Past editions
15 September 2026
6 min read
Perspective
The absorption gap
I went to a PropTech conference and came back with a ConTech conviction. Money and models are no longer the constraint in the built environment. The capacity to absorb them is. That gap is where the returns are.
13 July 2026
8 min read
Q2 2026 · Market State
The quarter the platform paradigm reasserted itself
Two incumbents made their largest-ever acquisitions in a single quarter. Underneath, the capital concentrated and the middle of the market quietly repriced.
I hold these positions, and I repeat them.
These hold across companies, stages, and cycles. They are the starting point of most conversations here.
The best AEC software rarely wins on features. It wins on switching cost.
You do not have a positioning problem. You have an audience problem.
Founders overestimate the moat. Almost none overestimate the sales cycle.
The next ConTech winners will not sell software. They will sell a workflow nobody wants to own.
Positioning is the highest-leverage work most founders avoid.
Churn is usually an onboarding problem, not a price problem.