Working notes, published as they are argued.
These are internal memos with the confidential parts removed. They are the arguments the investment team is having with itself — about fraud economics, about what a data moat actually is, and about when hardware is worth the balance sheet.
- 26 August 2026 The Economics of Ticketing Fraud Ticketing
- 12 August 2026 Why Sports Technology, and Why Now Thesis
- 29 July 2026 Evaluating a Fan Data Moat Diligence
- 15 July 2026 The League Partnership Playbook Go-to-market
- 24 June 2026 Underwriting Hardware Risk Diligence
- 10 June 2026 Reading Secondary Market Signals Markets
Why we publish these at all
Founders deserve to know how a firm thinks before they spend four weeks in its process. Publishing the reasoning is the cheapest form of that disclosure: if you read our note on hardware risk and conclude that we will underwrite your inventory badly, you have saved us both a month.
We hold ourselves to three rules. We do not write about companies in the portfolio without their agreement, and we say when a piece was informed by one. We do not publish forecasts dressed as analysis — no price targets, no market-size charts built from a research subscription. And where we have changed our mind, we note it in the piece rather than quietly editing the original.
If you disagree with something here, write to us. Several of these notes exist because a founder pushed back hard on a first draft.
Arguing with one of these is a perfectly good reason to write.
We read every message ourselves. Disagreement, corrections and a company that disproves one of these arguments are all welcome.