Notes from the desk.
Perspectives on private markets, written for the desk’s investors and published here in full.
Beyond the AI Bubble
Our companies use AI. They do not sell it. That distinction is the whole of our exposure to an AI bubble.
The Biotech AI Valuation Gap
The market pays far more for AI applied to information than for AI applied to biology. We think that gap is an inefficiency, not a verdict.
The Biotech AI Inflection Point
We said the gap would narrow when biotech AI proved itself in the clinic. On 19 August, it did.
Anthropic: Growth Is Real
The AI capital stack really is circular in places. Anthropic's revenue is not. Enterprises pay for the intelligence the compute produces.
Revolut: From Disruptor to Global Bank
The investment case has shifted from customer acquisition to customer depth. Balances are growing more than twice as fast as customers.
These notes are for general informational purposes only and do not constitute investment advice or a recommendation regarding any specific security. Past performance and current market conditions are not indicative of future results. Investors should conduct independent due diligence and consult a licensed financial advisor before making investment decisions.