Battery-as-a-Service and the New Infrastructure Race
A view on the structure of the emerging BaaS economy.
Latest
The Regulated Trap
An analysis on why Greece has more pharmacies than it can afford, and why that will not change on its own.
The Precedent Factory
The Regulatory Category That Behavioral Data Just Became, and the Markets That Will Feel It Next
The Moat That Compliance Doesn't Reach
A Provision-by-Provision Reading of the EU's Search Data Mandate
The Moat That Compounds
Why Behavioral Data Creates Competitive Distance That Physical Bottlenecks Never Could
Car Insurance and Data Trap
Convergence, Growth, and Structural Risk There is a peculiar moment in competitive markets when the solution to yesterday's problem becomes the source of tomorrow's dilemma. Car insurance has entered such a moment, though few seem willing to name it plainly. For decades, the industry operated on
The Structure of Choice
Most strategy frameworks focus on execution: better products, lower costs, or improved processes. Spatial Choice Theory reframes strategy as a problem of positioning in the real-world choice space.
The Market That Looks Competitive and Isn't
How competitive convergence in digital health masks fragility in markets where all players optimize identically.
When Does Revenue Growth Becomes A Capital Problem?
When a Winning Move Stops Looking Like Winning A curious calm pervades the AI market—not the calm of certainty, but the calm that momentum brings. Progress is visible, capital is committed, and activity is easy to point to. Models improve on predictable intervals. New products launch with confidence. Enterprises
The Cost of Complexity
Organizations are remarkable in their capacity to grow. They add product lines, features, services, reporting layers, and committees. They optimize for every marginal improvement, believing that more options, more processes, and more tools will create more value. And yet, the very act of doing more often comes with a subtle,
Framing the Right Problem
Most discussions of innovation begin at the wrong point. They begin with solutions.
On Pressure Threshold
There is a point in the life of every crowded position at which performing better stops being enough. Not because the firm has stopped trying, and not because the market has become irrational. Because the structure of the position itself has made continued operation within it economically unsustainable — and no
Theory
On Competitive Crowding
When a cluster thickens — when imitation has run long enough that the configurations within a competitive space become structurally similar — something specific happens to the competitive game. It doesn't just get harder. It changes shape. Most firms experience this as a market turning hostile: margins grinding down for
Theory
On The Imitation Trap
The most reliable force in competitive markets is not innovation. It is imitation. And the reason it destroys value so consistently is that, at every step of the process, the firms doing the imitating are making the rational choice. That is what makes this a trap rather than a mistake.
Theory
On Positional Advantage
Not all distance is equally defensible. That is the part of the Distance Principle that most firms discover too late.
Mobility
The Commuter’s Paradox
There are few daily experiences as universal — or as stubborn — as the commute.
Theory
The Distance Principle
The most useful thing I've found about competitive advantage is that it isn't a thing you have. It's a distance you hold.