Setlist Capital
Opinionated. Proprietary. Traceable.
Why
I spend my days evaluating companies and management teams, underwriting risk, analyzing market sizes and trends, and allocating capital across private and public markets.
Real signals never make the headlines - they live under the hood, where the articulate questions and thought processes provide the most relevant insights towards the truth.
I study how deals are priced, what performance generates funding, and which businesses compound versus their peers who break.
The most valuable insights aren't worth keeping private - after all, insight doesn't always equal action. These insights are worth sharing publicly, with accountability.
Setlist Capital exists to document those observations in real time.
Not commentary, not news, but how capital is actually being deployed.
What I Believe
A few principles guide how I think about markets:
Markets misprice complexity more often than they misprice simplicity
Small informational or behavioral edges compound meaningfully over time
Concentration beats diversification when conviction is earned
Process matters
Incentives explain (almost) everything
Patience is a competitive advantage
Most losses come from forced action, not missed opportunities
Tracking results publicly sharpens thinking
This is the lens behind every opinion, and position, shared here.
What This Is
Setlist Capital is a roughly monthly record of how I'm thinking about capital allocation across: private markets, public equities, and asymmetric or unconventional opportunities.
Setlist Capital is:
Opinionated
Proprietary
Concise
Outcome-driven
Fully tracked
Every idea is documented. Every result is recorded.
What This Is Not
For the curious reader, this is likely more important than the above section.
This is not:
Financial news
Recycled takes
Market summaries
Investment advice
Content for content's sake
Plenty of everyday options are available if you're seeking the above. They're likely free and will become another email you mark as read each morning.
Setlist Capital is closer to an allocator's notebook than anything. If you're seeking explanations, links, or hand-holding, this probably isn't for you.
If you're after theses, accountability, and signal, you're in the right place.
Methodology
It's a pretty simple process, and it involves a significant amount of patience and inaction.
Observe -> Develop a Viewpoint -> Allocate -> Track -> Refine
Each month:
Pattern recognition from the market
Positioning across public, private, and asymmetric ideas
Live scorecard of each position
Open debate and counterpoints from readers
I will not be right all the time, but I will provide clear articulation, deliberate action, and an improved process over time.
Accountability
Conviction without accountability is just storytelling - practice what you preach.
Every position is tracked - entry price, rationale, outcome.
Nothing quietly disappears. Losses are shown the same way winners are shown.
Transparency forces discipline - discipline compounds.
The Long Game
Setlist Capital is an exercise in thinking publicly and allocating deliberately.
Over time, the goal is to build a body of work that reflects how capital is actually deployed - rationally, independently, and with skin in the game.
Opinionated. Proprietary. Traceable.