FEATURED / 2026
ANNUAL LETTER

The courage to build through uncertainty

The defining companies of the next decade are being built now—by founders who see possibility where others see volatility.

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Latest thinking

01
PERSPECTIVE · AI

When Intelligence Is Abundant, How Do Companies Build a Real Moat?

AI is rewriting products, organizations, and competitive advantage. Proprietary data, distribution, and execution speed will become the real scarcities.

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02
ANNUAL RESEARCH · MARKETS

Through the Cycle: The 2026 Global Innovation Capital Outlook

From liquidity and valuation to industrial migration, five structural forces are shaping the next innovation cycle.

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03
SECTOR INSIGHT · HEALTHCARE

Computational Biology Is Redrawing the Boundaries of Drug Discovery

A new generation of platforms connects experiments, data, and models—making R&D faster, more precise, and more scalable.

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04
SECTOR INSIGHT · CLIMATE

A New Era of Power Demand: The Energy Opportunity Behind AI Infrastructure

The expansion of data centers is reshaping generation, storage, grid software, and infrastructure investment.

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05
FOUNDER STORY

From Lab Breakthrough to Global Product: The Critical Leap to Commercialization

Great technology needs sharp product judgment, strong organizational design, and patience with market timing.

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06
INVESTMENT APPROACH

The Compounding Power of Long-Term Capital

When markets focus on quarterly changes, we focus on value-creation logic that still holds a decade later.

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STAY CURIOUS

Ideas worth carrying forward.

A thoughtful selection of our latest perspectives, delivered occasionally.

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