How an Engineer Evaluates a Business
A systems-based look at business quality through bottlenecks, maintenance requirements, failure modes, and operating leverage.
Business quality. Capital allocation. Long-term thinking.
Personal essays on public companies, incentives, competitive advantage, and long-term ownership. The writing here is analytical commentary only, not investment advice.
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View all →Opportunity Cost Is the Only Metric That Matters
A practical essay on what decisions quietly crowd out across investing, work, and life.
Why Great Businesses Don’t Always Make Great Investments
Why operational excellence alone is not enough, and how valuation, scale, and capital allocation shape outcomes.
When Trimming a Winner Improves the Math
How valuation discipline, position sizing, probability, and tax structure can shape long-term outcomes.
AI Is a Feature, Not a Threat, for Royalty Businesses
How software, data, standards, and workflow ownership can affect business quality as AI tools become more common.
The Deepfake Paradox: Why the Selloff Is Backwards
Why verification, trust, and established data infrastructure may become more important as information becomes cheaper to create.
Why Dividends Are Mostly Irrelevant to My Investment Approach
A personal framework for thinking about dividends as one part of capital allocation, rather than as the goal itself.
AI, Labor, Capital — Follow the Incentives
A structural look at artificial intelligence through labor and capital incentives, with less emphasis on short-term model forecasting.