The Unsophisticated Investor

Drop #5 Fintech ate banking. Now its alumni are eating fintech

The most valuable thing Stripe, Revolut and PayPal produced wasn’t a product. It was a generation of founders who know exactly what broken looks like.

Drop #5 now live, and it's rebuilding financial infrastructure for European startups

Neobanks solved consumer banking. The latest drop is solving what they left behind.

Finding moats in the AI age

The ocean has a SpaceX problem

The case for putting AI into space

The muddied waters of VC and geopolitics

The SpaceX IPO, European Sovereignty, and the Trillion-Dollar Question for Private Markets

What 100 weeks of explaining private markets has taught us

Why most retail portfolios are less diversified than they look

Why owning more doesn't mean owning differently

a16z is right about scale. Here's what they left out.

Scaling venture capital is one thing. Scaling private markets is another.

The Role of Syndicates in Modern Startup Investing

Europe’s Pension Problem Is a Capital Allocation Problem