Editorial standards

Where the letters come from

Most of what appears here begins in a conversation — with a founder, an operator, a lender or an adviser — or in work done on a live transaction. Letters are written from first-hand experience rather than from secondary commentary.

Where a letter relies on a published figure, a filing or someone else’s research, it says so and links to the source. Where it relies on judgment, it says that too.

Confidentiality

No company, founder or counterparty is identified without permission. Identifying details — sector, size, geography, timing — are changed where needed to protect the people involved, and a letter will say when a situation is a composite drawn from more than one case.

Nothing learned under a confidentiality agreement appears here, in disguised form or otherwise.

Conflicts of interest

The Long Hold is written by Ahmad Khan and published by Generation Growth Partners. Quiet Machines, a technology operating company, is a sister firm. Generation Growth Partners is a growth equity firm that makes minority investments in businesses of the kind this publication writes about, and Quiet Machines works with them.

That is a real conflict, not a theoretical one. Where a letter discusses a company, sector or instrument in which Generation Growth Partners, Quiet Machines or the author holds an interest — or is actively pursuing one — the letter discloses it at the point it becomes relevant, not in a footnote.

How this is paid for

The letter is free and carries no advertising, sponsorship or paid placement. Nobody pays to appear in it, and no link here is an affiliate link.

If that ever changes, the change will be stated on this page and labelled in the letter itself before it runs.

Use of AI

The arguments, the judgments and the final text are the author’s. AI tools are used for research, editing and production — the same way a word processor or a search engine is used — and never to generate a letter’s reasoning or to invent an example.

Corrections

Mistakes get corrected in place, with a dated note at the foot of the letter saying what changed. Letters are not quietly rewritten after publication, and a correction that materially changes the argument is sent to subscribers.

If something here is wrong, write to hello@thelonghold.co and it will be looked at.

Not advice

The Long Hold is published for information only. It is not investment, legal, tax or accounting advice, it is not a recommendation to buy or sell anything, and it is not an offer or solicitation of any security or fund interest.

Nothing here creates an adviser relationship or takes account of your circumstances. Before acting on anything you read, take advice from someone who knows them.