Issue by issue
Editions
The record, issue by issue — each a composed weekly edition of the stage.
Issue No. 047Week of 6 July 2026
The Rail Thesis
This week, a founder who stopped selling software and started running a rail. It is the clearest example yet of the shif…
Issue No. 046Week of 27 June 2026
The Margin Case
Where the value concentrates, the software company closest to the transaction is best placed to capture it. This edition…
Issue No. 045Week of 20 June 2026
Customers as Distribution
Paid growth is rented; network growth is owned. This edition is about the founders designing the acquisition tax away.…