The world is more interesting than the headlines suggest, and the people who see that don’t wait for consensus. The pessimists have been wrong about every transformative technology in history. They were wrong about the camera, the bicycle, books, manned flight, music, radio, the internet, and they’re wrong about AI. New technologies expand the world, and the gap between the c...

Not all moats survive. This edition is about the things that do: the market you've actually earned the right to claim, the network that gets harder to leave with every new user, the distribution that agents can't commoditize overnight. And the invisible tax that founders pay to build any of it.

A small ask.