The archive
Every letter
One real situation, one framework, and the moves you can make on Monday. Every Thursday since 2026.
2026
October 8, 2026
Adjusted EBITDA is a negotiating position, not a number
Somewhere underneath it is the figure that actually services the debt and funds the distributions. Here is how to find it.
September 24, 2026
Leverage rarely kills a company on its own. Covenants and timing do.
How to read a credit agreement the way an operator has to, rather than the way a spreadsheet does.
One letter every Thursday. Free.
For founders building the quiet way: private, profitable, permanent. One real situation, one framework, and the moves you can make on Monday.