News, insights and thought leadership from the City Different team.
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Let me tell you a story about two farmers. Farmer Browne and Ol' MacDonald grew up together in a village in medieval England. They were subject to the same lord, they went to the same church, and...
There's a particular thing the mountains teach you if you spend enough time in them: You can't outrun an avalanche from inside one. The work is in not being on the slope when one comes down. After a...
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When someone starts to worry that AI valuations have run too far, the instinct is to ask whether now is the time to get out. I understand that instinct, and it’s not a bad one. The issue we’re...
Let me tell you a story about two farmers. Farmer Browne and Ol' MacDonald grew up together in a village in medieval England. They were subject to the same lord, they went to the same church, and...
.png)
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There's a particular thing the mountains teach you if you spend enough time in them: You can't outrun an avalanche from inside one. The work is in not being on the slope when one comes down. After a...
When someone starts to worry that AI valuations have run too far, the instinct is to ask whether now is the time to get out. I understand that instinct, and it’s not a bad one. The issue we’re...
The financial press has found its story du jour: “The Death of the Safe Haven: How to Fix Your Bond Strategy as Yields Rise.” Nothing sells quite like fear (even though bond yields are indeed scary...
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Earlier this quarter Stanford released its 2026 Search Fund Study. It's the closest thing the search fund world has to a census; it covers 862 funds, success rates, and key performance metrics...
The debate about AI has gone tribal, and I don't think that serves anyone who actually manages money. On one side you've got the optimists, convinced AI will remake the economy (and take a lot of...
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An electric economy, a decade early Nobody would call Chengdu a quiet city. When you have twenty-one million people, scooter horns, hotpot exhaust fans, and construction at all hours, you get a...
Remember picking teams in gym class? It was a brutal ritual with a predictable mix of embarrassment and hurt feelings that we rightfully left in the past. We generally try to avoid ranking human...
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Speculation, Leverage, and the AI Build-Out Try this fun experiment. Go to whatever AI tool you use most and ask it a simple question: based on how much I use you, what would you have to charge me to...
