Articles
On small companies, patient capital, and the discipline of building businesses that matter.
Thesis
May 12, 2026 · 7 min
Small businesses are 99.9% of American companies, 43.5% of GDP, and almost none of the capital conversation. That gap is our entire firm.
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Operations
April 2, 2026 · 8 min
BLS data says 20% of businesses fail in year one and half are gone by year five. The dividing line isn’t the idea — it’s operational discipline.
Venture
February 24, 2026 · 8 min
In the famous Horsley Bridge dataset, 5% of capital produced 60% of returns. Most VCs respond by buying lottery tickets. We respond by refusing to.
January 15, 2026 · 7 min
A business managed for a near-term sale and a business managed to compound look identical for three years. By year ten they aren’t the same business.
Perspective
December 8, 2025 · 7 min
Nine out of ten net new American jobs come from small businesses. Backing the ones built to matter isn’t charity — it’s where durability comes from.