Capital & Structured Finance
How funding structures, capital constraints, credit risk and incentives shape companies and markets.
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.
Topics
Governance & Execution
How boards, leaders, incentives and operating systems turn strategy into durable execution.
Applied AI & Agent Systems
How organisations deploy AI agents, local models and governed automation in real operating workflows.
Recent articles
- (31) From Daily Reading to Cumulative Expertise
An agent can maintain the archive. The reader still has to reconstruct, challenge and apply what it contains.
- (30) Owning Shares Does Not Guarantee Alignment
A substantial executive shareholding can coexist with conflicting incentives. The revealing questions concern timing, risk and the power to enforce accountability.
- (29) Truth Has an Operating Cost
Every company needs a story about what is happening and where it is going. The danger begins when that story becomes cheaper to defend than to test.
- (28) The Narrative Premium Eventually Becomes a Reality Discount
Every company needs a story about how it creates value. Trouble begins when preserving that story becomes more important than testing whether it remains true.
- (27) The AI Maturity Gap Is an Operating-Model Gap
AI leaders turn each deployment into reusable institutional capability. Laggards keep funding isolated pilots that must rebuild the path to production.
- (26) Vendor Financing Pulls Demand Forward
AI suppliers are investing in customers, guaranteeing leases and buying unused capacity. Those arrangements can build a market faster, but the market becomes durable only when outside customers replace the supplier's support.