AI & Tech
The SaaSpocalypse Is Real. The Diagnosis Is Wrong.
A trillion dollars in SaaS market cap vanished in a few weeks. Wall Street looked at a few impressive AI demos and concluded that enterprise software is dead. It isn't.
Investment
Investment
The Test That Separates a Moat From a Tailwind
When I evaluate a business for the family office, I run one test before anything else. If the wind reversed tomorrow, does the company still exist?
Investment
OpenAI's Retail Investor Play Isn't Democratization, It's a Price Floor
When I evaluate pre-IPO retail access from the family office side, I run a simple test. I ask: who benefits more from this transaction, the buyer or the seller? If the company is engineering broad ownership before a public listing, the answer is almost always the seller.