01
Why your AI bill keeps surprising the CFO
The four structural reasons institutional AI spend grows faster than the workload it serves, and what to instrument to catch it early.
2026 · 05
Governance
Research · field notes
Written for people who sign the cheque.
Plain-language work on AI cost, governance, and what institutional finance teams should actually be asking. No SEO bait. No buzzword stack.
Field notes
02
Cost is a feature of the workflow, not the vendor
Cloud bills attribute spend to the provider. Useful for procurement. Useless for the team building the workflow that caused it.
2026 · 04
Architecture
03
A working ROI frame for diligence copilots
How an investment team can decide, in writing, whether an automated diligence step has paid for itself this quarter.
2026 · 03
ROI
04
History accumulation is the silent cost
The compounding token bill nobody notices until the workflow is six months old. A short field guide.
2026 · 02
Field note
Subscribe · monthly note from the founders