Investing
Investing: Valuation, buying and selling, and where I'd put money.
I invest my own money in founders, so I live with these views. Every article is dated. If you're asking what enough looks like for you rather than for a buyer, start with the five money stages.
LatestEssay · Sep 23, 2026
Why I Own Tankers and Oil Companies Right Now
I now own Scorpio Tankers, Chevron and other energy companies, not SaaS. Legacy software is becoming an endless commodity that gets replaced and heads toward zero. As that happens, demand for energy goes up. Physical assets are the moat software lost.
Read it →Valuation
What the multiple is paying for, and when the revenue is hollow.
Buying and selling
How the buyers think, and what they do the week after they own you.
Where I'd put money
The bets I'd take, and the ones I'd stay out of.
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