Capital.
Incentives.
Execution.
I write about capital allocation, governance, and the work of turning strategy into operating reality. Most of the questions here come from structured finance, company building, and the practical use of AI.
Recent articles
- (24) Mixture-of-Experts Models Fit the Shape of the Enterprise
Sparse models promise broad capacity at bounded compute, but corporate value depends on memory, explicit controls, and measured customisation.
- (23) How Datacenter Finance Turns Leases Into Bonds
A datacenter is financed several times before it becomes a bond. The sequence works because each stage removes a different risk.
- (22) Multi-Agent AI Systems Are an Architectural Bet Most Companies Are Not Ready to Make
MIT research finds 95% of enterprise AI pilots show no measurable P&L impact, the Bank of England has named AI a systemic financial-stability risk, and reliability math shows a 20-step agent workflow succeeds only 36% of the time. The evidence does not suggest caution; it demands it.
- (21) How to Brief an Agent: The Lost Art of Structured Delegation in Knowledge Work
Frontier models now perform within a narrow band of each other on reasoning benchmarks. The remaining quality gap in agentic AI is not in the models; it is in the human capacity to brief them properly.
- (20) Why AI Adoption Depends on Management
MIT, McKinsey, and BCG each find that only a small minority of firms generate material AI returns. Their advantage is organisational.
- (19) Beyond Retrieval: Recombination as Productivity Gain
Finding an old note saves time. Bringing several notes into a useful new relationship creates something that was not in the archive before.