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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…