Editorial Systems Lab · Research Ledger

Essays, Match Logs & Bookshelf

Writing is how I make sense of the world. Here are my three ongoing notebooks: turning large numbers into stories (investigating corporate cap tables and SEC filings), turning close matches into memory (ball-by-ball reports from Tampa Bay league cricket), and reviewing the books that reshaped my thinking.

Cornerstone Deep Research

Flagship Investigations & Monograph Essays

6 Flagship Studies
Capital Structure Teardown

Uber: The $32.8 Billion Hole

Uber burned through more outside capital than any startup before it, dug a $32.8 billion hole, and then refilled three quarters of it in 42 months. The full funding history, round by round.

$32.8B Burned → 75% Refilled in 42 Months
General

The Universe of Form ADV

An empirical review of 56,000+ SEC registered advisers, $163T in assets, and their institutional holdings.

Chronological Index

Capital & Systems Research Ledger

Filterable by thesis & subtopic
Date Title & Core Analytical Thesis Subtopic Read Time
2026-03
Historical Data Compendiums (3 Reference Rankings) Click to expand VC & PE league rankings
2026-10-14 Retail software: who runs the till, the pumps, and the back office Independent shops run on a patchwork. This report maps the software stack across six retail verticals, its costs and vendors, and where the workflow still breaks. General 20 min
2026-10-10 Uber: The $32.8 Billion Hole Uber burned through more outside capital than any startup before it, dug a $32.8 billion hole, and then refilled three quarters of it in 42 months. The full funding history, round by round. Venture Capital 20 min
2026-06-03 The Universe of Form ADV An empirical review of 56,000+ SEC registered advisers, $163T in assets, and their institutional holdings. General 12 min
2026-05-22 One Ticker, Three Businesses, 94 Times Revenue SpaceX's S-1 is the first look at the company's financials. What it shows is three businesses under one ticker: one that prints cash, one that breaks even, and one that burns $6.4 billion. Public Equities 12 min
2026-05-21 Does CAIA Cover Mutual Funds? A Study Guide for the Curious Mutual funds are not a CAIA topic. They are the counterfactual behind every CAIA topic: the comparison set, the regulatory wrapper for liquid alternatives, and the distribution channel alternative managers now use to reach retail. General 12 min
2026-05-05 The Smaller Company: Inside GameStop's $55.5 Billion Bid for eBay How a 41-year-old mall retailer with a $9 billion cash pile decided to take over a 30-year-old auction house worth four times as much. Public Equities 15 min
2026-05-05 Last Stop: How America Tore Up 50,000 Miles of Streetcar Track for $5,001 The rise, fall, and afterlife of the American streetcar: from Frank Sprague's 1888 demo in Richmond to a $5,000 fine that helped reshape a continent. Macro 12 min
2026-05-02 The Money Lines: Inside Twelve Sports' 2025 Cash Flows Twelve sports. Roughly ninety billion dollars in distributable revenue. We trace every flow from broadcasters to players. General 12 min
2026-04-30 Q1 2026 Big Tech Earnings: Cloud Beats, Capex Soars Microsoft, Alphabet, Meta, and Amazon printed the cleanest set of cloud and advertising results of the AI cycle. Public Equities 10 min
2026-04-16 Dutch Bros: From Pushcart to Public Market Phenomenon How two dairy farmers from Grants Pass, Oregon built a $6.4 billion drive-thru empire... Public Equities 12 min
2026-04-14 The Earnings Volatility Trade: Capital Lens Q2 2026 reporting season opens with implied moves at multi-year highs. We rank the 20 biggest single-day post-print swings of the last twelve months. Public Equities 8 min
2026-04-12 The Sovereign Wealth Invasion Qatar, Saudi Arabia, and Abu Dhabi are co-leading the largest AI deals in history. We map where sovereign capital is concentrating and what it means when nation-states become the primary backers of the AI stack. Macro 7 min
2026-04-11 The Extraction vs. Reinvestment Playbook: Beyond F1 CVC bled Formula One dry. Liberty Media bought it and tripled the audience. Both won: on entirely different logic. We take that lens beyond F1 and map where extraction ends and compounding begins. Macro 8 min
2026-04-09 Andreessen Horowitz: The Firm That Rewrote the VC Rulebook a16z started as a VC fund. Today it has $42B+ AUM, a media arm, a policy shop, and dedicated crypto and bio funds. It's not a venture firm anymore: it's a capital platform competing with Goldman for the future of financial intermediation. Venture Capital 8 min
2026-04-07 The Whisper Number Economy The consensus EPS estimate is the floor, not the target. In modern markets, the price-moving number is the whisper: an invisible, crowd-sourced expectation that Wall Street never publishes. We explain how it works and what it means for your portfolio. Macro 7 min
2026-04-05 Starlink vs. The World SpaceX's Starlink has 9.2M subscribers, $10B+ in annual revenue, and 60%+ share of all active satellites in LEO. Amazon, OneWeb, and every national broadband programme are chasing a lead that is growing, not shrinking. We map the battle for the sky. Venture Capital 9 min
2026-04-03 The Death of the Mutual Fund $32B fled mutual funds in a single week in Q1 2026. Active managers have been losing to index funds for 20 years. ETFs are eating their lunch from below while SMAs take their high-net-worth clients from above. We write the obituary. Macro 7 min
2026-04-01 OpenAI's Cap Table Is a Map of the Future Three of the ten largest private funding rounds in history belong to OpenAI. Every investor at the table represents a theory about how AI power will be distributed. We trace every major position and what it reveals. Venture Capital 8 min
2026-03-30 The Dutch Bros Effect: When Founder Culture Scales Dutch Bros grew from a pushcart to a $6.4B public company on the strength of something that doesn't appear on any balance sheet: cult founder culture. We examine when that culture survives institutional growth: and when it breaks. Public Equities 7 min
2026-03-28 When PE Goes Public, Everything Changes CVC Capital Partners listed on Euronext Amsterdam in April 2024. Apollo, Ares, and Blue Owl have all gone public. The PE industry that built its identity on opacity is now subject to quarterly earnings calls. We examine what happens when the GP becomes the asset. Private Equity 8 min
2026-03-26 The $100B Bet on Human Capital Blackstone, Apollo, and KKR are quietly buying coding bootcamps, credentialing platforms, and professional training companies. The same playbook that conquered sports and infrastructure is now targeting education: the one market that is simultaneously huge, fragmented, and politically explosive. Macro 7 min
2026-03-24 Blackstone Buys Into the IPL: What You Need to Know We break down the deal, the consortium, and what it signals about Blackstone's broader ambitions in the sports economy. Private Equity 6 min
2026-03-24 The $169B Corporate Venture Machine Ranked by AUM, activity & strategic impact: The Top 10 Corporate Venture Arms and what they signal about the next decade. Venture Capital 12 min
2026-03-24 The Original Sports PE Firm: CVC Capital Partners From Formula One to a £10 billion sports empire currently being reorganized for the next era. Private Equity 10 min
2026-03-24 The Other Side of the Trade: Liberty Media The Malone doctrine, the Drive to Survive effect, the MotoGP bet, and where it all stands today. Private Equity 10 min
2026-03-24 Nasdaq Ventures: The Exchange that Invests in the Markets of Tomorrow Every check connects back to Nasdaq's core business: the infrastructure layer of global finance. Venture Capital 8 min
2026-03-21 Apollo Global Management: From Junk Bonds to the Beautiful Game Nine days ago, Apollo Global Management completed the most audacious move in its history: buying a football club. Private Equity 14 min
2026-03-20 Blackbird Ventures: The AU$250,000 Check That Built an $8 Billion Empire The story of Blackbird Ventures: the firm that proved world-class startups don't have to come from Sand Hill Road. Venture Capital 12 min
2026-03-20 I Applied to Blackstone. I Interviewed at BlackRock. Here's Why the Entire World Makes the Same Mistake. Junior year of college, I did what every ambitious finance kid does: I applied to Blackstone. Or at least, I thought I did. When the interview schedule arrived, I read the name three times. BlackRock. Macro 12 min
2026-03-20 Canva vs. Figma: Two Philosophies, One Canvas The story of two companies that originated in completely different worlds, built for different people, and are now building the exact same thing. Venture Capital 12 min
2026-03-20 Figma: The $1 Billion Browser Bet That Redrew Silicon Valley How a design tool became a $12B enterprise platform, and an options strategy to play its volatility. Venture Capital 10 min
2026-03-20 The Covered Call Playbook: How to Generate $100+/Month on a $10,000 Portfolio Three stocks, three strategies, one goal: turn a $10,000 portfolio into a monthly income machine using the most reliable options strategy ever invented. Public Equities 10 min
2026-02-12 What I look for in a great book A short map of the things that make a book keep opening in my head after the last page. General 6 min
2026-02-03 Why some movies stay with you A note on why some films stay vivid long after I can no longer explain the whole plot. General 5 min
2026-01-28 Games that changed how I think The games that taught me more about pressure, choices, and consequences than I expected. General 7 min
From the Pitch · Tampa Bay League

Tactical Match Logs & Scorecards

Open Captains View Tactical Engine →
📍 Tampa Regional Field

Seven to defend: SWAT vs Royal Phoenix

SWAT vs Royal Phoenix

Personal Performance Figures
29 (24) & defended 7

A pressure finish from October 1, 2024, when a match tilted twice in the last over and still ended with SWAT three runs ahead.

The Bookshelf · 23 Annotated Volumes

Curated Reading Shelf & Personal Context

Wall Street · Systems · Craft

Markets & Wall Street

5 Volumes

Founders & Systems

9 Volumes
Jim Collins

Good to Great

Personal Note:

Recommended by my mentor and the CEO during my summer 2021 internship at SkyBridge Associates.

What Good to Great taught me about restraint and compounding.

Meaning & Craft

9 Volumes
Tara Westover

Educated

Why Educated felt less like a school story and more like a story about identity under pressure.

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