Verticalized

What drives the EA return case?

AI value creation in LBOs

Oct 6 • 

Eli Dukes

4

1

September 2025

The New Value Above Horizontal Replacement

or which vertical AI businesses get better as model capabilities grow?

Sep 29 • 

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2

Should you securitize the trading card industry + Information Blocking Laws

Today’s newsletter: trading card AUM plays, Cures Act, and Mark Leonard

Sep 26 • 

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Vertical RL Environments

game theory in an RL era

Sep 24 • 

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Capital Structures + OpCo/PropCo

blueprints for industry innovation

Sep 17 • 

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Compound Pharmacies

the burgeoning infrastructure behind personalized medicine

Sep 15 • 

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Freight Payments and 340B Programs

capital on paper

Sep 12 • 

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Blue Jeans Golf

tech-enabled rollups come in all forms and flavors

Sep 10 • 

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3

Everybody kept getting bad tattoos

and now companies are making a lot of money removing them

Sep 8 • 

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August 2025

Compute Markets could get really weird

I reserve the right to be wrong about everything below.

Aug 6 • 

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April 2025

The Current Tech-Enabled Rollup Gap + the Funeral Industry

April Riffs

Apr 1 • 

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March 2025

Card Stores, Odeko, and Acquisitions

the hottest SMB market: gambling on Pokemon cards

Mar 18 • 

Eli Dukes

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