Perspectives
The Journal
Investing, stoicism, leadership, and the long work of building things that matter.
The Stoic Founder
Marcus Aurelius never ran a startup. But he understood exactly what it takes.
Richard Smullen
February 18, 2025
The Only Moat That Matters
In early-stage investing, competitive advantage starts with the person, not the product
Jay Keller
January 28, 2025
The Presence Paradox
In a world optimized for distraction, the most powerful thing a leader can do is simply show up — fully
Jay Keller
December 15, 2024
What the Stoics Knew About Risk
The ancient framework that Howard Marks, Ray Dalio, and the best investors in the world have been using without knowing it
Richard Smullen
November 20, 2024
The Leader You Become
On the long, unglamorous, essential work of building yourself into someone worth following
Jay Keller
October 8, 2024
The Art of Deal Sourcing
Why the best investments are never found — they are earned
Jay Keller
September 12, 2024
The Power Law Portfolio
Understanding the mathematics of venture returns — and why most investors get it backwards
Richard Smullen
August 5, 2024
Signal and Noise
How to build a deal evaluation process that separates what matters from what merely looks like it does
Richard Smullen
July 14, 2024
Doubling Down on Winners
The reserve strategy that separates good venture funds from great ones
Jay Keller
June 3, 2024