The Tangent - I Thought Musical Chairs Was for Real Estate
One enterprise customer accidentally ran up a $500 million AI bill in a single month — and that may be the closest thing to an unsubsidized check anyone has written. Inside: why the biggest names on earth are suddenly racing to go public, how a rocket company arrived at a $28.5 trillion addressable market, and who is actually left standing when the music stops.
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The Deal Anatomy - The Off Market Trap
Re-trades have gotten more common, even when you take every step up front to prevent one. An honest retrospective on a recent deal that died — what I think actually drove it, what I’d do differently, and what it says about the split between the truly motivated buyers and the lukewarm ones.
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The Operator (Volume I)
A customer conversation became a partnership, a license, and a multiyear custom build-out. The lead investor wouldn’t let an architect draw it — layout is an operator’s job, he says, and hiring it out is where the failure happens. Inside: what he actually credits, and it isn’t the building.
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The Read - Max's Macro Take (Volume I)
Boston metro did 525 industrial and flex deals in 2019 and 476 last year — a gap of 49 deals that somehow feels like a recession. Inside: why the marginal buyer disappeared while the core buyer never left, why the foreclosure cycle everyone promised me never showed up, and what a genuinely balanced market feels like on the ground.
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