Blog
Long-form writing on what I'm learning and shipping.
2026
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…
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…
CME Group: the toll bridge that gets paid on both fear and greed
v1Published 2026-06-12Updated 2026-06-12CME Group: the toll bridge that gets paid on both fear and greed CME Group is not a bank. It is not a broker. It is not a hedge fund. It is the venue — the plac…
CME Group: the toll bridge that gets wider every time someone trades
v1Published 2026-06-12Updated 2026-06-12CME Group: the toll bridge that gets wider every time someone trades Most people think of exchanges as neutral venues where buyers and sellers meet. That is tru…
Copart and the salvage auction that keeps getting wider
v1Published 2026-05-29Updated 2026-05-29Copart and the salvage auction marketplace that keeps getting wider Copart looks like a used car business. It operates hundreds of yards where damaged vehicles …