JOURNAL · WRITTEN IN PRIVATE, PUBLISHED IN MODERATION

Occasional notes from the territory we work in.

Written when there is something worth saying, and seldom otherwise. Names, parties, and figures are withheld by design — what remains is the part that travels.

CURRENT

№ 10SECURITYJune 202611 min

The Thing They Could Not Bomb.

The most important object in last June's war was never photographed. It weighed 440 kilograms, fit in a few car boots, and nearly a year later the people tasked with finding it still cannot say where it is.

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The End of the Letterbox.

For forty years the most lucrative trick in international business was a filing cabinet in a quiet jurisdiction. The trick is dying — without anything being banned — and what is replacing it is not what most people think.

STRUCTURE14 min

№ 08June 2026

The Illegibility Premium.

African sovereigns pay roughly 74.5 billion dollars a year more to borrow than their behaviour warrants. The number is not a measure of risk. It is a measure of perception, and of where the world has stopped looking.

VIEW OF THE FIRM12 min

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