Research
Research and analysis on financial services, financial infrastructure, and marketplaces from an investor's perspective.
The SEC’s Innovation Exemption is Bullish ($BLSH) for Tokenization
Tokenized public equities are still a rounding error.
What CLARITY Means for CRCL/COIN; Tether's Audit
A lot is happening in stablecoin land today.
Stripe vs. Adyen Comparison (2025)
Stripe published its 2025 annual letter this morning.
The (Ecommerce) Agents Are Coming
With the onslaught of agentic commerce announcements — Google’s UCP, OpenAI’s ACP — the debate about what commerce looks like in an agentic world is intensifying.
Adyen H2 2025 Earnings Review: Credibility Waning as It Enters Its “Second Act”
Adyen reported H2 2025 results yesterday, with the stock finishing down 22% on the day.
Adyen: Its Past & (AI) Future
Ahead of Adyen’s Q4 earnings tomorrow, I wanted to share some thoughts on Adyen especially given the recent selloff.
Payments: Assessing the AI, Agentic, and Stablecoin Risks for Merchant Acquirers
In the midst of the AI-driven software selloff, payments stocks were also hit hard.
Figure (FIGR): Building the Fannie Mae & Freddie Mac of Non-Qualified Lending
What is Figure?
Crypto's Dot-Com Moment? 2000 Parallels and the Coming Inflection Point
A comparison of the Dot-Com bubble to the current crypto market and reason for optimism as infrastructure-led adoption inflects.
MercadoLibre, Shopee, and the Battle for Brazil
MELI & SE Underperformance