Memos.

Short, dated notes. Written when there is something worth writing.

• JULY 2026

  What a diligence process spends its hours on.

  Current models are strong at the reading and weak at the judgment. The useful system knows the difference.

• JULY 2026

  The question allocators have started asking.

  AI questions are now standard in due-diligence questionnaires. Most managers do not yet have a written answer.

• JULY 2026

  The family office is already using AI.

  Adoption tripled in a year. Structure has not kept up — and structure is the whole point.

• JULY 2026

  Why most AI pilots produce nothing.

  MIT found 95% of pilots show no P&L impact — and one variable that roughly doubles the odds.

• JULY 2026

  What US v. Heppner actually held.

  The chats were seized; privilege never attached. What the ruling does and does not say.

• JULY 2026

  What Opinion 512 actually requires.

  Specific duties, ordinary discipline — and two things the opinion does not do.