← The Trojan Horse

The Stories

Strategemata

Frontinus wrote down the stratagems of Roman commanders so the next one would recognise the move on sight. Mine are here for the same reason.

Premium Without Profit

Mars / Hotel Chocolat

Premium Consumer M&A

The Trojan Horse

Two Versus Six

L Catterton / Good Culture

Sponsor Strategy M&A

The Trojan Horse

The Missing Fifth

Unilever / Grüns

Consumer Health M&A

The Trojan Horse

The Margin Gap

Danone / Huel

Functional Nutrition M&A

The Trojan Horse

Owning The Clock

Infinite Epigenetics / Tally Health

Longevity Tech M&A

The Trojan Horse

Buying The Standard

Databricks / Tabular

Enterprise Data M&A

The Trojan Horse

Bought Then Freed

NVIDIA / Run:ai

AI Infrastructure M&A

The Trojan Horse

The Boring Layer

DDN / Blackstone

AI Infrastructure M&A

The Trojan Horse

First Principles

Underneath It

Pieces that go at the assumption rather than the deal. Slower, and the ones I care most about.

  1. No. I The Wrong Question A spreadsheet can be perfectly calculated and still answer the wrong question. What a record of 13,019 valuation multiples says about the habits underneath the methods. Read →