On Existing Capacity
Many markets do not need another participant. They need better arrangement among participants that already possess useful capability.
Perspectives
How we think about building, owning and operating.
Short notes from the group on the structural questions that shape where we work and how we allocate attention and capital.
From the GroupSelected notes
On Capital
Capital is most useful after an institution understands the operating system into which that capital will be deployed.
On Ownership
Control is valuable when it protects the operating thesis or compounds long-duration value. Otherwise, partnership may be the more intelligent structure.
On Small, Fragmented Markets
Operational awkwardness can be an advantage when the market is economically real, poorly coordinated and too small or idiosyncratic for standardized solutions.
Better systems, not disruption as theatre.
Operating belief
A capable supplier should remain capable. A trusted operator should remain trusted. Existing infrastructure should keep earning its place.
We are interested in the places where improved information, structure and accountability allow those parts to perform as a more coherent whole.