Working doc on quarterly pitch 1325. Open questions inline.
Related: expanded infra 669, quarterly wedge 725.
Cross-section thread: Bree Kim. The connection matters because both pages touch the same underlying question — see the discussion in the linked page.
- Dau → spec → incorporation. Worth a second pass; the DAU angle keeps coming back.
- Pto → vault → valuation. Worth a second pass; the PTO angle keeps coming back.