Watching the Wrong Race
Claude and Codex trade blows. DeepSeek ships at a tenth the price. None of it matters as much as who deploys it inside the business.
MAY 12 · James Wang
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The Mimosa Memo
Pulling apart incentives, capital structure, and the parts of early-stage investing nobody puts in a deck.
Recent posts
The Calculator Question
Every generation's new tools look like cheating to the previous one. Calculators didn't make kids innumerate. AI probably won't either.
MAY 5 · James Wang
The Win Condition
Five events in four days, and what an ecosystem looks like when it's real but still figuring out its standards.
APR 28 · James Wang
Building on Borrowed Ground
Your moat isn't your product. It's whatever the platform underneath you can't copy at cost.
APR 21 · James Wang
Cheap Deals, Dead Companies
Inflation doesn't just compress valuations. It makes entire categories of startups structurally unfundable at any price.
APR 14 · James Wang