📶 narrative violations

Searching for alpha through narrative violations, another way to view “capital markets”, how to manage headcount, and where VC is heading

April 24, 2025 • Estimated Reading Time: 9 minutes

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Good morning 👋

Good writing gives poor thinking nowhere to hide, and that is why I love finding and reading great investor letters.

We did that earlier this week with the latest from Slow. Now we’re doing the same with this manifesto letter from the Bedrock team.

Their entire model hinges on resisting narratives and finding true contrarian thinking (two things that are increasingly hard to to in today’s world).

Here are the best things that stood out to me from that manifesto …

P.S. 🎧 We’re giving away a pair of Airpods Pro 2 to one lucky reader …

Whoever refers the most new subscribers this quarter (ending June 30) will win a brand new pair of Airpods on us.

Today’s highlights

  • Searching for alpha through narrative violations

  • Another way to view “capital markets”

  • How to manage headcount

  • Where VC is heading

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