A play on software-based carrier networks

It’s a long story but carriers are shifting from using dedicated hardware boxes for network functions to software running on general purpose hardware. The trend has been in place since the debut of the internet and the http protocol. Networks are big and ugly though so they take time to change. When they are mission-critical […]

JP Morgan, James Grant & Hedging

Years ago James Grant of the Interest Rate Observer astutely pointed out how how deep and complex the JP Morgan “book” had become thanks to their leading position in derivatives. His account of just the main contours of their positions and operations was mind numbing. The nuances and “emergent factors” of these myriad positions are simply […]

Tesla – Range Anxiety is a Mirage

We are happy owners of Tesla TSLA in our fund and have documented our core rationale here: Tesla sits at a great intersection. One pesky objection has been “range anxiety” which it is suggested will prevent broad adoption of the technology. We haven’t dealt with it head-on since we didn’t think we had much to […]

Accelerate Diagnostics AXDX

Accelerate Diagnostics (AXDX) is a good example of a new technology that had a market valuation that was too high given their current stage of development. They target a large potential market. Infections are a huge problem in healthcare but figuring out what the infection is and how to treat it takes far too long; […]