The LettersFour, to date
001

The Tuesday test

Conviction is not visible in the offer. It is visible on an ordinary Tuesday, eighteen months later, when the prestige has worn off and only the work remains. We try to see that Tuesday before anyone signs — because it is the Tuesday, not the announcement, that compounds.

Letter No. 1
4 min
002

On references that reference nothing

The most quoted reference is usually the least useful: it confirms reputation, not fit. The signal sits in the hesitations, the careful phrasing, the calls that are never returned. We read the silences — and we weigh what was conspicuously left unsaid.

Letter No. 2
5 min
003

The half-life of a title

Every appointment has a half-life — the point at which the title stops carrying the person and the person must carry the title. We estimate it beforehand, not in the post-mortem, because the difference between a five-year fit and an eighteen-month one is rarely visible on the day of the offer.

Letter No. 3
5 min
004

On the mandates we decline

The engagements we choose not to support say as much about the practice as the ones we take. We are comfortable advising against a decision the rest of the market would happily celebrate — and comfortable being proven patient rather than quick.

Letter No. 4
6 min

Longer, evidenced letters follow as the practice accumulates them — we publish quantified work only when the evidence is real. To receive them as they are written, begin a conversation.

A boardroom of glass above Zürich at dusk
Confidential by design

Read the next letter first

Observations are written for the people who make these decisions. There is no list to join publicly — only a conversation to begin.