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Perspectives on markets, investing, and wealth management.
Four Doors Out of a Concentrated Position: What Each One Actually Costs
A $5M single-stock position has four exits: sell now, sell over time, an exchange fund, or a 351 exchange. Each has a different price tag, and the cheapest-looking door is rarely the cheapest.
The Fee You Don't See: How Institutional Wealth Management Bills You Twice
Why institutional and private-bank wealth relationships often charge two layers of fees, one you see on the statement, one you don't, and what a structurally simpler alternative looks like.
Honey, My Clients Don't Speak Z-Score!
How a multi-stage LLM pipeline bridges the gap between quantitative finance and clear, jargon-free client communication.
AI, SaaS, and the Myth of the Vanishing Moat
Why falling software costs don't mean falling software value, enterprise friction, switching costs, and why SaaS moats are shifting, not disappearing.
Where Are the Moats in AI?
Where durable competitive advantages exist in the AI value chain, from GPUs and infrastructure to software platforms and vertical startups.