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Notes / DEC 2025 / 4 MIN

Lose it cheaply

What it costs to be wrong is a design decision, not an accident.

Any portfolio built before consensus is mostly wrong. That is not a failure of judgement, it is the arithmetic of working early. The useful question is not how to be wrong less often — it is how much each wrong answer is permitted to cost.

That cost is set at the beginning, and it is set by structure rather than by intent. A thesis tested with four hard conversations and a working prototype is cheap to walk away from. The same thesis tested with a senior hire, a launched brand, and a year of runway is not — financially, and more importantly psychologically, which is usually the currency that runs out first.

So we design the disproof before we design the build. What would we have to see in the next eleven weeks to stop? If nobody in the room can answer that, we are not investigating an idea. We are decorating one.

Losing cheaply is what makes it possible to keep looking. The firms that run out of nerve are rarely the ones that were wrong most often. They are the ones that let each wrong answer get too expensive to survive.

Start at the center

Bring us the idea before it is safe.

The best moment to talk to us is the moment the old answer stops being obviously right — long before the deck exists. Tell us what changed, and why you cannot stop thinking about it.