Notes on how companies become valuable, how they lose value, and what capital can and cannot protect.
Before the Loss Becomes Visible
A financial instrument can be held passively. The source of repayment still has to be operated. What KKR’s 2026 first-quarter losses reveal about software credit, product relevance, and the obligations created by institutional capital.
Start here
When I say “Idealists Only,” I’m describing a type of founder or operator and a type of company I’ve seen over and over: people who built something real without the hype machine, who grew because the product earned its way forward, who treat cash like oxygen, and who want a partner that can help them scale without turning the company into a financial object with a clock on it.