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Notes

A record of how we think about building consumer businesses.

Opinionated memos on consumer brands, capital, fashion, and finance.

  1. 01Most Consumer Brands Scale Too Early
  2. 02Inventory is Strategy
  3. 03Why Founders Underestimate Working Capital
  4. 04Why Most Consumer Brands are Structurally Un-Investable
  5. 05The Hidden Risk of Wholesale Expansion
  6. 06Why Brand is Not a Moat in Consumer Businesses
  7. 07Distribution Before Demand is a Trap
  8. 08Revenue Growth Can Hide Operational Fragility
  9. 09The Quiet Importance of Margin Discipline
  10. 10The Tariff Shock and What It Means for Your Cost Structure