Hi, I'm Santosh.

I'm Santosh and I write about startups, VC, the physical economy, AI, and more.

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Venture underwriting treats billion-dollar exits as the norm. A billion-dollar private valuation and a billion-dollar exit are not the same outcome, and the industry keeps pricing them as if they are.

Updated Aug 2026

Writing

Sep 2026 · Field Notes
Nvidia Just Priced the Distribution Moat
Nvidia just paid $12.9B for a company doing $150M in revenue. The math only makes sense if you stop thinking about data and domain expertise and start thinking about distribution.
 Aug 2026 · Startups
Ignore the Bad Advice on Investor Updates
Founders are being told to only send investor updates when they're winning. That's bad advice and AI makes it easier to ignore it.
 Jul 2026 · Firm Building
Carry On
Two weeks into Carry On: what we've learned about tighter episodes, real disagreement, and building in public.
 Apr 2026 · Field Notes
AI Is Wiring Systemic Risk Across Asset Classes
This is what systemic risk looks like before it becomes a crisis. Not a single catastrophic event. A local shock that propagates
 Apr 2026 · Monday Meditations
Portfolio Envy is a Confidence Tax
Portfolio envy doesn't just sting. It pulls GPs toward consensus and away from conviction. Someone else's markups say nothing about your portfolio or your ability as a picker.

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