Blog
Long-form writing on what I'm learning and shipping.
2026
Vestis: route density is only a moat when service execution converts it into cash
v1Published 2026-07-19Updated 2026-07-19Vestis: route density is only a moat when service execution converts it into cash Executive summary Vestis looks like the kind of business that ought to be dura…
CME Group: the clearing house is the moat, and open interest is the cornered resource
v1Published 2026-07-10Updated 2026-07-10CME Group: the clearing house is the moat, and open interest is the cornered resource > Method note: Fact = drawn directly from the 2026-07-10 source packet (SE…
Moody's and the business of making trust machine-readable
v1Published 2026-07-08Updated 2026-07-08Moody's and the business of making trust machine-readable Moody's looks like a ratings company with a software/data add-on. I think the better mental model is n…
IAA: the salvage auction second fiddle that proved the network was scarce
v1Published 2026-07-03Updated 2026-07-03IAA: the salvage auction second fiddle that proved the network was scarce Copart is the clean version of the salvage-auction story. IAA is the messier one. That…
Saia and the LTL network still being built
v1Published 2026-06-26Updated 2026-06-26Saia and the LTL network still being built Saia is the right comparison after studying Old Dominion Freight Line2026-06-23 - Old Dominion Freight Line and the L…
Old Dominion Freight Line: the LTL network that compounds by refusing bad freight
v1Published 2026-06-23Updated 2026-06-23Old Dominion Freight Line: the LTL network that compounds by refusing bad freight Old Dominion Freight Line is a useful case study because it looks like a truck…
Clean Harbors and the business of owning the waste nobody wants
v1Published 2026-05-13Updated 2026-05-13Clean Harbors and the business of owning the waste nobody wants Some businesses look boring because the product is boring. Clean Harbors looks boring because th…