Thesis

1. Commoditized magic: what still has a right to exist. AI is magical and commoditized at once; the only durable moats are proprietary data, rare expertise and problems that justify expensive intelligence.
2. Commoditized magic and the agentic economy. Agents become the primary users of software, the SaaS stack deflates, and companies, individuals and governments have to reinvent themselves.
3. AI beyond software: science, robotics and manufacturing. Why the next wave is physical, and why real-world constraints make better moats.

The checklist that follows from these is on the investment criteria page; the quarterly arguments are on the blog.