The Letter.

What I see from the chair: pricing, demand, and the commercial machine. Numbers attached. It goes out when there is something worth saying.

The letter, by email

The letters

No. 05

Experts don't get compared.

Buyers compare vendors and consult experts. The behaviors that file a seller into the first list, and what the calendar already knows.

No. 04

The annuity book

Revenue that arrives on its own is an annuity, and annuities reprice like bonds. What a buyer reads in the origination mix, and the test to run on next year's forecast.

No. 03

A defended price is an opening bid

Somewhere on your shared drive sits quote_v3_final. What a defended price teaches the buyer, and the posture that makes a number hold.

No. 02

Whoever starts the conversation sets the terms

Nothing in the book was started; every deal arrived. What a pipeline's source column decides about margin, and the hour-long count that shows you.

No. 01

Commoditization is a decision.

You can see the repricing first in the quote inbox. The decision behind it, and the arithmetic that reverses it.