Information Technology Market Cycles (A Brief History)

Information technology evolves in multi-decade cycles of expansion, consolidation and decentralization. Periods of expansion follow the introduction of a new open platform that reduces the production costs of technology as it becomes a shared standard. As production costs fall, new firms come to market leveraging the standard to compete with established incumbents, pushing down prices and margins, and decentralizing existing market powers

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Placeholder Investment Thesis

We published the Placeholder investment thesis. A lot has happened since we first shared it with our investors in September 2017. It's a "summary" because each section is a subset of a larger body of work and thought which we'll expand via our blog posts as a market develops.