The residential shortage isn't going away — and that changes how we underwrite
Structural undersupply in key urban markets is now a decade-long story. We look at what it means for long-hold property investors.
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Insights
How we think about investing.
Not market commentary. Perspective pieces on what we're seeing across public markets, property, and venture — written when we have something worth saying.
Long read
Latest · March 2026
Why we're still bullish on European small-caps — quietly
The narrative around European equities has been bleak for three years. We think that's created a handful of genuinely interesting situations in smaller companies with real earnings, no debt, and management teams that own meaningful stakes. Here's how we're thinking about it.
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Property
Venture
What we've learned from backing twenty-three early-stage founders
After five years of pre-seed investing, a few patterns have emerged about what separates the companies that make it from those that don't.
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Thinking
On sitting still: the underrated skill in long-term investing
The hardest thing in investing isn't finding good ideas. It's doing nothing when you already own them.
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Public Markets
Quality vs value: a false dichotomy
The debate between "quality" and "value" investing has always struck us as slightly confused. Here's how we think about it instead.
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Property
Mixed-use development: risk and reward in the middle market
Large commercial projects get all the coverage. We've found that the most interesting returns in property are often in the middle — projects too small for institutions, too complex for amateurs.
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Venture
Climate tech at seed: what we're looking for right now
The category has matured significantly. We share what's changed about our thesis and which problems we think are genuinely unsolved.
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