Clear-eyed analysis of the distance between what’s said and what’s true — in markets, boardrooms, and headlines. All signal, no noise.

Most of what matters sits underneath the story: the gap between what’s said and what’s true, what’s priced and what’s real, what’s believed and what’s happening. That distance is where I spend my time, and where the real story usually is.

I write from inside the rooms I describe. I’ve spent my career in and around public markets — as a company director, an investor, and an advisor on capital markets, investor relations, and governance. I tend to work with companies at inflection points, not steady states. I was also a founding shareholder in a successful IPO. Today I’m head of investor relations at QumulusAI.

That vantage is the whole idea — I’m not watching from the outside. But this site isn’t my firm or my day job; it’s where I think out loud about what I see, informed by that work and separate from it.

It comes in two forms. On Message / Off Record is a monthly letter on markets, leadership, and the art of being understood. Lost In Transaction is a podcast — conversations about the unseen forces underneath the economy and the deals that move it. Different formats, one body of thinking.

If you’d rather find the signal than chase the noise, you’ll feel at home. Subscribe, and you’ll get the letter when it goes out and the conversations as they come.

Views are my own, not those of any company I’m affiliated with. Nothing here is investment advice.