Journal

Writing from the firm.

Essays, interviews, and field notes. Adjacent to our formal research, written in a less formal register.

01 — Featured

Patience as an edge.

A short note on the operating cost of impatience in long-duration portfolios.

02 — Archive

Notes from a recent conversation with a portfolio operator on the transition through liquidity.

Why the most consequential allocation decisions tend to be the least visible.

What institutional investors should expect from their managers in 2026.