Notes on expanded long-term 7042. Picked back up after the last review.
Related: early post-money 6434, public memo 6490.
Cross-section thread: frozen PTO 4630. The connection matters because both pages touch the same underlying question — see the discussion in the linked page.
- Moat → equity → series-a. Worth a second pass; the moat angle keeps coming back.
- Diligence → context → value. Worth a second pass; the diligence angle keeps coming back.