An investor's research framework for AI-native software creation, distribution, unit economics and competitive defensibility Investment disclosure: I first invested in Replit in April 2022. This is an assessment of the business as it stood by March 2026, not a reconstruction
Investment
A collection of 2 posts
Monzo: From Banking App to Banking Economics
Reassessing an early investment through the lens of customer economics, regulatory capital and valuation Investment disclosure: I first invested in Monzo in February 2016. This article is not a contemporaneous record of why I invested then; I have not reconstructed