On the patience required of institutions.
The most valuable thing an institution can do for a serious matter is to refuse to move it prematurely.
Journal
A living publication of merchant-banking judgment.
Longer reflections on the discipline of merchant banking. Published as the work matures.
Forthcoming
On judgment as an institutional asset.
Judgment, accumulated across generations and made available again, is the asset merchant banking exists to preserve.
On the difference between movement and progression.
Many matters move. Few progress. The distinction is institutional, not commercial.
On counterparties observed under friction.
How a counterparty behaves when conditions tighten is more informative than how it presents when conditions are favorable.