Super interesting. Came here from "Expotential View". I completely agree with the thesis.
Debt is a critical part of growing the "hard companies". We need either a rapid evolution of VCs from SAAS players to Production Capitalists.
Amazon has raised approximately 7x more capital through debt ($67B) than equity ($9.3B) over its lifetime. But that hides the billions it self financed since 2000s through its own cashflow.
This is a brilliantly written piece that makes an excellent point (similar to Peter Thiel) about the next wave of innovation being in the world of atoms versus the world of bits. The reality is that as the cost of building digital businesses falls to a fraction of its current level, companies simply won't have as much of a need for later stage growth capital. Venture as an asset class will need to reinvent itself as the paradigm that has persisted over the past 30 years unwinds just as returns normalize.
To seed, build, and nurture timeless, intangible human capitals — such as resilience, trust, truth, evolution, fulfilment, quality, peace, patience, discipline, relationships and conviction — in order to elevate human judgment, deepen relationships, and restore sacred trusteeship and stewardship of long-term firm value across generations.
A refreshing take on our business world and capitalism.
A reflection on why today’s capital architectures—PE, VC, Hedge funds, SPAC, Alt funds, Rollups—mostly fail to build and nuture what time can trust.
“Built to Be Left.”
A quiet anatomy of extraction, abandonment, and the collapse of stewardship.
"Principal-Agent Risk is not a flaw in the system.
Thanks a lot for the article. Great insight and a key topic we are navigating personally at Genomines.
It would be incredible if you’re able to draft a deep dive into Kobold Metal’s financing journey in tandem with Kurt. I’m a huge fan of their work and think Kobold is a fantastic case study for Production Capitalist strategy in practice: early stage equity in a software product that unlocks a durable competitive advantage (exploration speed, quality) which then enables huge project finance at the asset level.
Love this! I’m Harrison, an ex fine dining industry line cook. My stack "The Secret Ingredient" adapts hit restaurant recipes (mostly NYC and L.A.) for easy home cooking.
Super interesting. Came here from "Expotential View". I completely agree with the thesis.
Debt is a critical part of growing the "hard companies". We need either a rapid evolution of VCs from SAAS players to Production Capitalists.
Amazon has raised approximately 7x more capital through debt ($67B) than equity ($9.3B) over its lifetime. But that hides the billions it self financed since 2000s through its own cashflow.
This is a brilliantly written piece that makes an excellent point (similar to Peter Thiel) about the next wave of innovation being in the world of atoms versus the world of bits. The reality is that as the cost of building digital businesses falls to a fraction of its current level, companies simply won't have as much of a need for later stage growth capital. Venture as an asset class will need to reinvent itself as the paradigm that has persisted over the past 30 years unwinds just as returns normalize.
Hello there,
Huge Respect for your work!
New here. No huge reader base Yet.
But the work has waited long to be spoken.
Its truths have roots older than this platform.
My Sub-stack Purpose
To seed, build, and nurture timeless, intangible human capitals — such as resilience, trust, truth, evolution, fulfilment, quality, peace, patience, discipline, relationships and conviction — in order to elevate human judgment, deepen relationships, and restore sacred trusteeship and stewardship of long-term firm value across generations.
A refreshing take on our business world and capitalism.
A reflection on why today’s capital architectures—PE, VC, Hedge funds, SPAC, Alt funds, Rollups—mostly fail to build and nuture what time can trust.
“Built to Be Left.”
A quiet anatomy of extraction, abandonment, and the collapse of stewardship.
"Principal-Agent Risk is not a flaw in the system.
It is the system’s operating principle”
Experience first. Return if it speaks to you.
- The Silent Treasury
https://tinyurl.com/48m97w5e
Hi Brett,
Thanks a lot for the article. Great insight and a key topic we are navigating personally at Genomines.
It would be incredible if you’re able to draft a deep dive into Kobold Metal’s financing journey in tandem with Kurt. I’m a huge fan of their work and think Kobold is a fantastic case study for Production Capitalist strategy in practice: early stage equity in a software product that unlocks a durable competitive advantage (exploration speed, quality) which then enables huge project finance at the asset level.
Thanks a lot for the write-up!
I would even go a step further and say the only solution will be bio based on synthetic biodegravdme solutions
Love this! I’m Harrison, an ex fine dining industry line cook. My stack "The Secret Ingredient" adapts hit restaurant recipes (mostly NYC and L.A.) for easy home cooking.
check us out:
https://thesecretingredient.substack.com
Hello Brett,
I hope this communique finds you in a moment of stillness. Have huge respect for your work.
We’ve just opened the first door of something we’ve been quietly crafting for years—
A work not meant for markets, but for reflection and memory.
Not designed to perform, but to endure.
It’s called The Silent Treasury.
A place where judgment is kept like firewood: dry, sacred, and meant for long winters.
Where trust, patience, and self-stewardship are treated as capital—more rare, perhaps, than liquidity itself.
This first piece speaks to a quiet truth we’ve long sat with:
Why many modern PE, VC, Hedge, Alt funds, SPAC, and rollups fracture before they truly root.
And what it means to build something meant to be left, not merely exited.
It’s not short. Or viral. But it’s built to last.
And if it speaks to something you’ve always known but rarely seen expressed,
then perhaps this work belongs in your world.
The publication link is enclosed, should you wish to open it.
https://helloin.substack.com/p/built-to-be-left?r=5i8pez
Warmly,
The Silent Treasury
A vault where wisdom echoes in stillness, and eternity breathes.