaping how we deploy capital across strategies in the year ahead.
Occasional, substantive notes from our investment team. No noise — just our best thinking.