We dive deep into our sectors. Our research drives our insights and thesis-driven approach.

Our recent analysis on inflation’s impact on consumer behavior showcased how macro dynamics are driving value-seeking consumption. While major players like Costco, Walmart have benefited from this shift, TJ Maxx stands apart. TJ Maxx isn’t the only premium off-price retailer we are seeing yield success - we’re seeing this entire category outperform the broader retail market. While our last post established some of the catalysts supporting the category (the “why”), we wanted to dive further in the business model levers (the “how”) that are yielding this success. What makes premium off-price retailers structurally superior—and uniquely positioned—in today’s retail landscape?

A few years ago, virtual power plants (VPPs) seemed like an elegant solution in search of a problem—a technology waiting for the right moment when renewable energy deployment would cause real shortfalls in capacity and grid services. That moment has arrived. In 2024, several European countries and U.S. states are already experiencing critical grid challenges that VPPs are uniquely positioned to address. The real challenge now isn't proving that VPPs work—it's unlocking and orchestrating the vast potential of distributed energy resources at scale.

We’re thrilled to announce our investment in the Seed and Series A of Stand, a climate-resilient insurer that is transforming the property insurance market and today announced its launch.

I was with an industry colleague the other day and they asked me about my recent post “On Communication”. This is someone that I’ve known for over a decade and they had no clue about my verbal difficulties. They expanded a bit upon my openness and remarked about how different I seemed from when we first met. They asked what happened, what changed me?

For decades, Black Friday reigned as the retail event of the year: a one-day frenzy of doorbusters, long lines, and massive consumer spending. But today, its dominance as a singular shopping holiday is waning. While the holiday season remains crucial, Black Friday has morphed into a month-long stretch of discounts driven by consumers' appetite for year-round deals and brands and retailers’ excess inventory challenges.