This Is Not Investment Advice
Les BarclaysFeatured on FT Alphaville. Essays on markets, technology and economic reality. Exploring incentives, capital allocation and the forces shaping the modern economy.
| Platform |  | Pricing | Only free issues | Publishes | Weekly |
|---|---|---|---|---|---|
| Issues | 35 | Founded | a year ago | Last Issue | 16 days ago |
| Active | |||||
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The Mechanics of Preferred Equity
A company needs capital but senior debt is too tight for them and common equity is overly expensive and even dilutive to the startup (there’s a real-world example I’ll use later with an AI startup). In such a case, it’s better to use prefer...
Cyber Risk, Tranched
Due to LaTeX usage for math equations, this post is truncated. To access the full post, either click the title above or ‘read in app’ button if you’re viewing this via email.
Good morning from Edinburgh, Scotland!
In earlier writte...
How AI Startups Hallucinate Their Revenue Metrics
Good afternoon from St. Andrews, Scotland!
On 17th April 2026, Scott Stevenson, the founder of Spellbook, called Contracted ARR “a huge scam in AI startups.” He’s frustrated because some companies are taking future, back‑loaded contracts a...
Bain of Existence
Good evening from St. Andrews, Scotland!
There are people who’ll read the title and agree that private equity (PE), and perhaps AI, are the ‘bain of existence’ to which I disagree with.1 Both industries promise efficiency but end up provok...
Everyone Wants a Slice of Orbit
I don’t usually dedicate posts to a specific deal. Whenever I’ve analysed deals in the past, it’s normally embedded into my analysis to help explain the wider thesis in said article. But this time, I’m trying something different. This is al...
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Authors
The writers behind this newsletter.
First-principles thinking on finance + macro. I offer no investment advice. Gen Z, all opinions are my own.
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