Brainwaves

The Saturday Morning Newsletter #102

Drew Jackson — Sat, 08 Aug 2026 15:35:28 GMT

This Week I’m Tracking: 12 developments across the sectors shaping our future

Reading Time: 5 minutes of curated insights

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Let’s dive in.

#1: Cambridge Aerospace

Description: Cambridge Aerospace is an air defense startup.

Why Is This Company Interesting? Cambridge Aerospace recently raised $200M in venture capital funding. Cambridge is a defense tech company specializing in low-cost, mass-producible autonomous interceptor systems for counter-UAS and air defense applications. Its flagship system, Skyhammer, provides scalable, tube-launched interception capabilities designed to efficiently defeat drone threats.

#2: WeSort AI

Description: WeSort AI is a developer of recycling technology.

Why Is This Company Interesting? WeSort AI recently raised $10M in venture capital funding. WeSort AI is a technology company developing AI-powered computer vision and automated waste-sorting systems. Their platform analyzes, categorizes, and separates waste streams to optimize recycling operations and recover critical raw materials from complex waste fractions.

#3: AgZen

Description: AgZen is a developer of smart irrigation systems.

Why Is This Company Interesting? AgZen recently raised $10M in venture capital funding. AgZen is an MIT spinoff that creates intelligent agricultural spraying technologies. By combining real-time sensing and fluid dynamics, AgZen optimizes droplet adhesion on plant surfaces, drastically reducing pesticide waste, lowering input costs for farmers, and promoting sustainable agriculture.

#4: DISA Technologies

Description: DISA Technologies is a uranium remediation and resource recovery startup.

Why Is This Company Interesting? DISA Technologies recently raised $33M in venture capital funding. DISA is an advanced mineral processing company that utilizes the patented high-pressure slurry ablation technology. DISA’s platform uses particle collisions to selectively segment critical minerals, boosting recovery yields while reducing energy intensity compared to conventional grinding methods.

#5: Level Nine

Description: Level Nine developer of catalysts to enable sustainable chemical production.

Why Is This Company Interesting? Level Nine recently raised $4M in venture capital funding. Level Nine is developing the catalyst technology to convert locally abundant biobased feedstocks into high-performance chemicals. These chemical building blocks outperform traditional petrochemicals on cost and performance.

The Hill: DOE Identifies Five States to Hold Nuclear Waste

The Department of Energy signed agreements with Utah, Tennessee, Oklahoma, Louisiana, and Idaho to explore possible nuclear waste storage in these states. The goal is to have initial facilities online to hold nuclear waste in 2027. These sites will be known as Nuclear Lifecycle Innovation Campuses.

The New York Times: 100 Animals And Plants Just Got Some Much-Needed Help

A new fund, the Phoenix Species Project, said it would invest $200M in efforts to bring 100 animals and plants back from near extinction. This is among the largest philanthropic funds focused entirely on species recovery and is a collaboration between Re:wild (a nonprofit founded by Leonardo DiCaprio) and the Bezos Earth Fund.

The New York Times: Nothing Can Prevent the New Wildfires. We Have to Adapt

As the climate continues to change, wildfires are a constant. Per-person smoke exposure has increased 4x between 2006 and 2019. One source estimated over 10,000 people died as a result of the 2023 wildfires. We need to adapt to this new normal of life indoors, with air purifiers, and find solutions that meet our needs under these new circumstances.

NBC News: SpaceX Plan to Launch 1 Million Data Center Satellites

SpaceX has a new proposal to launch 1 million data center satellites into space to capitalize on current demand for AI compute technology. Scientists argue that the plan comes with severe environmental risks, potentially filling Earth’s atmosphere with vaporized spacecraft material. It’s an ambitious plan, one that will require extensive planning, but the ramifications may be significant.

The New York Times: What Are Companies Getting for All That A.I. Spending?

Companies have gone through many phases of AI usage. First there was the token surge as executives encouraged the use of AI as much as possible. Then, once the costly bills came in, executives rapidly changed course, encouraging minimal spending and harsh budgets. People are investing right now, but there’s not a sense of what they’re getting in return, which is what AI has to continually push to offer users.

JD Supra: The Biggest Threats to Intellectual Property in the Digital Age

Intellectual property is one of the most valuable assets in the modern economy. Almost every organization depends on proprietary info, data, and trade secrets to compete in the market. Digital technology has changed these dynamics, as copying is instantaneous, distribution is global, and bad actors can operate anywhere. Infringement is occurring at extraordinary speed and enforcement mechanisms are moving incredibly slowly.

Philosophy Break: Jane English: Children Do Not ‘Owe’ their Parents Anything

I’d love to argue that my relationship with my parents couldn’t be better. But even with this, what do I “owe” them?

See, the first relationship each of us experiences is with our parents or primary caregivers. How long should we obey our parents? Should we always respect their authority? If they overly constrain who we are as we grow up, are we justified in overcoming them - as we might overcome other constraints in our lives?

These are incredibly complicated questions.

The Bible says to honor your father and mother. Confucius argued that you should serve and revere your parents. Is this the way in 2026?

This philosopher argues that unconditional filial duty is ill-founded. If parents do not sow seeds of love with their children, then children owe them nothing at all. In other words, if you don’t provide what is necessary to succeed for your children (within reason), then your children don’t owe you anything.

I’m not sure how exactly I feel about this. On one hand, it does put the responsibility in the parents’ hands, with your actions having the appropriate consequences (we hope). On the other hand, to what end is family family, and should you look past any shortcomings?

That’s a wrap on this week’s roundup.

Drew Jackson

Founder & Writer

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We Love Lying to Ourselves

Drew Jackson — Wed, 05 Aug 2026 14:35:29 GMT

Credit Marco Furniture

I often make New Year’s Resolutions I honestly don’t expect to complete. But I continue making them every year. Why?

Reading Time: 9 minutes for full analysis + key takeaways highlighted throughout

Key Question: Why do we love lying to ourselves?

My Take: Everyone lies to themselves more often than they think, from New Year’s resolutions to AI output to many other situations. We use this self-deception to avoid facing harsh truths and honest realities. There isn’t an easy solution to this problem because we need to build more structural systems that cut to the core of each issue and flip incentive cycles.

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Let’s dive in.

Over the last four years, the world has become entrenched in the new age of AI. This has forced people to learn, relearn, and adapt to the new way the world is and will be for the foreseeable future.

In school, teachers are going back to in-person, handwritten tests and assignments. On social media, AI images are everywhere, with various degrees of accuracy in representing real life. In corporate settings, many firms are reluctant to adopt these tools—citing data privacy, security, and learning concerns.

One of the main messages proclaimed throughout modern news cycles and intellectual circles is to triple-check AI output to ensure accuracy. AI output is not fact; it can be wrong, and should be verified.

This takes time and effort—which, I’m sorry to say, causes many (including myself at times) to simply take what’s outputted as hard fact, without going through the proper verification process. There are thousands of reasons people use to justify this practice, which tends to lead to increasingly unverified use due to convenience and muscle memory.

Why do we continue this practice, even though we know better?

Credit The Guardian

The Ritual of Resolutions

For the last 5 years, I’ve made official New Year’s resolutions. Looking back at my performance, I’d estimate that I succeed in 50% of them (usually the easy ones).

Some of the harder ones missed (play piano once every week or run a half-marathon) require a concerted effort towards an extensive initiative. I’ve often seen myself set these goals with decent intentions to try to do them, while knowing in the back of my mind they probably won’t be achieved.

Why do we continue to deceive ourselves by setting outrageous goals without the intention to see them through?

The data surrounding New Year’s Resolutions is fascinating. For instance, the Pew Research Center publishes a significant data pack on the topic, including demographic, topic, and other analyses.

They found that younger people are much more likely to make New Year’s resolutions than older generations (49% for ages 18-29, 31% for ages 30-49, 24% for ages 50-64, and only 18% for ages 65+). 54% of parents with kids at home are likely to set resolutions compared to only 33% of those without kids. The most common topics of resolutions are shown below:

Credit Pew Research Center

A similar study conducted by Forbes found the top New Year’s resolutions to be improving fitness, finances, and mental health; losing weight; improving diet; and making more time for loved ones. Around half of people state they tend to set three New Year’s resolutions, with only ~7% setting five or more.

What’s more interesting is the percentage of people keeping their resolutions. At the beginning of February (one month in), 59% reported keeping all their resolutions, 28% kept some, and a shocking 13% kept none. Interestingly, there are only small demographic differences underlying this data, meaning that groups of all shapes and sizes tend to struggle (and/or be overrepresented) in achieving their goals. Forbes provides a further detailed breakdown:

Credit Forbes

Furthermore, the types of goals you set matter significantly when it comes to chances of success. For example, action-oriented goals are more likely to result in success after 12 months than avoidance-oriented goals (59% compared to 47%).

My theory is that New Year’s resolutions and other goals we set provide a quick hit of dopamine when we declare them, rather than when we actually do the work of achieving them. Resolutions allow us to test out and envision a better version of ourselves without the cost of entry.

Often, we aren’t failing at the goal; we’re succeeding at feeling like the kind of person who has goals.

Credit Shezlong

Just One More Time

The human brain is a brilliant rationalization machine. When a desire conflicts with our long-term goals (outlined above), we don’t simply abandon the goal all at once. Instead, we negotiate with ourselves.

We use the language of equity and reward to justify our behavior. A common practice is moral licensing, a phenomenon in which doing something we consider good or virtuous makes us feel entitled to subsequently indulge in less ethical, unhealthy, or lazy behaviors. People use their past positive actions as a moral pass to justify negative choices.

For instance, I’ve used this practice in the past, such as: “I did a good job during my workout today, so I deserve to eat this stack of Oreos.”

We trick ourselves into treating a destructive or unproductive habit as a form of self-care. By framing the action as an earned reward or an emotional necessity, we bypass the guilt.

Why is it so easy to borrow happiness from tomorrow to pay for a thrill today?

In addition to moral licensing, we often fall prey to the cognitive bias of temporal discounting. This is a cognitive bias where people perceive future rewards or consequences as inherently less valuable than immediate ones.

A common psychology experiment demonstrating this principle asks people whether they would prefer an amount of money now (say, $100) or a greater amount in the future (say, $110).

Often, the brain treats our future self as a stranger, reducing motivation to make sacrifices today for tomorrow’s benefit. From a neurological perspective, when you think about your future self, your brain fires in the exact same region it does when you think about a complete stranger.

We view this version of us that exists next year, next week, or even tomorrow as a different person entirely. The present self desires immediate gratification, wanting the dopamine hit now. The future self is viewed as a faraway entity with infinite patience, ironclad willpower, and an uncanny ability to function on minimal sleep.

This disconnect creates a massive empathy gap. We’re more than happy to stick future us with the bill—the lack of sleep, the empty bank account, the sadness, the grief—while the present version of ourselves reaps the rewards.

Credit HowStuffWorks

The Mirage of Truth

Underlying the examples above is this mirage of truth: we don’t lie to ourselves because we are unintelligent; we lie because the truth is often a high-friction environment. Thus, our self-deception is a strategy for comfort.

In others, we look at self-deception as a moral failing or a significant flaw. We assume that if someone is self-aware enough or smart enough, they will be able to see the world clearly. But this is a fundamental misunderstanding of the human mind.

We don’t lie to ourselves because we are stupid; we lie because we are wired to seek the path of least resistance.

In nature, friction is the force that resists motion. When water runs down the mountain, it slowly carves ravines and ditches to run through, curating the path of least resistance that future water compounds upon.

In humans, truth is much more complicated, exhibiting greater friction. Looking at a situation with absolute honesty requires immense energy and clarity. It requires looking at uncomfortable realities (e.g., failed projects, stagnating relationships, missed goals). Accepting this truth is painful, often requiring us to rewrite our self-image.

Truth is heavy and expensive. In contrast, deception is smooth, allowing us to glide past uncomfortable realizations without doing the hard work of changing.

When we’re in these situations, our brain has two options: truth or deception. We can either change our behavior, a high-energy, high-friction outcome, or we can change the narrative, a low-energy, low-friction outcome. In most scenarios, the brain chooses option 2.

By constructing a mirage of truth, we insulate our egos from threat. For example, the entrepreneur tells themselves and others that the market just isn’t ready, rather than admitting their product has no demand. We tell ourselves we are waiting for the precise moment rather than admitting we’re paralyzed by fear.

We struggle to hold two contradictory beliefs at the same time. For instance, the fact that our New Year’s resolution was to eat healthy every single day, while we’re currently sitting on the couch halfway through a bucket of ice cream. In this circumstance, the brain experiences cognitive dissonance.

In these circumstances, self-deception acts as a calming, easy solution. By generating a quick lie, like “this ice cream keeps me happy, which is actually healthier for me”, the brain instantly resolves the contradiction.

If we were 100% honest about flaws, limitations, and the odds against us, human history would have stalled very early on. Evolutionary psychologists have theorized that a certain level of delusion and overconfidence is necessary for survival and thriving.

Credit The University of Kansas

Is There Any Hope?

We truly do love lying to ourselves.

Over time, we’ve evolved this system, which we now rely on, in which we engage in self-deception rather than facing harsh truths.

Unfortunately, there is no “easy” solution; this is not something we can simply cure with willpower alone. It’s not as easy as telling ourselves to start being honest, because we’re too clever for that.

To break these cycles, we need to build more structural systems that bypass our ego and emotions to cut straight to the core of each issue. We need to flip the incentive cycles, making truth a low-friction environment and self-deception come at a high price.

The brain easily rationalizes away scenarios, but struggles to defeat cold, raw facts. To stop lying to yourself, you need to move the data outside of your head into spreadsheets, journals, conversations with other people, and many other places. This creates a source of external accountability and transparency that keeps us closer to being on track.

Additionally, we need to force our present selves to give adequate consideration to the future. Good examples I’ve used in my life are setting time limits on social media apps or moving my alarm clock across the room, so I actually have to get up to hit snooze.

We lie because the truth is often hard to bear. If we want to accept the truth more often, we have to lower the cost of being wrong (i.e., having the truth go against our views of the world). One great way to do this is to adopt a growth or learner’s mindset. Finding out you are wrong in this mindset is an opportunity for positive action, rather than a negative reaction.

Perhaps the simplest way to evaluate and change our behavior is to practice open awareness. Ask yourself questions such as “Are there any parts of my life stagnating or frustrating now? What uncomfortable truths am I actively pretending not to know right now?”

The answers that come as a result, the ones that may put a sour taste in your mouth, are right where the self-deception ends and the truth begins—where action starts, and lies stop.

That’s a wrap on this deep dive.

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Drew Jackson

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This Saturday: Weekly roundup of breaking developments across energy, space, venture capital, economics, intellectual property, and philosophy
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The Saturday Morning Newsletter #101

Drew Jackson — Sat, 01 Aug 2026 15:35:05 GMT

This Week I’m Tracking: 15 developments across the sectors shaping our future

Reading Time: 7 minutes of curated insights

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#1: Base Power

Description: Base Power is an installer and manager of home batteries.

Why Is This Company Interesting? Base Power is currently raising additional venture capital to dramatically increase its scale. Base Power is a modern energy startup operating as a distributed, technology-driven power company. Base installs and manages home battery storage systems to create a resilient, decentralized power network. By deploying these batteries, Base helps stabilize the grid during peak energy demand while offering homeowners affordable electricity and reliable backup power during blackouts.

#2: CleanDesign

Description: CleanDesign is a developer of software-managed batteries.

Why Is This Company Interesting? CleanDesign recently raised $20M in venture capital funding. CleanDesign is a hybrid energy management company specializing in optimizing power systems for heavy industries like oil and gas, mining, and EV fleet charging. Its proprietary Hybrid Energy Management System combines battery energy storage, generator automation, and real-time machine learning software to match power output to actual demand. By automating generator use and smoothing energy spikes, CleanDesign helps commercial operators reduce fuel consumption, minimize operational downtime, and cut carbon emissions.

#3: AuX Labs

Description: AuX Labs is a producer of casein for vegan cheese.

Why Is This Company Interesting? AuX Labs recently raised $4M in venture capital funding. AuX Labs is a biotechnology and food startup focused on developing animal-free dairy products using precision fermentation. By genetically engineering specialized microorganisms, the company produces essential milk proteins like casein without relying on traditional livestock. Their technology aims to create sustainable cheese and dairy alternatives that replicate the exact functional properties, taste, and texture of conventional dairy.

#4: Slate Auto

Description: Slate Auto is building low-cost electric pickup trucks.

Why Is This Company Interesting? Slate Auto recently raised $650M in venture capital funding. Slate Auto is an electric vehicle startup, backed by major investors including Jeff Bezos and Mark Walter. The company focuses on building versatile, low-cost modular EVs, featuring a platform that can be configured as a compact two-seat pickup truck or a five-seat SUV.

#5: Eternal Ag

Description: Eternal Ag is building autonomous robots for greenhouse harvesting.

Why Is This Company Interesting? Eternal Ag recently raised $8M in venture capital funding. Eternal Ag is an agricultural robotics company specializing in autonomous solutions for controlled-environment agriculture, such as greenhouses. The company builds AI-driven, omnidirectional robots designed to perform labor-intensive tasks like crop monitoring and selective harvesting. Integrating computer vision, deep learning, and advanced robotics, Eternal Ag helps greenhouse growers address labor shortages, cut operational costs, and boost crop yields.

The New York Times: The Science of Climate Change Explained: Facts, Evidence and Proof

The science behind climate change is more solid and agreed upon than you would think. The scope of the topic and rampant disinformation can make it hard to separate fact from fiction. In this analysis, the authors have done a good job of presenting the most accurate scientific information and explaining why and how we know it.

The Guardian: What is the US-Saudi Arabia Nuclear Deal and Why is it Causing Concern?

The United States and Saudi Arabia have agreed to a 30-year deal that would use American technology and expertise to establish a nuclear energy program in Saudi Arabia. Current concerns are around whether Saudi Arabia would have the capability to enrich uranium domestically and what that means for nuclear proliferation. As the American government argues, this denies competitors like China and Russia from gaining a foothold in the country.

The New York Times: Europe’s Summer of Reckoning Is ‘Just the Beginning’

Fires, heat waves, storms, and more are currently plaguing Europe. The summer of 2026 has already shattered many meteorological records across Europe. It has displaced more than 300,000 people across France and Spain, where they are currently experiencing the largest fires in those countries’ modern histories. Temperatures readily soar above 40 degrees Celsius (104 degrees Fahrenheit).

The New York Times: A Ton of Space Junk Tumbles Unpredictably to Earth Every Week

More debris from space is coming down to Earth than ever before. This is one of the unfortunate by-products of the current and former space races. In 2025, the U.S. Space Force issued alerts for ~820 objects entering the Earth’s atmosphere. In 2015, that number was only 110. Huge objects weighing a ton or more arrive around once a week. Most of the debris splashes into the ocean, but some does crash onto land. What we can do about it and who is ultimately responsible for this damage is still up in the air.

Pitchbook: A Few VC Firms are Poised to Win the Future

Since 2022, the venture capital landscape has concentrated. A small number of high-growth AI companies have absorbed vast amounts of venture capital stockpiles and received unprecedented private market valuations. Over this period, the number of VC firms shrank, but some grew ever larger and came to dominate the market. Thus, if AI continues to be the technological shift many believe it is, the leading VC firms will have an opportunity to reap vast profits soon.

Yahoo: AI Companies Are Buying Antique Books, Ingesting Their Contents to Train Models, and Then Destroying Them at Incredible Scale

One of the biggest pieces of news in intellectual property in recent history has been the AI scraping of book knowledge. Recently, AI companies have begun scanning and learning from physical books using industrial-grade imaging equipment. When sued for the practice, Anthropic invoked the first-sale doctrine, which allows a buyer to do what they want with a purchased item without the original copyright holder’s approval. Judges ruled this was transformative enough and thus protected by fair use.

Forbes: In A World Where Anyone Can Build Anything, Intellectual Property Is The Last Moat

Intellectual property has become more valuable as the economy has increasingly become more digital. Now in the era of AI, creation of IP is also dramatically cheaper. Machines can write articles (not exactly well yet but getting there), design logos, draft patent claims, and build apps. Intellectual property is no longer just your most valuable property; it’s also your last defensible one.

TechCrunch: US Threatens Sanctions Against Chinese AI Models over IP Theft

The United States government is beginning to examine open source models from China for signs of intellectual property theft, threatening sanctions against Chinese AI companies if IP theft is established. We support open-source models from China, but not intellectual property theft.

Big Think: A Philosopher’s Guide to Thinking for Yourself in an Age Built to Think for You

Stupidity is not a lack of IQ or cognitive capability but a moral and psychological failure. See, there are three elements to stupidity: outsourcing your autonomy, where you surrender independent critical thinking to an external party; willful ignorance, where you reject or brush aside contradictory evidence; and conformity, where you exhibit groupthink. While normal evil can be identified, stupidity is far more dangerous, as facts and reason fall on deaf ears.

Reddit: I’m looking for philosophers with genuinely uncommon ideas. Am I expecting the wrong thing from philosophy?

I came across this post today, and it caught my eye.

The author began reading philosophy as a mental exercise to encounter unfamiliar ideas, but was disappointed to find that thinkers like Socrates, Plato, and Aristotle mostly felt like common sense. Do these ancient figures seem obvious because their ideas are naturally intuitive, or because thousands of years have shaped how modern society thinks?

They enjoyed thinkers like Kant, Stirner, Ayn Rand, and Nietzsche for presenting novel concepts and challenging mainstream values.

One of the comments was truly enlightening, which is why I wanted to write this today. To paraphrase:

“To be blunt, you might be misinterpreting these texts more than you realize. Beginners often project their own beliefs onto philosophers, especially when dealing with subtle or cryptic thinkers like Plato. Since Plato and Aristotle disagree on fundamental points, it is impossible to align with both without contradicting yourself. To get more out of philosophy, focus on the fine details and see how small distinctions lead to drastically different conclusions. If you truly want radically non-intuitive ideas, look into David Benatar’s view that having children is immoral, Peter Unger’s assertion that knowledge and human existence are illusions, or Peter Singer’s argument that failing to donate all excess wealth makes us morally failing.”

That’s a wrap on this week’s roundup.

Drew Jackson

Founder & Writer

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The Saturday Morning Newsletter #100

Drew Jackson — Sat, 25 Jul 2026 15:35:03 GMT

This Week I’m Tracking: 11 developments across the sectors shaping our future

Reading Time: 5 minutes of curated insights

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Let’s dive in.

#1: Thea Energy

Description: Thea Energy is a stellarator fusion system developer.

Why Is This Company Interesting? Thea Energy recently raised $100M in venture capital funding. Thea is developing the most economical and scalable fusion energy system using mass-manufacturable magnets and powerful software controls. Complex magnet structures currently used in other fusion designs are prohibitive of success in the field on a wide commercial scale. Thea is aiming for this goal, innovating to create a design that uses mass-produced magnets at a lower overall cost.

#2: Caudal Energy

Description: Caudal Energy is a producer of fin-based tidal energy systems.

Why Is This Company Interesting? Caudal Energy recently raised $5.8M in venture capital funding. As grids decarbonize and demand for renewable energy grows, the world continues to seek innovative solutions. Caudal is providing this solution, developing a fin that harnesses energy from tidal flows. This method captures a constant, highly renewable energy source that is cost-efficient.

#3: Observable Space

Description: Observable Space is a producer of laser communications ground systems.

Why Is This Company Interesting? Observable Space recently raised $90M in venture capital funding. In the 21st century, space-based communications have become a key business asset and an even more crucial component of national security equipment. Observable Space is developing advanced laser communications systems. This money will help them accelerate their partnerships, scale in-space systems, and expand internationally.

#4: Scout Space

Description: Scout Space is a developer of space domain awareness sensors and software.

Why Is This Company Interesting? Scout Space recently raised $18M in venture capital funding. Scout Space provides satellite sensors, mission autonomy software, edge processing, and mission design products for space commercialization providers. Their mission is to enable their customers to perform complex missions and avoid threats by using on-board sensing, processing, and autonomous decision-making.

#5: Moment Energy

Description: Moment Energy is an EV battery repurposing startup.

Why Is This Company Interesting? Moment Energy recently raised $40M in venture capital funding. As the AI revolution and rapid increase in electrification push grids to the breaking point, power is now the primary constraint on human progress. Moment Energy is doing what other battery manufacturers aren’t - activating the millions of EV batteries already on roads today. Repurposing batteries is the short-term solution and is expected to continue to support demand for many years to come.

Oil Price: World-First Floating Wind Technology to Help Power Oil Rigs

China has launched the world’s first floating wind turbine designed to power offshore oil production. China currently accounts for 78% of the new global offshore wind capacity in 2025 and around half of the total global offshore wind capacity. In the meantime, the United States has seen policy setbacks, with offshore wind projects facing cancellations, regulatory freezes, and legal battles.

The New York Times: Oil Firms Knew for Decades of Methane’s Danger to Planet, Documents Suggest

A new set of industry documents revealed that the oil and gas industry has known for decades that its wells were releasing far more methane than companies acknowledged. For years, the industry standpoint was that they “were always unclear what the results of methane were.” However, similar to the oil and gas industry, it seems as though they knew better but didn’t disclose any findings to the public.

The New York Times: Trump’s Plan for Science

The Trump administration is planning to overhaul the country’s approach to scientific research by shifting research funding away from universities toward individual researchers and private companies. The administration is prioritizing artificial intelligence, robotics, and nuclear energy, while reducing the government’s focus on life sciences.

The Wall Street Journal: SpaceX Launches Another Starship, and This Time the Market Is Watching

After a few aborted missions, SpaceX successfully launched the Starship rocket this week. This was the first time it was launched since the IPO. As the Company continues to grow following the influx of IPO funds, successful launches will further drive stock price appreciation.

National Interest: How China Is Winning the Global Intellectual Property Race

Currently, China is strengthening its intellectual property protections, while US leadership is weakening, threatening innovation, competitiveness, and the future of global technology. In a recent national test, Chinese high schoolers were asked why strong intellectual property rights matter. This underscores the priorities and showcases how China is revolutionizing the world of intellectual property.

It’s number 100 today!

Triple digits! That’s almost two full years of consistently publishing The Saturday Morning Newsletter.

Honestly, I’m pretty impressed with myself. When I first began this initiative, I would’ve been shocked if you'd told me I'd be doing it over two years later with this consistency.

It’s always been my drive to never miss a week—and I haven’t once yet. This has translated into consistency and stability in other parts of my life, providing a standing foundation I can continue to build on.

So here’s to the next 900, when we hit quadruple digits.

That’s a wrap on this week’s roundup.

Drew Jackson

Founder & Writer

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Real Options

Drew Jackson — Wed, 22 Jul 2026 14:35:55 GMT

In most circumstances, having more options is preferred to having fewer. How do we continue to create and maximize optionality in regular life?

Reading Time: 7 minutes for full analysis + key takeaways highlighted throughout

Key Question: What are real options, and how can we use them?

My Take: Optionality is the only way to outperform the average over the long run, enabling corporations to achieve large payoffs with limited risk. More importantly, maintaining optionality addresses much of the market’s uncertainty and unpredictability, preventing leaders from viewing market volatility or technological uncertainty as threats to be avoided.

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How To Preserve Optimal Optionality

In July 2025, after applying over a year previously, Shell was granted environmental authorization to drill up to five deep-water wells off South Africa’s west coast.

Oil companies have been pursuing drilling opportunities in the region for years, seeking to tap into the Orange Basin, which extends southwards into the country’s waters. Successful nearby attempts in Namibia spurred attempts to recreate the model in South Africa.

While the payout value is highly relevant to Shell (billions of dollars in profits from oil sales), the true value lies in the real option they possess (the opportunity to drill).

Shell, among many other major oil and gas companies, seeks to pursue multi-year exploration licenses on offshore fields or deep-sea blocks. These licenses provide them the exclusive right to drill and develop in that area.

There are hundreds of these licenses granted every year worldwide; some are never acted on. Why?

The Science of Real Options

Options are most often discussed in a financial context, where they give the holder the option, but not the obligation, to buy or sell at a specified price.

Similarly, there exists a real option for companies that provides management with the right, but not the obligation, to take a specific business initiative.

The scenario described above details Shell’s option to defer investment, also known as a timing option, which allows waiting and gathering more information before committing to an irreversible investment.

For oil companies, exclusive licenses enable them to delay development of the area until they have confirmed the presence of oil and ensured that the net present value of the investment is positive.

If the current price of oil is $60 per barrel and Shell believes it has a good chance of rising to $80 per barrel over the next two years, the optimal decision for its South African investment is to wait. By deferring the investment, they preserve the option value. If prices jump, they exercise the option (to invest and develop). If prices crash, they let the option expire, saving the huge cost of a development that would have lost money.

Besides timing options, the most popular real options are growth options and exit options.

Growth options allow increasing the scale of a project or making follow-on investments if initial results are favorable. If a pharmaceutical company successfully completes an early-stage R&D project, it can exercise the option to invest further and fund the next stage of testing. If the early-stage project fails, the company can easily abandon it without having invested prematurely in the next stage.

Exit options allow a project to be stopped and the assets sold at market value if market conditions or performance are worse than expected. If a manufacturing company builds a new plant with general-purpose, reusable equipment and the product fails, it can exercise the option to abandon by selling the equipment and/or the facility, limiting its losses.

Optionality Is the Solution to Uncertainty + Unpredictability

Businesses are vulnerable to uncertainty and unpredictability throughout every stage of the innovation and disruption cycle.

How should business leaders address the constant uncertainty and unpredictability they encounter?

Cultivating optionality is the solution.

Nassim Taleb writes, “If you start from the premise that we are living in an uncertain world, then optionality is the only way to outperform the average over the long run.”

Taleb’s Antifragile framework is centered on the concept of optionality. He believes an antifragile system, in his opinion, the “best” modern system, is one that benefits, rather than is harmed, from randomness, volatility, and stress.

Optionality creates antifragility. It represents a convex payoff function, meaning the potential upside from the opportunity (Shell choosing to drill and making billions) is far greater than the limited downside (Shell losing a little money on the option rights).

The business strategy of having the right but not the obligation to expand, wait, or abandon a project is a textbook example of a convex payoff: Your losses are capped at the cost of the initial investment, but you retain the option of potentially unlimited gains.

In essence, optionality proactively addresses uncertainty and unpredictability: it allows you to discard the bad outcomes while selecting and amplifying the good ones. It ensures that volatility—the very thing that causes trouble for fragile systems—actually becomes a source of benefit for those with options.

Corporate Venture Capital: A Cheat Code?

Many large corporations have a proprietary generator of real options: corporate venture capital funds (CVC).

In 2009, Google unsuccessfully tried to gain a foothold in the smart home market by launching the PowerMeter service, which it subsequently shut down in 2011. In 2011, still interested in the sector, co-founder Sergey Brin met Nest’s team and viewed a proprietary prototype of their thermostat.

Later that year, Google Ventures joined others in a $55M Series B funding raise for Nest.

Only 3 years later, Google announced its $3.2B acquisition of Nest.

The initial investment gave Google the opportunity to observe Nest’s technology, team, and market fit, providing access to information competitors lacked and significantly reducing the uncertainty of a future acquisition.

Instead of committing massive R&D resources internally (a large, irreversible investment with high risk), corporations can pay a small premium (the CVC investment) to gain a flexible path to future acquisitions.

The Lesson for Business Leaders

Small investments today can yield large benefits in the future.

Managerial flexibility is an asset that must be factored into project valuation. Standard methodologies undervalue projects with high uncertainty and flexibility, causing companies to reject potentially valuable ventures.

Real options give the company an asymmetric payoff structure: limited losses (the initial investment) and potentially unlimited gains (the growth opportunity).

Leaders should stop viewing market volatility or technological uncertainty purely as threats to be avoided and start viewing them as potential sources of strategic advantage to be exploited through staged, flexible investments.

Case Study

Amazon Creates Optionality With Initial Investments

In the early days of operating Amazon, executives experienced how hard and expensive it was to provision and manage the backend technological infrastructure.

Deciding in-house was the best investment; they launched Amazon Web Services (AWS) in 2006.

After significant investments, Amazon built a world-class IT infrastructure to support its e-commerce site.

This created the option to sell any excess capacity as a service to other companies, capturing the upside payoff on the initial investment (by exercising the option).

Over the last two decades, this option has continued to snowball, reaching over $17B in revenue in 2025 (about 17% of Amazon’s total revenue).

The Value of Real Options

In an unpredictable economic landscape, the traditional tools of financial analysis often fall short by treating future outcomes as static, rigid paths. Real options shift the focus from simple forecasting to active strategic management. By framing investments not as single, irreversible decisions but as a series of flexible choices, real options allow organizations to capitalize on upside potential while capping downside exposure.

This framework values the managerial freedom to scale up, defer, or completely abandon a project as new data emerges. Ultimately, it transforms uncertainty from an overarching risk into a new competitive advantage, ensuring that strategic flexibility is prioritized rather than treated as an afterthought.

Furthermore, the true value of real options extends far beyond the world of finance; it drives a profound cultural shift in how organizations approach risk and innovation.

When teams adopt a real options mindset, they move away from the fear of failure and embrace a philosophy of calculated decision trees. This approach encourages companies to deploy small, low-cost strategic bets in highly volatile environments, secure in the knowledge that they can pivot or continue to invest as the dust settles.

In a complex world characterized by nonlinearity and rapid change, embedding this structural flexibility into corporate strategy is what separates fragile enterprises from those that are truly antifragile—turning unpredictability into the very engine that fuels long-term resilience and growth.

That’s a wrap on this deep dive.

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The Saturday Morning Newsletter #99

Drew Jackson — Sat, 18 Jul 2026 15:35:14 GMT

This Week I’m Tracking: 12 developments across the sectors shaping our future

Reading Time: 5 minutes of curated insights

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#1: GPS Renewables

Description: GPS Renewables is a developer of biogas and biofuel.

Why Is This Company Interesting? GPS Renewables recently raised $66.3M in venture capital funding. GPS Renewables is the world’s largest biogas engineering company. They specialize in special microbial solutions for advanced gas purification technologies. Their goal is to create the most efficient and captive biogas technologies on the market. Today, it provides end-to-end solutions for the development, production, and distribution of green fuels, continuing to support the net-zero economic development of India.

#2: Avian

Description: Avian is a developer of thermal monitoring solutions for facilities.

Why Is This Company Interesting? Avian recently raised $2.6M in venture capital funding. Avian is software that monitors critical assets to detect abnormal heat, alerts the right people, and helps operators and maintenance crews act before a fire or damage occurs. Avian functions by monitoring abnormal heat, transitioning it into alerts, responses, and maintenance decisions before critical points happen.

#3: Aboard

Description: Aboard develops electric travel trailers with onboard batteries.

Why Is This Company Interesting? Aboard recently raised $13M in venture capital funding. Aboard is a developer of a hybrid-electric smart travel trailer, combining large-format lithium batteries and vehicle technology to extend off-grid living and long-range adventure. Aboard combines a hybrid-electric powertrain, a range extender, and smart towing technology to create a seamless, powerful experience for outdoor enthusiasts.

#4: Stride

Description: Stride is a financier of rooftop solar installations.

Why Is This Company Interesting? Stride recently raised $15M in venture capital funding. Stride is a Vietnamese-based provider of solar installation payments, enabling homeowners to pay for their solar installations in a flexible and efficient way. This enables reductions in electricity bills, increases in property values, and accelerated environmental sustainability, all through the integration of rooftop solar paid for via monthly payments to Stride. This continues to be a global trend, with many companies helping consumers develop and integrate residential solar panels.

#5: Pacifico Biolabs

Description: Pacifico Biolabs is an alternative meats developer.

Why Is This Company Interesting? Pacifico Biolabs recently raised $7M in venture capital funding. Pacifico is developing the next generation of alternative meats using mycelium fermentation technology. The process uses mycelium, a type of fungus, to develop a meat alternative that captures the taste and texture of traditional meat. I can’t say I’ve done a true taste test here yet, but plant- and alternative-based meats continue to hit the market and will likely gain significant traction over the next few years.

NPR: Iran War Pushing Countries to Switch to Renewables

After 4 months after the start of the Iran war, some countries are not going back to fossil fuel imports in the same way they had in the past. Countries across Asia and Africa are increasing their adoption of solar, batteries, and electric vehicles. In this way, countries have continued to recognize the precarity of oil and natural gas supplies worldwide.

The New York Times: How Companies Have Abandoned Their Climate Goals

Over the last decade, many of the largest companies made big promises about saving the planet. These pledges included stopping pollution, transitioning to renewable energy, and using recyclable materials. However, many of these environmental commitments have evaporated, with some changing the way they measure progress and others postponing their deadlines. How do we continue to hold them accountable?

The New York Times: Climate Change Contributes to Rising Wildfire Deaths

Wildfire smoke is linked to tens of thousands of deaths each year. Scientists estimate climate change is responsible for most of them. In the 1960s, this was around 50,000 deaths a year. Now, in the 2010s, this was closer to 100,000 deaths a year. The number of deaths attributed to climate change increased 12-fold over this period and is expected to continue rising.

The New York Times: China’s Successful Rocket Launch & Catch

This week, the Long March 10B rocket successfully completed its initial flight. Notably, the booster slowed to a stop and maneuvered into the grid of wires that caught it. By snagging the booster as such, it eliminated the need for reusable rockets. China’s space industry, while still trailing that of the U.S., may be closing the gap.

Space Daily: ISS Gravity & Motion Physics

The physics of space often baffles me and goes over my head constantly. However, this article distills it well, explaining that although there is still 90% gravity on the ISS, the astronauts continue to feel weightlessness. I’d recommend a read if you’re interested in the science and physics behind the space dynamics.

Lexology: The Value of IP in Defense Tech

In the 21st century, a large portion of defense advancements are driven by private technology companies, startups, and R&D centers. The development is not purely driven by state-owned defense enterprises. Startups continue to face issues as the technology works, investors are interested, and markets are ready, but the rights to these technologies have not been secured, creating additional risk. Properly protecting these assets is important for future development.

Reddit: Books & Life Smarts

“Book smarts and life smarts are driven by the exact same intelligence, study finds. Information learned through personal life experiences and information learned in a classroom are actually driven by exactly the same underlying mental ability.”

This is such an intriguing concept. Growing up, in our house, this was always called “street smarts” and “book smarts.” It was always assumed that some people had one, some people had another, and some had both.

Turns out they might be cut from the same cloth!

Now, this isn’t exactly what it’s made out to be. In fact, it’s not as ambitious a claim as it seems once you look at the underlying research. See, the researchers found that people who are good at school knowledge are pretty good with general life knowledge. Now, life skills in this case were difficult to measure, more amounting to general life trivia, which these book-smart people were able to answer pretty easily.

How critical is this finding? Given this context, a lot less so, but it does hint at a great field primed for further study. I’d personally love to know whether there are any biological or cognitive differences that lead to one, the other, or both.

That’s a wrap on this week’s roundup.

Drew Jackson

Founder & Writer

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The Saturday Morning Newsletter #98

Drew Jackson — Sat, 11 Jul 2026 15:36:14 GMT

This Week I’m Tracking: 13 developments across the sectors shaping our future

Reading Time: 5 minutes of curated insights

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Let’s dive in.

#1: The Protein Brewery

Description: The Protein Brewery is a producer of fungi-based ingredients.

Why Is This Company Interesting? The Protein Brewery recently raised $18M in venture capital funding. Protein is the new craze currently, being added to all sorts of previously untouched foods. The Protein Brewery is creating the next generation of protein, with prebiotic fibers and complete protein. They have become a category leader in nutrient-dense mycoprotein, offering a versatile whole-food ingredient.

#2: Superlight

Description: Superlight develops electric trucks for middle-mile logistics operators.

Why Is This Company Interesting? Superlight recently raised $21M in venture capital funding. As electric vehicles became increasingly popular, pretty much all manufacturers started with existing designs and adapted them to run on electricity. Superlight worked in the opposite way, designing an electric truck from the ground up, favoring lighter-weight materials, better electronics, and software integrations.

#3: Cuprum Metals

Description: Cuprum Metals is a copper extraction company.

Why Is This Company Interesting? Cuprum Metals recently raised $19.4M in venture capital funding. The mining industry continues to invest in developing more efficient methods to extract copper from copper sulfide ores. These account for around 80% of the world’s copper deposits and are critical to supply chains around the globe. Their technology works by circumventing the passivation layer effect, allowing the direct oxidation of copper.

#4: Omni

Description: Omni is a developer of plant-based pet foods.

Why Is This Company Interesting? Omni recently raised $11M in venture capital funding. Omni is a provider of plant-based pet food products. The pet food industry continues to grow as people expand their pet arsenals globally, a trend that persists post-COVID. Pet food has traditionally been skewed toward meat-based products; however, plant-based products can deliver similar performance. Omni is perfectly optimized to capture this excess demand.

#5: Astral Systems

Description: Astral Systems builds compact fusion reactors.

Why Is This Company Interesting? Astral Systems recently raised $30.3M in venture capital funding. Astral Systems is developing fusion energy to provide medical byproducts. The global healthcare industry lacks a steady supply of these critical minerals, creating a significant market opportunity. Astral Systems intends to capture this demand using revolutionary fusion energy solutions.

Department of Energy: DoE Meets Trump’s Goal, Delivers 3rd Advanced Reactor Criticality

This week, Deployable Energy’s demonstration reactor Unity successfully completed a zero-power field criticality demonstration. This was the third advanced reactor to go critical by the Trump administration’s deadline. These are advanced microreactor designs, proving the next generation of nuclear energy can and will work.

The New York Times: Fighting Fires

A European team is currently trying to stop Europe from burning. They combine information from satellites, weather models, and expert analysis to track fires. This system is critical to Europe’s centralized firefighting strategy. How can countries be prepared for extreme fire situations? Countries have raced to improve their ability to track fires and proactively address them.

Space: Swift Space Telescope Rescue Mission

The Swift Boost mission launched the LINK satellite this week. It will rendezvous with the Swift Observatory and tow it into a stable orbit, saving it from being burned up in the atmosphere. This successful launch came after many attempts were called off due to weather and software issues

The New York Times: Blue Origin To Raise Big Fund

The rocket company founded by Jeff Bezos to compete with SpaceX is beginning to take on external money for the first time, at a $130B+ valuation. The Company is raising $10B, hoping to further accelerate the current space race and missions to the Moon. As SpaceX just raised tons of money in its IPO, there will be a lot of capital deployed in space now.

The New York Times: What We Should Learn From Nordic Happiness

In Norway, there is a minimum wage of around $20/hr, 5 weeks of paid vacation each year, a pension, maternity and paternity leave, and paid leave when a child is sick. A big question is, if American companies can offer terms for these jobs in Norway, why not do so in America?

CBS News: Inventions that Tell the Story of America

There is one invention that many historians believe powered the innovation in the United States over the past centuries: the patent process. This created a powerful incentive system, unreplicated worldwide, that drove lasting change and externalities. This was established in the Constitution and continues to be strengthened today.

Quartz: 25 Ideas from Philosophy That Are More Practical Than They Sound

There are many useful philosophical ideas—although they are traditionally portrayed as being abstract and obtuse. These ideas are actionable, helping you understand life changes, what questions to ask, and what choices you want to make. Would recommend; it’s a solid list.

Reddit: 6 Best Mental Health Advice I Was Ever Given

1. If it still bothers you after 24 hours, speak up within 48 hours.

2. Treat yourself like someone you are responsible for taking care of.

3. A bad day doesn’t mean a bad life.

4. The critical judge in your head does not tell the truth, and it does not have your best interest at heart.

5. Your brain can’t be grateful and anxious at the same time. When anxiety takes hold, look for gratitude.

6. Stop apologizing for expressing your feelings. You’re convincing yourself that you are not worth the space you take up.

I think this list is intriguing. Many people in the comments have issues with the gratitude and anxiety position, but the rest seem to hold up to the general standard.

That’s a wrap on this week’s roundup.

Drew Jackson

Founder & Writer

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The Generation That Can Only Fail Upwards

Drew Jackson — Wed, 08 Jul 2026 14:36:01 GMT

Credit The Sun

The younger generation is in a Sisyphus-like situation, where the harder they work and the more they push, the older generations become increasingly wealthy by comparison. Why?

Reading Time: 8 minutes for full analysis + key takeaways highlighted throughout

Key Question: Why is it that the older generations continue to get wealthier and wealthier, despite younger generations’ efforts?

My Take: Older generations seem to keep succeeding, often largely due to factors present at birth. Despite their failures and flaws, members of this generation continue to receive promotions, accumulate wealth, and make decisions in government. These factors prevent upward mobility for younger generations and lead to long-term negative outcomes as meritocracy-based hierarchies break down, creating a downward spiral.

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Let’s dive in.

Some people can only fail upwards. Others get shot down at the slightest infraction—cripling careers and kneecapping generations.

Michael Ovitz is a perfect example of this in practice. After attending UCLA and bouncing around a bit, Michael and a small team co-founded Creative Artists Agency, which became the world’s leading talent agency. Ovitz leveraged this success to become the President of the Walt Disney Company in October 1995.

The goal was to help CEO Michael Eisner with relationships and corporate growth. His 16-month tenure was marked by cultural friction and power struggles, resulting in his eventual termination. Ovitz was not a good fit for Disney’s corporate culture and struggled to establish authority, leading to a breakdown in his relationship with Eisner.

He was fired in January 1997 after only 14–16 months, walking away with a severance package totaling around $140 million in cash and stock.

In contrast to $100 million-plus exit packages, low-level employees are frequently terminated for minor violations of company policy, often involving nominal monetary values. In 2015, Thomas Smith, a 52-year-old Walmart employee, was fired for redeeming $2 worth of cans he collected while gathering shopping carts in the store’s parking lot.

These cans were left empty in a shopping cart just inside the store’s entrance, which Walmart deemed “company property,” and thus, Smith’s actions were unacceptable. The Walmart representative said Smith was guilty of “gross misconduct” by redeeming them.

While an executive like Ovitz can cost a company millions in lost productivity and still receive a fortune to leave, a worker can lose their entire livelihood over a literal handful of change.

The Generation That Can Only Fail Upwards

In 2026, younger people are reporting lower levels of happiness than their elders. A recent World Happiness Report found that the United States ranked 23rd out of 147 countries. What’s more concerning is the state of happiness for young people aged 15-24. The United States, Canada, Australia, and New Zealand each ranked between 122 and 133 in terms of young people’s happiness.

Why might this be?

There’s a wide variety of factors cited, from the proliferation of smartphones and social media, the consumption of ultra-processed foods, lack of social ties, lack of close family ties, weaker social support networks, and anxiety around the future (work, climate change, affordability of housing, rising cost of education, and political polarization).

It’s this last factor that I want to dive deeper into today, which I think is more important than people realize.

Having been around young people for many years now, I’ve heard a common sentiment: they’re complaining about the situation they’ve been brought into. They often feel as if they have inherited a broken system.

While every generation faces challenges, the current sentiment is that the social contract—in this case, the idea that if you work hard and go to school, you will be rewarded, if not more rewarded than your parents—has been voided. Education is no longer a path to wealth but a prerequisite for entry-level work, often coming with five- or six-figure debt.

In the past, if you were struggling, the advice was “work more hours; work harder.” Today, that often doesn’t prove correct. The gig economy and the passion economy mean that income is often dictated by algorithms rather than a direct boss or employment agreement. In addition, large corporations and private equity firms are buying up single-family homes, making the barrier to entry for homeownership a moving target that outpaces wage growth.

Younger generations have lived through a rapid succession of once-in-a-lifetime events that were once thought to be historical anomalies but have become the norm. The 2008 Financial Crisis hit right as Millennials were entering the workforce, followed by the COVID-19 pandemic as Gen Z entered the workforce.

Credit Gallup

A series of polls by Gallup illustrates this mindset, showing that current and future sentiment (categorized by respondents as “thriving”, “struggling”, or “suffering”) has fluctuated wildly over the last two decades and is currently near a 20-year low.

To be clear, the argument isn’t entirely that previous generations had it easier (they had the Cold War, stagflation, civil unrest, civil rights issues, etc.). Rather, the argument is that the math has changed. Median housing prices in the 1970s and 80s were around 3-4x a householder’s annual income; now, in the 2020s, it’s around 7-10x. Tuition was often fundable with a part-time summer job; now it requires decades of structured payments. There used to be high potential for upward mobility; now wages are stagnant relative to the cost of living.

In many ways, we’ve entered an era in which an older generation can only fail upward.

What does that mean?

Failing upwards refers to a phenomenon where individuals, usually those already in positions of power or established wealth (Boomers control 51% of U.S. wealth, followed by Gen X (26%), the Silent Generation (12%), and then Millennials and Gen Z (10.5% combined)), face few consequences for mistakes and continue to receive promotions, bailouts, or accolades. It’s often born of the belief that the safety net for older generations is much wider and stronger.

For many in older generations, the sheer timing of their lives acted as a massive hedge against personal failure. For example, an older individual could make poor career choices or experience job loss, but if they bought a home in the 70s-90s, the unearned equity in that home often grew faster than their actual salary. Even a “mediocre” financial landscape was bailed out by the massive appreciation of assets, allowing them to retire comfortably, despite mistakes that would bankrupt a member of the younger generation today.

In many corporate and political structures, years of service often outweigh current performance. Older generations usually hold the power to admit who they choose into the inner circle. Because they control the hiring and promotion cycles, they may favor peers with similar backgrounds, creating a cycle where high-level mistakes are handled with lucrative exit packages (termed “golden parachutes”) rather than simple termination.

Credit Politics News / FiveThirtyEight

We see this in government, where the average age of leadership is at a historic high. Younger people see leaders remain in power despite clear policy lapses, cognitive decline, scandals, and more, leading to the perception that once you reach a certain level, you are “too big to fail.”

This is a classic example of the network effect. For these individuals, it’s often not what they know, but who they grew up with. If they fail at Company A (or Government position A), their father’s roommate hires them at Company B to give them a “fresh start.”

To provide another example, the 2008 Financial Crisis is often cited as a case study of failing upwards, serving as a foundational memory for Millennials: socialized losses and privatized gains.

The core of the 2008 crisis was the belief that certain financial institutions were so interconnected that their collapse would trigger a global cascade of failures. The government’s response was an injection of $500B+ into the banking sector. The very institutions that triggered the crisis through subprime mortgage speculation were given a lifeline to prevent bankruptcy.

The primary frustration lay in the government’s asymmetrical assistance. Banks received direct liquidity, whereas the people actually holding the mortgages faced a much harsher reality. As a result, millions of Americans lost their homes due to foreclosure. A bank executive whose firm collapsed due to risky bets could keep their career and wealth, while a family that lost their home faced a credit score destruction that would take a decade to repair.

This feeling that older people fail upwards is magnified by the fact that younger people feel they have zero or very minimal margin for error. For a Gen Z or Millennial, one bad medical bill, one month of unemployment, one car crash, or one poorly chosen degree can lead to decades of debt.

They see older generations who may have struggled with substance issues, job hopping, or financial mismanagement in their youth, but were still able to recover because the cost of living was low enough to enable a second try.

This phenomenon can lead to a significant brain drain, in which talented individuals from less privileged backgrounds stop trying to climb the ladder when they realize the rungs are greased. This is happening in small ways in the United States currently, as younger generations continue to see the once-captivating American Dream as little more than a hopeless catastrophe rather than the captivating trophy it once was.

Additionally, there is a psychological element at play. Younger people primarily see the successful members of the older generation who are still in the workforce or in the news (silent evidence). They don’t see the millions of older individuals who failed and are now struggling in poverty.

Despite this, the median wealth of older households has soared, while that of younger households has remained relatively stagnant or declined—leading to the collective image of a generation that succeeded regardless of individual ability.

When a society experiences a generation that can only fail upward, it erodes the foundational principle of meritocracy. When competence is decoupled from advancement, it creates a systemic crisis among the truly skilled.

Over time, high-potential individuals who lack adequate social safety nets or institutional backing become disillusioned, leading them to either leave the workforce or disengage entirely. This stagnation of talent ensures that leadership roles are occupied by those prioritized for their pedigree or risk aversion rather than their ability to innovate, effectively capping a society’s capacity for growth and problem-solving.

In the long term, this cycle institutionalizes mediocrity and poses a significant threat to social stability. When a specific demographic or class is perceived as immune to failure, it fosters deep-seated resentment and a sense of profound injustice among the rest of the populace.

Society is perceived as a rigged game, undermining trust in public and private institutions. Without the corrective pressure of accountability, organizations become fragile, prone to catastrophic errors, and unable to adapt to external shocks. Ultimately, a society that rewards failure at the top while punishing it at the bottom risks total institutional decay and the eventual collapse of the social contract.

That’s a wrap on this deep dive.

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Next Deep Dive: Real Options - July 22nd, 2026
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The Saturday Morning Newsletter #97

Drew Jackson — Sat, 04 Jul 2026 15:35:01 GMT

This Week I’m Tracking: 14 developments across the sectors shaping our future

Reading Time: 5 minutes of curated insights

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Let’s dive in.

#1: Muon Space

Description: Muon Space is a creator of satellite constellations.

Why Is This Company Interesting? Muon Space recently raised $250M in venture capital funding. Muon Space is a technology stack that enables companies’ satellite constellations. This technology enables faster time-to-orbit and superior constellation performance. Their technology integrates information from the physical sciences, aerospace engineering, software engineering, data science, and industry domain expertise.

#2: Longshot

Description: Longshot is developing kinetic launch systems.

Why Is This Company Interesting? Longshot recently raised $5M in venture capital funding. Rockets are too complex. Longshot is striving to move more of the fuel and systems onto the ground. The infrastructure behind hypersonic testing is costly, scarce, and too low-cadence for the speed modern development requires. Longshot’s goal is to create lower-cost access to orbit for many space commercialization companies.

#3: H2SITE

Description: H2SITE is an industrial hydrogen production and separation company.

Why Is This Company Interesting? H2SITE recently raised $6M in venture capital funding. One of the more underappreciated parts of the clean energy transition is that we will need large volumes of low-carbon hydrogen to decarbonize heavy sectors. H2SITE’s membrane reactor technology allows hydrogen to be separated from certain molecules, filtering out and absorbing hydrogen with a 99%+ purity.

#4: Ubotica

Description: Ubotica enables satellites to analyze Earth observation data onboard.

Why Is This Company Interesting? Ubotica recently raised $11M in venture capital funding. Ubotica is creating solutions for cognitive Earth observation, static surveillance, and cognitive EO. Their solutions help companies and organizations predict where to look, process at the edge, and make decisions quickly and confidently. Cognitive EO predicts risk, decides what to task, and learns from every cycle to create an actionable intelligence master platform.

#5: Melazyme

Description: Melazyme is a precision fermentation startup.

Why Is This Company Interesting? Melazyme recently raised $2M in venture capital funding. Melazyme is creating a domestic source of melanin. In the biotech industry, it has been termed “black gold” for the high cost of extraction and purification. Applications include cosmetics, UV protection, hair colorants, and much more. Their fermentation process produces melanin at 99%+ purity at a scale previously untouched by current solutions on the market.

The Hill: Trump Administration Announces $17.5B in Loans to Support 10 Nuclear Plants

The Trump administration is planning to loan $17.5B to speed up the process of building 10 large-scale nuclear power plants. These loans are expected to go toward the purchase of nuclear plant components that require long lead times to produce, in order to speed up the process once other portions of the design and permitting stages are completed. This continues the rapid expansion of nuclear energy in the United States.

The New York Times: Tracking Dangerous Heat in the U.S.

This week, close to half of the population in the United States lives in areas expected to experience dangerous levels of heat. This equates to over 114 major cities experiencing heat over 103 degrees Fahrenheit. Summer temperatures have become hotter and more extreme in recent decades, with health effects increasingly severe.

The New York Times: U.S. to Overhaul Radiation Safety Rules to Spur Nuclear Expansion

The NRC is proposing to readjust the safety rules for radiation exposure from nuclear. It proposes eliminating the principle that nuclear power operators should keep radiation exposure as low as reasonably achievable. They argued this led to additional costs without a measurable safety benefit, with maximum dose limits set well below levels associated with known health effects.

Space: Rocket Lab Launches US Space Force Mission With Less Than 17 Hours’ Notice

Rocket Lab successfully launched a spacecraft for the U.S. Space Force’s Victus Haze TacRS mission with less than 17 hours’ notice from when they received the notice to launch and lift off. This beat the previously set record by over 10 hours. This continues the trend of rapid responses designed to simulate a real-world orbital threat. How fast can we go?

The New York Times: We Crunched the Data: There’s a Grocery Price Emergency in America

Even well-off families are struggling with high prices and financial stress, despite the tax cuts and wage gains the Trump administration highlights as the “solution” to these problems. These experts argue that this administration isn’t investing in long-term solutions or offering short-term relief. “Respondents split almost evenly among three worries: prices that are too high; prices that change unexpectedly; and the feeling of getting less value for their money from products and services because of shrinkflation, hidden fees or declining quality.”

Pitchbook: 8 Charts: SPACs, From Boom to Bust, and Back Again

SPACs were incredibly popular in 2021 and are beginning to regain their popularity. After the hype, the SEC eventually rolled out disclosure requirements that bar SPAC issuers from advertising forward-looking growth and revenue projections. Now, investors in SPACs will be better protected, as there is less ability to sell them on future growth and speculative excitement.

Your Tango: Smart People With Deep Hearts Almost Always Have The Same Experience In Common

Most people assume that life is automatically easier for someone who is smart. This isn’t exactly the case. Highly intelligent people often struggle with feeling misunderstood and not fitting in with traditional societal norms. Dostoevsky wrote, “Pain and suffering are always inevitable for a large intelligence and a deep heart.”

The New York Times: What Does It All Mean? Once a Year, French Students Try to Explain.

French students were debating the following philosophical question this year: Can one be happy when others are not? And, do we have control of our words? Philosophy students take a written philosophy test each year and must answer one of the questions above. French blogs simultaneously invite actual philosophers to discuss their own responses to the questions.

‘Merica!

It’s Independence Day today in the United States of America. For those of you celebrating today, thank you for spending a bit of your day off with us here.

For those of you not celebrating, hopefully you’ll also make a bit of time this week to do something fun, take a break, do a cool activity, or have some time to yourself. Everyone needs a good break every now and then.

Freedom is an interesting concept to consider. It’s a classic “with great power comes great responsibility.” We should all be pushing for more and more freedoms, but know that the cost is that we must be responsible with how we use them.

In most cases, freedom is a great thing and should be pursued at all costs. In other cases, additional freedom is detrimental to the current status quo.

Today, be mindful of where you are, take breaks from your everyday life, and reflect on the freedoms you have and where there may still be room to expand.

That’s a wrap on this week’s roundup.

Drew Jackson

Founder & Writer

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The Saturday Morning Newsletter #96

Drew Jackson — Sat, 27 Jun 2026 15:35:58 GMT

This Week I’m Tracking: 12 developments across the sectors shaping our future

Reading Time: 5 minutes of curated insights

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#1: Aston Power

Description: Aston Power is an energy provider for data centers.

Why Is This Company Interesting? Aston Power recently raised $20M in venture capital funding. Aston Power is developing new power sources and capabilities to serve datacenters, which is especially relevant given new growth. As utility timelines continue to stretch out years, if not decades, datacenters will need more immediate growth drivers. Powered by renewable energy, Aston Power provides a perfect solution to the current issues.

#2: Katalyst Space Technologies

Description: Katalyst Space Technologies is a developer of satellite servicing spacecraft.

Why Is This Company Interesting? Katalyst Space Technologies recently raised $12M in venture capital funding. Katalyst Space Technologies is introducing a multi-mission-capable robotic spacecraft capable of docking with other satellites, maneuvering in orbit, and performing robotic servicing. These devices deliver hardware payloads to upgrade in-orbit machinery quickly. They are currently validating their technologies, enabling future de-risking of missions.

#3: Galvany Energy

Description: Galvany Energy is a heat pump installer.

Why Is This Company Interesting? Galvany Energy recently raised $10M in venture capital funding. Galvany Energy is a developer of a system and methodology for deploying and operating heat pumps in residential buildings. They have the Galvany Cube, a modular heat pump system, and Galvany Fusion, an energy management system that connects heat pumps to drive efficiencies and integration with legacy technologies.

#4: Tomorrow

Description: Tomorrow is a weather intelligence startup.

Why Is This Company Interesting? Tomorrow recently raised $35M in venture capital funding. Tomorrow is the only space-based, AI-powered weather intelligence platform. They deliver cloud-penetrating analysis and data that competitors can’t replicate. They have solutions for every industry, primarily targeting insurance, manufacturing, aviation, energy, and transportation.

#5: Stilta

Description: Stilta is an agentic AI platform for patents.

Why Is This Company Interesting? Stilts recently raised $10.5M in venture capital funding. Stilta is an agentic AI platform targeted at the patent and intellectual property industry. It provides more evidence on prior art, cites sources, and draws on much more data than other patent LLM providers. They provide modules for patent infringement, attorney workflows, patent creation, and more.

NAM: DOE Unveils a Roadmap for Scalable Nuclear Fusion

DOE’s fusion strategy outlines the infrastructure needed to commercialize the technology in the next 10 years and sets timelines for milestones. It created a new Office of Fusion. What it doesn’t do is commit specific funding, which is compounded by the Trump administration’s 2027 budget, cutting $50M in fusion-related funds. It’s a confusing message where they want to push the technology forward while simultaneously cutting funding.

The New York Times: Is Climate Change Fueling Europe’s Heat Wave? Yes, Research Says.

Climate change is worsening Europe’s current heat wave. All of the extra heat on the Earth’s surface pushes summer weather patterns to deliver hotter days and nights than in recent history. This causes ripple effects across all aspects of life, including the economy, death rates, indoor and outdoor activities, shopping, and much more.

The New York Times: Energy Department Unveils $17.5B Plan to Kick-Start New Nuclear Plants

This week, the Trump administration announced a plan for up to $17.5B in low-cost loans to help electric utilities purchase expensive components for up to 10 new nuclear reactors developed by Westinghouse. These utilities would still need to put up hundreds of millions of their own money to unlock this financing, but the opportunities are on the table.

JD Supra: Intellectual Property in the 21st Century

In recent years, intellectual property has become one of the central pillars of the global economy. Business value is increasingly driven by intangible assets like brands, innovation, patents, technology, proprietary data, and more. Intellectual property is increasingly a central area of competition between businesses and countries as leadership in key technologies drives GDP and enterprise values across the board.

Nautilus: How to Feel at Home in the Modern World

Home-making and belonging are central features of all life forms, argues this philosopher. Humans try their whole lives to understand who they are and how they fit. The home is the solution—where we all start from. As you grow up, you continue to go out and explore. Unfortunately, many aspects of modern life are preventing or discouraging homecoming, which affects our ability to sense who we are, how we fit, and what all this means.

Big Think: A Philosopher’s 5 Tips on How to Become the Most Likable Person

David Hume famously argued that being well-liked is important not only because it feels good but because it reduces social friction. His 5 tips for becoming likable are below:

The mutual sacrifice of ego
Take things lightly
Let others shine
The Scottish Confucian
Wash your clothes now and again

I was reading an article this week about the idea of linear scientific progress.

For instance, a person with this view would say something along the lines of “science will eventually explain everything. It’s just a matter of time.”

And honestly, there are some solid reasons to agree with this mindset. Science is a field that responds to and actively seeks new evidence. And, in the vast majority of circumstances, what is indicated by new evidence is closer to the real truth.

If you think about it in math terms, we’re on a plane of diminishing marginal returns and/or linear progress towards the eventuality wherein science explains everything.

How close are we? I don’t think we truly know at any given time. 500 years ago, we would have said we were close. Now we’ve seen how far we were. There’s probably so much further to go.

That’s a wrap on this week’s roundup.

Drew Jackson

Founder & Writer

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Fluctuat Nec Mergitur

Drew Jackson — Wed, 24 Jun 2026 14:35:58 GMT

Credit FeelTheArt

Fluctuat Nec Mergitur: The official Latin motto of Paris, translating to “She is tossed by the waves, but does not sink”.

Reading Time: 30 minutes for full analysis + key takeaways highlighted throughout

Key Question: Given the world’s fragilities and complex dynamics leading to volatility and failure, is it possible to resist these forces productively?

My Take: Resilience is an adequate methodology for insulating against the instability present throughout the world; however, it lacks key elements, making it a faulty stand-alone long-term solution. Resilience is often reactive, and its effects can wear down over time due to a lack of true adaptation to incoming stimuli. In many situations, robustness is enough, but some call for more advanced antifragile characteristics.

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A Giant Oak stood near a brook in which grew some slender Reeds. When the wind blew, the great Oak stood proudly upright with its hundred arms uplifted to the sky. But the Reeds bowed low in the wind and sang a sad and mournful song.

“You have reason to complain,” said the Oak. “The slightest breeze that ruffles the surface of the water makes you bow your heads, while I, the mighty Oak, stand upright and firm before the howling tempest.”

“Do not worry about us,” replied the Reeds. “The winds do not harm us. We bow before them and so we do not break. You, in all your pride and strength, have so far resisted their blows. But the end is coming.”

As the Reeds spoke, a great hurricane rushed out of the north. The Oak stood proudly and fought against the storm, while the yielding Reeds bowed low. The wind redoubled in fury, and all at once the great tree fell, torn up by the roots, and lay among the pitying Reeds.

- Aesop Fable (Unknown)

The future actively shapes our lives. Historically, the way humans have thought about and approached the future has been flawed. Futures Thinking is a modern approach to the future, rethinking how humans think about and approach the future.

Rather than trying to predict specific future events, Futures Thinking encourages a shift in how we conceptualize the future itself—drawing on diverse cultural perspectives, foundational characteristics of the world, and deep reviews of modern literature, and recognizing that our present actions and narratives significantly influence future outcomes. Since most major life decisions are essentially bets on the future, adopting this framework could transform how we approach education, careers, relationships, and other essential aspects of life.

Today, our discussion focuses on how our world reacts to the natural stressors and volatility present, specifically on Futures Thinking Tenet #8: Robust and resilient systems absorb shocks through redundancy and durability, though they don’t necessarily improve from them.

Credit Wikipedia

RESILIENCE IS OUR MANUAL FOR SURVIVAL - TAIWAN BUILDINGS SHOULD HAVE BEEN DESIGNED BETTER - SUSPENSION AND SELF-HEALING CUTTING MATS ARE ALL AROUND US

The world is full of fragile systems, characterized by the fact that they suffer more downside than upside from randomness, shocks, and volatility. Naturally, the world contains a few fragile systems, however human behavior has exponentially increased these fragilities. Humans often inadvertently create fragility by over-optimizing systems for efficiency or by attempting to eliminate natural stressors, which prevents the system from learning to handle adversity.

Eventually, these fragilities, when impacted by the natural volatilities and stressors of the world (Tenet #2), lead to collapse and failures (Tenet #3). Given this, how can we mitigate the effects of these fragilities, or prevent them from forming in the first place?

Broadly, when volatilities and stressors are applied to something, one of three outcomes occurs. The first, characterized by fragilities (Tenet #7), is that the object fails or collapses (i.e., it worsens under stressors). The second, characterized by resistance and robustness (Tenet #8), is that the object remains relatively the same (i.e., it doesn’t change or isn’t majorly affected because of the stressors). The third, characterized by antifragility (Tenet #9), is that the object gets stronger (i.e., it ends up better off because of the stressors).

Often, our first reaction when encountering a stressor is to resist. We push back on our parents when they lower our curfew; we rebel, we march and protest; the rubber band snaps back into place.

Resilience describes something’s ability to absorb shock and recover without being destroyed. At its core, it’s the concept of survival and persistence in a variable context. Things that are resilient aren’t harmed or helped by volatility and disorder. Critically, resilience isn’t about the speed of the bounce back (or lack thereof) so much as the ability to get back.

In other words, resilience is the capacity for a system to undergo some change without crossing a critical threshold into a different system regime. In practice, a system’s resilience can be measured by the distance from these thresholds and the speed at which the system approaches them, given stressors and volatility.

Professor Johan Rockstrom, Director of the Potsdam Institute for Climate Impact Research, states, “Resilience is not a buzzword — it’s the operating manual for our survival on planet earth.”

In 2016, as families and friends celebrated the Lunar New Year holiday, a massive 6.4 magnitude earthquake rocked southern Taiwan. It and its 68 aftershocks resulted in 117 deaths and are classified as the deadliest earthquake in Taiwan since 1999. Interestingly, only one key factor is the culprit for this major death toll.

Taiwan is located on the Ring of Fire, an infamous region that’s highly susceptible to earthquakes caused by tectonic plate movement. However, the 2016 earthquake was particularly destructive and deadly. Why?

Unfortunately, the death toll was highly concentrated among residents of the Weiguan Jinlong building in Tainan City, claiming 115 victims during its collapse. This is not the first, and won’t be the last, example of building collapses from earthquakes, leading to outsized death tolls. In fact, the majority of earthquake deaths are due to building damage.

As the world continues to industrialize, buildings grow taller and more dangerous to residents and nearby communities during natural disasters. Thus, the need for earthquake-resistant building designs was created.

While no structure can be entirely resistant to earthquake damage, the goal of earthquake engineering is to create structures that react better during earthquakes than conventional designs. Current innovations include base isolation and structural vibration control technologies.

These structures aren’t gaining from earthquakes, but they aren’t dramatically worse off—they’re robust.

As the world continues to change, we should promote resilience and robustness to survive. We don’t know what disruptions will come, but we know there will be disruptions.

Examples of resilience are all around us. For instance, in off-roading (and even normal driving), conditions are often unknown; you may encounter sticks, rocks, trees, animals, and many other things. Yet vehicles are designed to be resilient to these potential stressors. Ironically, these resilient devices are called shock absorbers.

In arts and crafts, genius engineers have created a “self-healing cutting mat.” They’re made of separate tiny plastic or rubber blocks pressed tightly together. When a razor blade slices across the surface, it doesn’t actually cut the material; instead, it just forces the pieces apart. Once the blade passes, the material’s pressure forces it back together, leaving the surface flat and seamless.

As Simon Ostergaard writes for the Copenhagen Institution for Futures Studies, “Building resilient societies requires preparing for a range of plausible futures rather than optimizing for a single version of it. This makes foresight and resilience an ideal match.” Brian Walker and David Salt explain this distinction in their book, Resilience Thinking: Sustaining Ecosystems and People in a Changing World:

When managing for resilience, you need to consider two types of resilience: resilience to disturbances that you are aware of (specified resilience), and resilience to disturbances that you haven’t even thought of (general resilience).

In either case, resilience is a passive, reactive condition. The defining characteristic of resilience is the ability to return to the status quo after a disturbance. If a resilient bridge is hit by strong winds, it may sway, but its goal is to return to its original, static state. It does not proactively adapt to be less affected by the next gust of wind (this would be an example of antifragility); it merely withstands the stressor.

Due to these factors, resilience is an adequate solution to most of the fragilities present in life.

Credit Southern Living

A REFRESHER FOR THOSE WHO SLEPT THROUGH BIOLOGY CLASS - YOU SHOULD SEND CHRISTMAS CARDS TO STRANGERS - TRUST IS THE BRIDGE BETWEEN THE PRESENT AND THE FUTURE

The human body is a fascinating example of a robust and resilient system. It showcases many facets and qualities of robust systems, carefully crafted over millennia by evolution. On a basic level, the body operates through a process called homeostasis, in which balancing feedback loops maintain a stable internal environment throughout changing external conditions. These loops detect deviations from “normal” and trigger a response to restore the system to equilibrium.

If your core temperature rises, the system triggers vasodilation and sweating. If it drops, it triggers shivering and vasoconstriction. In other parts of your body, there are constant adjustments of insulin and glucagon levels to keep blood sugar within a narrow, functional range, despite wildly varying nutritional intake.

The human body is built with extensive space capacity and redundancies. We have two kidneys, two lungs, and two eyes; we can maintain near-peak performance even if one of these components is significantly compromised. In the event of a minor arterial blockage, the body can often reroute blood through smaller, alternative vessels to ensure proper oxygenation.

In many ways, humans have been carefully curated to be extremely resilient systems. This enables survival from the extreme cold of Antarctica to the sweltering heat of Death Valley. It allowed us to transition from primarily hunter-gatherers to an agrarian society to an urbanized population. It ensures we can thrive when we travel to different places, even when it causes immediate disruption—our bodies take it in stride.

Resilient systems, as demonstrated by the examples above, are characterized by various attributes that enable, ensure, and expand their ability to remain robust amid volatility. These include redundancies and overcompensation; durability; contingencies, buffers, and room for error; stabilizing feedback loops, self-correction mechanisms, and thresholds; cooperation, reciprocity, and social capital; and diversity. To enhance the future lifespan of organisms, organizations, or other systems, these characteristics should be sought after and carefully fostered. Without them, it almost always results in failure and collapse, since most things are naturally fragile.

In addition to the kidneys, lungs, and eyes, many other systems are designed with redundancies to ensure robustness. For instance, modern aircraft such as the Boeing 777 and the Airbus A380 often use three independent flight computers. During operations, they all perform the same calculations. If one disagrees with the other two, the majority party wins, and the outlier is ignored. These planes generally operate with two engines and are certified for ETOPS (extended-range twin-engine operational performance standards). In the event of a single-engine failure, these planes are designed to fly for several hours on a single engine.

A system with multiple pathways and redundancies is more stable and less vulnerable to shocks than a single-point system with uniformity. As showcased throughout nature and many other systems, layers of redundancy are central to risk management.

In the logistics and supply chain management profession, a common practice is maintaining a safety stock. This “just-in-case” inventory is a form of redundancy, specifically through overcompensation. It protects a company against sudden spikes in demand or shipping delays (like a ship getting stuck in the Suez Canal).

A system that overcompensates builds in extra capacity and strength in anticipation of a worse outcome. This extra capacity or strength may become useful as the system operates, even in the absence of volatility or hazard.

However, a main argument against redundancy is that it’s usually unnecessary. Redundancy is often a black box, a great example of “if you have it, you won’t need it, and if you don’t have it, you will.” Not every person needs two kidneys, not every business needs so much excess inventory, not every family needs food storage—for many, if they had only one kidney, just enough inventory, or only got food when they absolutely needed it, they probably would have survived. Redundancy seems like a waste if nothing negative happens, but if it does, the ROI is incredible.

Many popular consumer companies are built on the promise of extreme durability. This durability is often the result of over-engineering—using materials that far exceed the minimum requirements for the task. For example, a cast-iron skillet is nearly indestructible. It can be dropped, overheated, brought on all sorts of adventures, and left to rust, yet it can easily be restored to a functional state.

While resilience is about a system’s ability to recover from the impacts of volatility, durability is about a system’s ability to resist wear, pressure, or damage over a long period without requiring significant change or repair.

Perhaps the most famous example of structural durability is Roman concrete. Modern concrete is a mix of Portland cement and aggregates such as sand or crushed stone. In saltwater, concrete rapidly degrades, with an average lifespan of around 50 years. In contrast, Roman concrete was made using volcanic ash, lime, and seawater. When exposed to seawater, lime reacts to form aluminous tobermorite. This has enabled Roman piers and breakwaters to have survived for over 2,000 years.

Continuing our water theme, imagine the difference between a large body of water and a small river. You hear about catastrophic river floods much more often than you do about catastrophic lake floods. Why?

Every system has stocks, which are amounts of buffer built into it in the form of working inputs. In finance, this would be a business’s working capital; in a hospital, this would be the number of open beds.

Stocks change in two ways: flows in (additions to the stock) and flows out (subtractions from the stock). Stocks take time to change because flows take time to flow; often, stocks change slowly. In this way, they act as delays, lags, and buffers, providing room for error in systems.

This time component provides a source of stability throughout the system. Mountains built over years rarely crumble all at once. A pianist doesn’t forget their skills immediately after stopping playing. Donella Meadows explains this interaction in great depth in her book Thinking in Systems:

The presence of stocks allows inflows and outflows to be independent of each other and temporarily out of balance with each other. It would be hard to run an oil company if gasoline had to be produced at the refinery at exactly the rate the cars were burning it. It isn’t feasible to harvest a forest at the precise rate at which the trees are growing. Gasoline in storage tanks and wood in the forest are both stocks that permit life to proceed with some certainty, continuity, and predictability, even though flows vary in the short term.

Returning to our example of lakes and rivers, you hear about more river floods than lake floods because lakes have a much larger stock, increasing the capacity to absorb a bigger inflow. This principle holds for most systems: you can increasingly stabilize a system by increasing the capacity of a stock (buffer).

Maintaining an absorptive capacity allows systems to endure shocks without systemic collapse. Farmers seek to build large water towers to provide a buffer from droughts, famines, or other unexpected events.

Likely, you know people who live with no margin for error. What happens if the paycheck is a day late? What happens if they get in a massive car accident? What if they need to pay more in taxes? Preparing for contingencies means preparing for scenarios that might not happen.

Be cautious! Bigger is not always better. If the buffer becomes too big, the system becomes inflexible, losing more than it gains from the added buffer. As noted in Goldilocks and the Three Bears, there is a “just right” level of stocks, buffers, contingencies, and room for error where you are adequately protected without overprotecting at the expense of flexibility and optionality.

In many systems, the system of stocks, inflows, and outflows creates a feedback loop in which inflows and outflows are carefully controlled to maintain a sustainable stock level.

Balancing feedback loops are a consistent characteristic of systems. Nature evolves them, and humans manually introduce them as controls to keep stocks within safe bounds. In ecosystems, multiple species hold each other in check (via the food pyramid), migrating and moving around, reproducing and dying in response to external conditions (predators, weather, food availability, etc.).

In cars, the cruise control system acts as a balancing feedback loop, always striving to keep a constant speed regardless of the incline, road conditions, or any other variables. This enables unstable processes to be stabilized and reduces sensitivity to variations.

Resilience is introduced into a system when one or more of these feedback loops exist, operating through different inputs/outputs and at different time scales, providing durability and redundancy.

Each system has a threshold, or system of thresholds, at which it operates at an optimal level. The role of balancing feedback loops is to keep the system below or between threshold levels. Donella Meadows provides important detail here, “Resilient systems can be very dynamic. Short-term oscillations, or periodic outbreaks, or long cycles of succession, climax, and collapse may in fact be the normal condition, which resilience acts to restore!”

In many scenarios, a system’s resilience may be difficult to see until you exceed its limits and cross a threshold.

In 1976, researchers Phillip Kunz and Michael Woolcott picked 578 complete strangers from the Chicago city directory and sent them Christmas cards. Some people got expensive, high-quality cards, while others got plain, white cards with “Merry Christmas” handwritten on the front. Some were signed “Dr. and Mrs. Kunz,” while others were signed “Phil and Joyce.” Their goal was to test which factors would affect response rates.

The outcomes are astonishing. Six of the strangers wrote back, asking how they were connected. But more importantly, 117 recipients (20%) responded, ranging from their own holiday cards to pictures of children and pets to long letters detailing life updates. Despite being complete strangers, these 20% felt the need to respond in kind, showcasing a powerful human characteristic: reciprocity.

Trust is a unique bond that connects humans across the globe. In any complex system, trust is the bridge between an uncertain present and an unknown future. Trust is a qualitative variable, but it is critical to the protection and cultivation of social capital.

In low-trust environments, every interaction carries a heavy tax of time and money spent on lawyers, contracts, and oversight. In high-trust systems, decisions are made in a nonlinear way: small amounts of effort yield massive, coordinated outputs because participants don’t have to protect against downside risk from peers.

Social capital isn’t just a “feel-good” metric; it is a functional infrastructure that dictates how a system survives volatility. Strong communities, trust, and shared norms act as a buffer against systemic shocks.

On a smaller level, interpersonal trust between individuals who know each other (families, small teams, friends) provides immediate physical and emotional support during a crisis. Collectively, trust in the “rules of the game” and larger organizations helps facilitate large-scale coordination and resource movement.

During a sudden crisis, formal rules often fail because they weren’t designed for that specific scenario. A high-trust community can ignore the rules and rely on shared values to improvise a solution. In this context, trust is an accumulated history of reliability.

When trust breaks down, systems enter a feedback loop of fragility: uncertainty leads to defensive maneuvers (hoarding, litigation) that reduce cooperation, making the system more vulnerable to the next shock, which compounds the uncertainty and begins the cycle again.

Cooperation and reciprocity are integral parts of fostering trust and social capital—keys to maintaining resilience and robustness in a system.

For example, one of the fascinating aspects of growing up in a smaller, tight-knit community is the concept of shared neighborhood resources and supplies. These enable communities to flexibly meet the occasional outsized demand for rare, one-time goods in a “I’ll scratch your back, you scratch mine” relationship.

When you’re halfway through making chocolate chip cookies and realize you’re a cup of flour short, it’s easier to run over to your neighbor’s house to “borrow” a cup instead of heading out to the store. In return, you’ll send over some completed cookies when done, and society is better off.

We grew up in a home with extremely high ceilings. The original designer, while crafting a decent home, created one flaw: the smoke alarms are at the very top of the ceiling, completely out of reach. Our family, naturally, didn’t invest in an incredibly tall ladder, so when (inevitably) the smoke alarm batteries ran out, and the blaring began, we ran over to the neighbor’s house to borrow their ladder. We relied on this cooperation for occasional tasks rather than investing in our own tall ladder.

These relationships require a high degree of trust and the understanding that if you borrow a ladder today, you’ll be expected to lend your pressure washer tomorrow.

Other animal communities experience similar interactions of cooperation and reciprocity. For animals that hunt, some days they may find more food than they can reasonably eat, while others they won’t find anything for weeks. In these communities, animals can trade their surplus for a loan on the day they need it.

Vampire bats will regurgitate excess blood into the mouth of an unsuccessful and unrelated peer. On the surface, this violates the pure spirit of competition. However, upon further inspection, we realize this system works perfectly to buffer against occasional shocks: these bats keep track of who has helped them in the past, and, in return, they primarily share with those bats—thereby continuing to build interpersonal trust while fostering resilience and robustness.

When it comes to resilience and robustness, a critical factor is that the unique components of each system respond differently to volatility. In relation to a system’s potential resilience, there are two key types of diversity: functional and response.

Functional diversity is the number of distinct groups in a system. For an ecosystem, this includes the different types of bugs, animals, trees, water, soil, wind, rain, heat, and many other complexly interactive variables. Each of these functional groups will exhibit a unique reaction to a shock. This range of unique responses available within a system is known as response diversity.

Resilience increases by increasing the number of functional groups within a system, thereby expanding the range of available responses.

The more variations available to respond to a shock, the greater the ability to absorb the shock resiliently. A lack of diversity reduces a system’s capacity to respond to volatility. Increasing simplification, efficiency, and human interventions often decrease a system’s natural diversity.

For centuries, without fully understanding these principles, farmers have been practicing functional and response diversity in their agricultural practices. In a practice known as polyculture, farmers plant different species together, fostering functional diversity. This works because different plants work at different levels; tall plants provide shade, deep-rooted plants pull nutrients from lower levels, and ground-cover plants prevent evaporation. If a drought hits, the deep-rooted plants survive. If a flood hits, the water-loving plants thrive. In any case, the system’s total output remains relatively stable even if individual components fail.

In contrast, in the 19th and 20th centuries, modern farmers have overturned this tradition, favoring monoculture. In monoculture, only one crop is planted in a field. This is easier for farmers—you can use the same machinery, the same fertilizer, and the same harvest timing—driving down costs and increasing short-term yields. Because there is no response diversity, a single shock (e.g., a specific pest, a mid-summer frost, or a price drop in that crop) affects 100% of the system simultaneously.

Each system will exhibit varying levels of resilience and robustness, dependent on how many of the above traits have been incorporated and fostered. In an ideal world, the perfectly robust system would exhibit all of them, drawing upon vast redundancies, contingencies, and buffers driven by stabilizing feedback loops underpinned by cooperation, reciprocity, and vast diversity.

Credit The Brand Hopper

OIL COMPANIES ARE THE BEST AT PLANNING - FINDING AND LOSING THE PLOT - DESPITE LEADERSHIP’S BEST EFFORTS, YOU CAN’T LEARN THIS IN A WORKSHOP

“To thrive in a complex and uncertain world is to engage meaningfully with what is ‘not yet’, ‘not here’, even ‘nowhere’,” stated Glaveneu, Tromp, and de Saint Laurent.

In 1948, a group of researchers left the Douglas Aircraft Company and founded a new, independent organization (RAND) to provide objective analysis of the societal, cultural, and economic challenges facing the world following World War II. RAND developed mathematical models and analytics to understand the dynamics of the war and post-war world.

Early on, the young scientist and futurist Herman Kahn joined the RAND team. He quickly became a proponent of telling brief stories to describe the many possible outcomes of an event, such as nuclear weapons development during the Cold War. He combined mathematics, systems theory, and game theory to analyze current and future events.

This approach was bolstered by the development of early IBM computers, capable of running thousands of versions of an eventuality. Over the next decade, Khan continued refining his approach, issuing dozens of forecasts for key events and adding complexity to his methodologies.

It’s estimated this method would have become siloed or otherwise antiquated had two key executives at Shell, the oil conglomerate, not taken an interest. Pierre Wack and Ted Newland introduced these techniques at Shell in the 1970s, beginning with a 1971 experiment that used various scenario-planning methods to consider the future of the oil market. The team produced four key scenarios:

A future free from significant surprises and disruptions, with large-scale growth and prosperity
A future with high taxation, low economic growth, and a depressed oil market
A future with a slowdown in international trade, increased economic nationalism, and the introduction of protective tariffs
A future with increasing demands for energy, however, coal and nuclear energy were demanded at the expense of oil

Within each scenario, Shell and its competitors would each behave differently, leading to varied outcomes. These scenarios allowed Shell’s leadership to explore new strategic angles and better understand present-day threats, opportunities, and outcomes. This approach was so successful that Shell recommended it throughout its entire organization in 1973 (only 2 years later).

Peter Schwartz, in his 1996 book The Art of the Long View: Planning for the Future in an Uncertain World, describes his experience after joining Shell in 1982 to lead its scenario-planning department.

At a basic level, scenario planning is a strategic method for managing the future by creating multiple plausible narratives of how it may evolve.

Scenario work isn’t about predicting the future; it’s about generating a large number of potential options, broadening your imagination, and developing multiple perspectives about the future. As Schwartz writes, “An old Arab proverb says that, ‘he who predicts the future lies even if he tells the truth.’ Rather, scenarios are vehicles for helping people learn. Unlike traditional business forecasting or market research, they present alternative images of the future; they do not merely extrapolate the trends of the present.”

Scenario planning is similar to piloting a flight simulator, providing decision-makers with the opportunity to inhabit multiple futures. It forces teams to develop “if-then” playbooks to ensure preparedness. If a specific scenario begins the manifest, the organization has already rehearsed its response, reducing panic and lag time. Schwartz writes, “It is this ability to act with a knowledgeable sense of risk and reward that separates both the business executive and the wise individual from a bureaucrat or a gambler.”

In contrast to Shell’s management structure at the time, scenario planning transformed strategy from a rigid affair to a dynamic process. Instead of a single 5-year plan, scenario planning acts as a wind tunnel, where strategies are tested against different environments to see if they hold up.

As Schwartz describes it, effective scenario analysis begins by uncovering our personal decision agendas, as discussed in Tenets #5 and #6. Each of us has a mindset, whether we know it or not, that shapes our decisions about the future. The object is to make this mindset visible so you can factor this in during the scenario creation process.

The best scenarios use the most information in their creation. As such, the next critical element in scenario development is gathering and analyzing key variables, including driving forces, predetermined elements, and critical uncertainties.

After each person on the scenario-building team has completed their individual research, they meet to discuss the driving forces—the forces that influence the outcome of events—each sees as significant and those they deem insignificant. Schwartz offers the following basic categories for initial review: society, technology, economics, politics, and environment. He continues, providing an expert analysis of the value of driving forces:

As individuals, or even as companies, we have little control over driving forces. Our leverage for dealing with them comes from recognizing them, and understanding their effect.

Predetermined elements are those that will come to pass, regardless of which scenario elements are realized. In other words, these elements apply to each and every eventuality. Schwartz again suggests several useful strategies for looking for predetermined elements:

Slow-Changing Phenomena: Certain shifts occur on such a massive, ponderous scale that their trajectories are visible decades in advance. This includes the gradual aging of a population, the decades-long lifespan of physical infrastructure such as dams and highways, and the multi-generational timeline required to develop new natural resource reserves.
Constrained Situations: Some entities are compelled to exhibit specific behaviors by their fundamental circumstances. For example, Singapore, being a tiny island nation, is physically constrained by clean water needs. It must invest heavily in desalination and recycled water, and maintain diplomatic stability with Malaysia to secure its water supply.
In the Pipeline: These are events that have already been set in motion and are simply awaiting maturation. A classic example is demographics: because the teenagers of the next decade are already born, their future numbers are highly predictable rather than a guess, with only minor variables like death rates left to account for.
Inevitable Collisions: This occurs when two opposing, immovable forces meet, making a specific outcome unavoidable. In politics, if a public demands high levels of government services but simultaneously refuses to pay higher taxes, a permanent budget deficit is not a “possibility”—it is a logical inevitability created by that collision of values.

While predetermined elements are the certainties you build scenarios on, critical uncertainties are the branching points that create different scenarios. These are the variables that could go in two or more radically different directions and cannot be predicted.

The combination of driving forces, predetermined elements, and critical uncertainties creates the structure with which we can begin to explore the future. Without considering all three elements, your scenario planning methodology is flawed.

If you only look at driving forces, you just have a list of trends with no sense of where they end. If you only look at predetermined elements, you are too rigid and will be blindsided by change. If you only look at critical uncertainties, you’ll be overwhelmed by possibilities and unable to make a decision.

A scenario explores a combination of these elements, described along a plotline(s). The goal of the scenario planning team is to examine converging forces and understand how and why they might intersect. Schwartz details eight common plots that he encountered repeatedly during his analysis:

Winners and Losers: This assumes the world is a finite set of resources. As my slice gets bigger, yours must get smaller. This plot is conflict-driven, protectionist, and competitive.
Challenge and Response: A sudden crisis hits (Tenet #3), forcing a response (fragility (Tenet #7), resilience (Tenet #8), or antifragility (Tenet #9).
Evolution: Change is constant, but incredibly slow. If you aren’t paying attention, you’ll miss it; if you are, you can easily stay ahead of it. This plot is predictable, steady, and manageable.
Revolution: A sudden, massive shift that makes the old rules obsolete. This plot isn’t about the before, but the new world that exists after the smoke clears.
Cycles: History doesn’t repeat, but it rhymes. This plot is seasonal, rhythmic, and inevitable.
Infinite Possibility: The opposite of winners and losers. Technology, innovation, and other factors expand the pie so everyone can have more. This plot is optimistic, high-growth, and collaborative.
The Lone Ranger: The classic David vs. Goliath, where a small player challenges a massive, stagnant system. This plot is maverick, disruptive, and hero-focused.
My Generation: Culture is driven by the collective values of a massive age cohort. As that group moves through life, their specific tastes and morals reshape the entire economy.

Ultimately, this exercise is repeated to create 2-4 key scenarios considered most likely to capture the nature of reality. Schwartz explains the iterative nature of this process: “Typically, you will find yourself moving through the scenario process several times—refining a decision, performing more research, seeking out more key elements, trying on new plots, and rehearsing the implications yet again.”

The experienced operator understands that building effective scenarios is rarely the textbook exercise as described above; rather, real-world factors outlined in Tenet #1 demand a dynamic approach.

To reiterate, reality never exactly follows these scenarios. The point of scenario planning isn’t to be prescriptive; it’s to help us broaden our view of the future, recognizing that any of them may occur. Then we can prepare for the full set of possible eventualities.

According to futurist Öystein Sande, a person who is reasonably confident in how their future will unfold will have a far better capacity for planning for it than a person living in perpetual uncertainty. Scenario planning explores multiple future pathways to facilitate decision-making amid present uncertainty and complexity.

How do you evaluate whether or not your scenario planning was beneficial? I love Schwartz’s answer: “The test is not whether you got the future right. That is fairly easy if you consider multiple scenarios. The real test is whether anyone changed their behavior because he saw the future differently. And, did he change his behavior in the right direction?” An effective scenario planning session almost always changes behavior.

Scenario planning is much more art than a science. It’s an imperfect methodology for seeing into potential futures and establishing a less biased, more informed viewpoint compared to traditional methods. It’s not without its critics, however. Oliver Burkeman, author of Four Thousand Weeks: Time Management for Mortals, provides an important caution:

The real problem isn’t planning. It’s that we take our plans to be something they aren’t. What we forget, or can’t bear to confront, is that, in the words of the American meditation teacher Joseph Goldstein, “a plan is just a thought.” We treat our plans as though they are a lasso, thrown from the present around the future, in order to bring it under our command. But all a plan is—all it could ever possibly be—is a present moment statement of intent.

2-3 scenarios are by no means an exhaustive list of all potential eventualities. Almost always, there are variables, elements, and events that haven’t been considered that impact the actual course of events. At a basic level, the goal of scenario planning is to expand imagination and perspectives, and to ensure adequate optionality and flexibility (discussed further in Tenet #9).

At Shell, executives encountered another issue. See, they could create incredibly detailed, imaginative scenarios, but they found it difficult to make effective real-world decisions based on the stories they imagined. Often, scenarios help participants understand what may lie ahead, but they naturally imply a passive experience of the future, in which our role is simply to be ready rather than to proactively address potential issues.

Despite our best efforts to simplify the process, scenario planning pays exponential dividends the more in-depth it is. A Shell member named Napier Collins described how the magic of Shell’s insights came from “years of deep research, rigorous analysis, ongoing conversations, and multiple iterations of the scenarios themselves.” Eventually, the approach lost its impact, devolving into just another short seminar. While participants feel like they’ve gained fresh perspectives, they ultimately return to their desks and fall right back into their old routines. As Art Kleiner writes for PwC:

It turns out that you can’t develop this kind of capability in a set of workshops — or even through an elite agency of analysts and internal consultants. If you truly want to create a “pack of wolves” attuned to the environment around them, then the people making decisions have to devote their careers to increasing their collective awareness of the outside world. Scenario planning, as Mr. Wack conducted it, provides precisely this kind of in-depth training over time. You research present key trends; you determine which are predictable and which are uncertain; you decide which uncertainties are most influential; you base some stories of the future on those uncertainties; you spend some time imaginatively playing out the implications of those stories; and then you use those implications to start all over again and develop a sense of the impending surprises that you cannot ignore.

When performed correctly, scenario planning is used to stress-test both robustness and resilience. It involves creating multiple plausible narratives about the future to identify where a system might fail and where it needs greater flexibility. Often, resilience is thought of in relation to a single stressor and thus remains susceptible to other volatility and inputs. Scenario planning provides a broader perspective, capturing most (and hopefully all) major sources of volatility to support optimal preparation and strategy.

Credit Zeeland

ONCE IN A LIFETIME FLOODS - THE CASE FOR EMERGENCY PREPAREDNESS - THE DOWNFALL OF RESILIENCE

Since 1200, there have been 15-20 large floods in the Netherlands every century. Local people began to see the pattern and began protecting themselves, with limited success. As a result, they continually moved inward to escape the waters’ reach.

In the 17th century, with the development of windmills and dikes, locals expanded their ability to control the water. Over the next few centuries, a series of dikes was established along the coast of the Zuiderzee, but funding was scarce. In 1916, a major flood occurred, leading to the destruction of dozens of dikes and killing over fifty people. After this, funding sources became available, and construction commenced on a new series of protective dikes.

These held up relatively well until a major flood occurred in 1953, leading to hundreds of breaches in the dikes allowing seawater to flood the land, killing 1,800 people and causing massive property damage. Within 20 days, the government mobilized and formulated the plan for the Delta Works, a massive, sophisticated network of dams, sluices, and storm-surge barriers.

Societal resilience and robustness don’t simply occur overnight; they require characteristics to be fostered and nurtured to create a threshold below which society can operate seamlessly. Four factors, among many others, are paramount to ensuring resilience and robustness: preparedness, prevention, preservation, and insurance.

For instance, in areas of the world where floods are common (such as the Netherlands), flood walls are built to mitigate the damaging effects of flooding. In a very literal sense, these walls raise the water threshold that the area can withstand before it is overrun.

This isn’t the only example we could offer. Philip Tetlock writes, “If you have to plan for a future beyond the forecasting horizon, plan for surprise. That means… planning for adaptability and resilience.“ When families develop a food storage in case of an emergency, they increase their resilience to such a scenario. However, if the emergency is especially severe, they will be overwhelmed after they’ve met their threshold and potentially adversely affected.

The goal of any resilient-focused system should be to prepare for a wide array of eventualities, preserve good parts, and prevent bad ones. In the case none of these can be fully accomplished (which is almost 100% of cases), insurance should be implemented to ensure resources or other factors are available upon breach of the threshold, so the system can return to reasonable limits.

In many scenarios, resilience serves as a vital safeguard, providing the flexibility needed to absorb a shock and return back to “normal.” However, relying solely on resilience assumes that the pre-existing state is worth returning to (worth preserving) and that the external environment will remain relatively static.

In a world defined by compounding complexity and nonlinearity, merely surviving a crisis can be a trap. If a system aims only at restoration, it remains fundamentally unchanged by the stressor, leaving it equally vulnerable to the next occurrence of the same volatility. Over time, the system wears down, forcing it to work harder and harder just to stay in place, eventually collapsing under the cumulative wear of repeated shocks.

Resilience isn’t perfect. An unfortunate characteristic of resilience is that it often resides in undesirable systems—preserving the bad and preventing the good. Additionally, systems experiencing frequent shocks can become increasingly resilient to them, unknowingly increasing their fragility to rare shocks. Unfortunately, one cannot simply be robust against everything.

Establishing and maintaining resilience is costly and often moves the system away from “ideal” efficiency into a state of stability. In the short term, the Nash Equilibrium option is to sacrifice resilience for increased output/outcomes; however, in the long term, this strategy isn’t sustainable.

True long-term survival isn’t often possible through resilience alone—systems require antifragility, a state in which the system does not just resist or recover from a disorder but actually improves because of it. This, in my opinion, is the ideal solution—one that every system should be striving for, outlined in Tenet #9:

Antifragile systems grow stronger through stress, turning shocks into opportunities through adaptability, optionality, learning, and real-world feedback—via trial-and-error with real consequences, subtraction, and decentralized structures.

That’s a wrap on this deep dive.

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The Saturday Morning Newsletter #95

Drew Jackson — Sat, 20 Jun 2026 15:35:25 GMT

This Week I’m Tracking: 12 developments across the sectors shaping our future

Reading Time: 5 minutes of curated insights

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#1: Lightbringer

Description: Lightbringer is a legal-tech provider focused on patents.

Why Is This Company Interesting? Lightbringer recently raised $10M in venture capital funding. Lightbringer’s patent platform enables legal professionals to file faster at a lower cost. Additionally, Lightbringer’s platform enables industry professionals across tech, industrials, and other sectors to file their first patents and scale their portfolios seamlessly, creating a curated, securely protected intellectual property portfolio. You don’t need to know anything about intellectual property law to use their service.

#2: Endurance Energy

Description: Endurance Energy is a developer of deep-ocean geothermal energy.

Why Is This Company Interesting? Endurance Energy recently raised $54M in venture capital funding. Small and remote islands are heavily reliant on imported fossil fuels for their energy. Energy can cost up to 7x as much as on the nearby mainland. Offshore geothermal energy is the solution that Endurance Energy is striving to build. Seafloor hydrothermal generators set along the Ring of Fire can easily deliver a GW of baseload power.

#3: NS/TX

Description: NS/TX is a developer of plant-based meat and seafood.

Why Is This Company Interesting? NS/TX recently raised $10.5M in venture capital funding. NS/TX is striving to create a meat-like product that perfectly mimics the textures and tastes of salmon and beef. They engineer muscles from plant materials, combining and arranging them to produce any product they want, mimicking any species on the market today. In the world of plant-based meat, NS/TX stands out as an innovator.

#4: Critical Energy

Description: Critical Energy is a developer of modular turbines for geothermal energy.

Why Is This Company Interesting? Critical Energy recently raised $19M in venture capital funding. Critical Energy is building modular power generation systems. These are factory-made plants that convert heat into electricity, delivered in standard shipping containers and installed in weeks. These units are adaptable to changing input conditions and resource constraints, using vaporized working fluids to generate head and electricity.

#5: Vaja

Description: Vaja is a developer and supplier of solar tracking systems.

Why Is This Company Interesting? Vaja recently raised $3.6M in venture capital funding. Vaja has built a proprietary solar tracking system that follows the sun’s trajectory to maximize energy output, increasing revenue from solar panels by 30-40%. This ensures continued profitability for many of the new solar farms popping up around the world. They have also built systems optimized for individual and residential solar panels that provide similar benefits.

The Guardian: World’s First Wind-Powered Underwater Datacenter Starts in China

The Shanghai Lingang undersea data center project was recently completed and is located more than 6 miles off the coast of China. The datacenter is submerged 10 meters below the surface and powered by renewable energy. Estimates put the datacenter as reducing power consumption by more than 20% compared to land-based datacenters.

The New York Times: The Secrets of a Soccer-Turf Master

FIFA brought in John Sorochan, an expert in turf grass science and management, to level the playing field for the 2026 World Cup to a consistently high standard. He carefully studied how athletes interact with each field’s surface, measuring recoil, traction, and other factors. This enabled them to create what they believe is the “perfect” grass product for the players this summer.

BGR: DNA Study Reveals Space Permanently Changes the Human Body

Astronauts in space routinely lose muscle but grow taller. Interestingly, a recent study found that astronauts also age more slowly, exhibiting subtle differences from Earth-bound peers. This means if they were to stay in space longer, there may be more interesting long-term consequences.

PitchBook: When Headline Valuations Aren’t What They Seem

Not every investor in every fundraising round pays the same price. Investors are using multi-tranche rounds in which one tranche values the company at an aggressive premium, and the rest is much more realistic. Often now, some VCs are squeezing into rounds by paying a premium, especially in the age of AI.

ManagingIP: AI and the Future of IP Law

AI is reshaping intellectual property every day. It is simultaneously a legal controversy and an increasingly critical tool for professionals. There are many controversies: who owns inventions, how copyright and training data work, and how governance and trade secrets integrate. For IP professionals and those casually looking at the space, AI’s interactions with the legal sector will be paramount to understanding our future.

Quartz: 15 Philosophers and the One Idea That Made Them Famous

This author lists out 15 famous philosophers and the one idea that made them famous—what they brought to the world. For instance, Aristotle brought the golden mean and virtue ethics, and John Locke brought the social contract and natural rights. It’s worth a read if you’re a fan of impressive philosophers or simply want to learn more.

Reddit: Some People Miss Their Childhood. Others Miss the Future They Imagined When They Were Children.

I thought this was an interesting perspective I hadn’t fully considered regarding childhood nostalgia.

See, when we’re children, we often think that the world is a big, shiny place where we can all be happy and successful, and that that’s all there is (if your childhood wasn’t like this, I’m so sorry for you and hope you the best now).

Do you miss that, or do you miss the present that once was, the times on the playground, the times galloping around the neighborhood, the times eating food in various shapes, the times playing just to play?

I think I often miss a bit of both. Life was so simple then. Now, it’s a bit more complicated.

What do you miss?

That’s a wrap on this week’s roundup.

Drew Jackson

Founder & Writer

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The Saturday Morning Newsletter #94

Drew Jackson — Sat, 13 Jun 2026 15:36:04 GMT

This Week I’m Tracking: 12 developments across the sectors shaping our future

Reading Time: 5 minutes of curated insights

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#1: Helion

Description: Helion is a developer of fusion power plants.

Why Is This Company Interesting? Helion recently raised $465M in venture capital funding. Helion uses natural resources in its fusion plants, derived from water and from prior fusion reactions. Helion has recently achieved many industry-first milestones with its Polaris prototype, becoming the first privately funded fusion machine to operate with deuterium-tritium fuel.

#2: Iceye

Description: Iceye is a satellite intelligence startup.

Why Is This Company Interesting? Iceye recently raised $1B in venture capital funding. This is my second time covering Iceye in the newsletter. Since our last discussion, they’ve further solidified their position in the sovereign and commercial space-based intelligence markets. Seven governments across Europe have procured satellites from Iceye, making it the leading provider of space-based intelligence, with further momentum propelling the company to expand materially going forward.

#3: Innovafeed

Description: Innovafeed is an insect agriculture firm.

Why Is This Company Interesting? Innovafeed recently raised $51M in venture capital funding. Innovafeed is a leading insect producer for animal and plant nutrition. They grow flies, offering alternatives to fishmeal and vegetable oils currently used in fish and animal feeds. They’ve launched specific products for trout, poultry, and pork, driving impressive change and growth in each market. They continue to innovate today, constantly targeting new markets.

#4: NewOrbit

Description: NewOrbit is a developer of very-low Earth orbit satellites.

Why Is This Company Interesting? NewOrbit recently raised $18.5M in venture capital funding. NewOrbit is engineering very-low Earth orbit satellites that fly at 1/3 the altitude of conventional satellites. This increases the area over which we can deploy satellites, although it shortens their lifespans because they are subject to more of Earth’s gravity.

#5: Orbital

Description: Orbital is a developer of orbital data centers.

Why Is This Company Interesting? Orbital recently raised $5M in venture capital funding. As the demand for AI continues to skyrocket, Orbital is among many seeking to put data centers in space. Their first mission is to demonstrate AI in space through a payload on a Falcon 9 rocket. From there, they will build their first data center satellite and launch it in 2028, aiming to be one of the first to market, drive returns, and validate the model.

Department of Energy: Celebration of First Advanced Reactor Criticality

This week, as part of the Department of Energy Reactor Pilot Program, Antares Nuclear’s advanced reactor design completed a zero-power fueled criticality demonstration. This confirms the reactor can operate safely and will allow subsequent reactors to produce electricity in the coming years, further advancing the commercialization of advanced reactor designs.

The New York Times: NOAA Declares El Niño Is Here

Meteorologists have found that El Niño has formed and will intensify in the coming months. The store can affect global weather patterns, supercharging floods and droughts. El Niño events reach their peak strength during winter in the northern hemisphere.

SpaceNews: New Glenn Failure Worsens Constrained Launch Market

The recent explosion of the New Glenn rocket will significantly impact the commercial space market. In the 2016 explosion at a SpaceX site, it took them 15 months to rebuild the pad. Blue Origin has not yet commented on the rebuild timeline, but experts estimate it will be close to that amount. There are no other pads available for New Glenn at this time, so experts are guessing it may take over a year before the rocket can launch again.

Pitchbook: Visualizing SpaceX Over Time

SpaceX became a publicly traded company this week. This article visualizes how the company has grown, adding Starlink subscribers, creating new rocket designs, and continuously innovating over its two decades of history to become the largest IPO in history.

The New York Times: Meet the Astronauts of Artemis III

This week, NASA unveiled the four astronauts set to make up the Artemis III crew: Randy Bresnik, Luca Parmitano, Frank Rubio, and Andre Douglas. This crew will not go to the moon but will instead fly to LEO to test rendezvous and docking maneuvers with lunar landers. This is essential work to validate the planned 2028 moon walk.

The New York Times: Billionaires’ Billions Are Increasing Faster Than Ever

In 2010, the world’s billionaires collectively owned $4.5T. By 2024, that figure had increased to $14.2T. Now in 2026, that number is $20.1T. This reveals the chaotic trend of increasing concentration at the top, where the richest of the rich are becoming ever wealthier. The growing concentration and dominance of the world’s conglomerates continue to consolidate wealth.

Vox: I don’t want children. I do want children. What should I do?

Letter to the editor, summarized below:

“Facing age-related pressure to decide on parenthood, I feel deeply ambivalent because while I don’t desire the daily grind of early caregiving, I fear a lonely and depressing old age without adult children. I am torn between the wish to pass on my values and the reality that a child may rebel and become their own person, leaving me struggling to support them. Ultimately, I am stuck trying to navigate the immense ethical weight and unpredictability of this life-altering decision based on motives that feel inherently selfish.”

The discussion of how and when to have children is very complicated. I can’t claim to be anywhere near an expert in this case.

That’s a wrap on this week’s roundup.

Drew Jackson

Founder & Writer

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The High Cost of Indispensable People

Drew Jackson — Wed, 10 Jun 2026 14:35:53 GMT

Credit Nerdist

When Gerald Cotten died unexpectedly in 2018, he took the passwords to $215 million in customer crypto to the grave. His death didn’t just end a life; it nearly destroyed a company. This is the high-stakes reality of key man risk.

This Week’s Focus: Economics

What You’ll Understand: How companies almost inevitably face key man risk and various strategies to mitigate it.

Reading Time: 11 minutes for full analysis + key takeaways highlighted throughout

Key Question: What is key man risk?

My Take: Key man risk is found in companies of all shapes and sizes. In the moment, it can lead to outsized outcomes, but it often ends in catastrophe. When businesses try to mitigate this risk, they can fall into 3 failure pits: reversion to the mean, becoming a copy of a copy, and undergoing a succession war. Navigating these complexities is key to long-term business success.

Quick Context: This deep dive connects to my work on personnel economics. New to Brainwaves? We explore the forces reshaping our world across venture capital, energy, space, economics, intellectual property, and philosophy. Subscribe here for bi-weekly deep dives plus weekly current events.

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Let’s dive in.

Thousands of books have been written studying the world’s most successful entrepreneurs, refining the list of qualities they believe drive that success. These include passion, drive, vision, innovation, leadership, calculated risk-taking, and many more.

Some of the greatest of all time would be considered mad and unhinged today. There’s a fine line between greatness and too good to be true. We’ve seen this played out in seemingly “great” entrepreneurs like Bernie Madoff and Elizabeth Holmes, who were eventually unmasked for what they truly were. Recently, Gerald Cotten became another infamous name to add to this list.

Credit CBC

Gerald Cotten was involved in Ponzi schemes as a teenager in the online forum TalkGold. Cotten would promote high-yield investment programs that “promised very high returns but were unregulated and anonymous, disclosing little or no details about the investment or who was behind it.”

After learning about Bitcoin in his 20s, Cotten founded Quadriga with his co-founder, Michael Patryn. Patryn’s involvement in historical Ponzi schemes had caught the authorities’ attention, making Cotten the perfect front man for Quadriga.

Quadriga was an online exchange that allowed users to store, buy, and sell various cryptocurrencies by depositing cash or other cryptocurrencies with the exchange. As advertised externally, Quadriga made money by charging users a per-transaction fee.

In 2016, Cotten became the sole director after the other directors resigned. At this point, the company had no employees, offices, or bank accounts and was simply (although the public didn’t know it) relying on external payment processors to run their business.

Throughout 2017 and 2018, Bitcoin prices rose and fell, with around $1.2B in Bitcoin exchanged on the platform. Quadriga became one of Canada’s biggest cryptocurrency exchanges, attracting significant prestige.

However, some fundamental issues began surfacing. The spike in volume increased commissions, but caused a cash flow problem due to the exchange’s reliance on external payment processors. In 2017, Quadriga announced it lost $14M in Ethereum due to a smart contract error. Additionally, customers reported delays when attempting to withdraw funds, and when directed to the physical location to pick up their money, they found a windowless office building with no money or employees.

Not surprisingly, some of the payment processors Quadriga used were found guilty of fraud, including WB21 and Crypto Capital. Undiscovered at the time, the business was primarily being run from Cotten’s encrypted personal laptop.

Cotten unexpectedly died during a volunteer trip to India in 2018. His wife only announced his death via a Facebook post one month later—meanwhile, for that month, the platform had been accepting money but returning none. After this news, the market panicked, losing confidence in Quadriga’s viability, which eventually ceased operations.

Once the dust settled, it was determined that over 76,000 customers were owed $215M, most of which was in the form of cryptocurrency held in Quadriga’s cold wallet on Cotten’s laptop—no one knows the passwords.

There are many question marks surrounding his death. For instance, why did he have no backup plans for his crypto passwords? Why was his name misspelled on the death certificate, especially given that the former chairman and managing director of the hospital had been convicted of financial fraud two months earlier?

Subsequent investigations have failed to find records of these wallet holdings on the blockchain, leading some to speculate whether Cotten faked his own death to defraud customers in true Ponzi-like fashion. Quadriga likely never invested the funds it received, and it is unclear where the money went.

Often, the circle of trust for founders engaging in Ponzi schemes is incredibly small—they can’t risk the secret getting out. Granted, these are acute examples, but nevertheless, they are great examples of key person risk.

Key person risk, while singularly defined, refers to one or more people who are critical to a project or a company’s operations. If the key person or people were lost, the long-term viability of the project or company would also be lost.

Most often, key man risk is highest in smaller businesses: one person owns the majority of the relationships, one person designed and built the technology and knows it intimately, and one person sees the “vision” for the long-term platform.

However, key man risk can also be present in larger enterprises (as we’ve seen with Quadriga and Thernos). In the entertainment industry, no better example of key man risk is the magical persona of Walt Disney.

Credit TheCollector

Founded in 1923, Walt Disney envisioned and created a captivating set of figures that inspired and entertained generations of children and adults. Walt Disney operated a hub-and-spoke management style. He was the hub, with every creative department (animation, imagineering, live-action) reporting directly to him.

Walt didn’t just approve ideas; he shaped them from the beginning. Because Walt’s taste was so specific and usually commercially successful, the staff stopped trusting themselves and instead focused on predicting Walt’s next big idea—a form of creative mimicry rather than original creation.

Thus, when Walt Disney died in 1966, the company lost its creative director and visionary. This effect was so acute that, for the next two decades, the studio’s mantra was literally “What would Walt do?” This created a stagnant culture, characterized by two main aspects.

Firstly, this mindset prevented the studio from adapting to the changing culture and consumer preferences of the 70s and 80s. While films like Star Wars were revolutionizing cinema, Disney was stuck making safe, often recycled-feeling content.

Secondly, to deviate from “The Walt Way” was seen as heresy. Innovation required the risk of being labeled “un-Disney.” Without Walt there to give permission to change, the company chose the safety of the past.

This period only ended when a new wave of leadership and a new generation of animators arrived in the mid–80s. They righted the business, stopping asking what Walt would do and started asking what a modern audience needed.

Small, medium, and large enterprises can easily face key man risk when they over-rely on a single creative visionary, leading to institutional paralysis once that North Star is gone.

Besides a creative vision or holding all the keys to a Ponzi scheme, there are numerous ways key person risk can threaten a business. In fact, it doesn’t even need to be them leaving, dying, or getting fired for the business to be at risk; it can be something simple, like a scandal or a small news story.

In traditional businesses, a brand like Coca-Cola, Nike, or GMC is built on an abstract logo and a set of lifestyle associations. Virgin Group is different; it’s built on a human narrative.

Credit Space

Sir Richard Branson, an English-born business magnate, co-founded the Virgin Group in 1970 as a mail-order record business. He opened a chain of record stores, Virgin Records, in 1972, which grew rapidly. In the 1980s, Branson started Virgin Atlantic Airlines and expanded the Virgin Records music label. In 1997, Branson founded the Virgin Rail Group for passenger rail travel across Britain, with InterCity train franchises operating for subsequent decades. In 2004, he founded the space tourism company Virgin Galactic.

Branson’s personal history—his rebel ethos (fighting the British Airways “dirty tricks” campaign), his hot-air-balloon records, and his casual, confident demeanor—is the product Virgin sells.

On a company’s balance sheet, goodwill is an intangible asset that represents the value of a company’s brand and reputation. Financial analysts suggest that Virgin Group’s assets are highly volatile because it is closely tied to Sir Richard Branson.

For instance, if Branson were to face a catastrophic personal scandal, the “Virgin” name could transform from an asset into a liability overnight. As a result, Branson and the Virgin leadership have spent the last decade attempting to de-risk the brand.

Interestingly, Virgin Galactic has recently re-entangled the brand with Branson’s adventurous personality. By being on the first fully crewed flight to space in 2021, he successfully boosted the brand’s adventurous credentials. Still, experts estimate that a “post-Branson” Virgin will likely face a significant value correction as it transitions into a standard lifestyle brand.

Brands and companies are increasingly recognizing the potential risk associated with key people and taking steps to mitigate it, as evidenced by the Virgin example above.

To mitigate key-person risk, companies must transition from “personality-driven” to “process-driven.” This involves decentralizing knowledge, institutionalizing values, and building a deep breadth of leadership talent.

This often involves implementing a succession plan that identifies and develops internal and external replacement candidates for every C-suite role. Knowledge is transferred from person to groups, and standard operating procedures are documented.

As seen in the Disney example, a great risk is the loss of a specific taste or philosophy. Instead of relying on a leader to create and/or approve every design, companies create brand images or design languages that outline the leader’s principles (e.g., simplicity over features) so the team can make decisions autonomously.

For companies like Virgin, where the risk is tied to brand equity, the strategy is to shift the spotlight. Other executives are introduced in press releases, keynotes, and interviews. This signals to the market that the “magic” of the brand is a team effort, not just a solo performance.

Credit Fast Company

The case of Steve Jobs and Apple is a gold standard example of succession planning and key person risk mitigation.

Most CEOs focus on resource allocation and strategy. In contrast, Steve Jobs focused on the intersection between liberal arts and technology. Famously, Jobs didn’t believe in market research. He believed that “people don’t know what they want until you show it to them.” This created a massive risk at Apple. If the man with the vision is lost, who decides what the next “great product” is?

This was exhibited during the development of the iPhone and iPad. Jobs, like Disney, acted as the final filter. Every curve of the hardware and every pixel of the UI had to pass his personal taste test. This created a significant bottleneck, tethering innovation to a single human brain.

Between 2004 and 2011, Apple’s stock price became a proxy for Steve Jobs’ health. Because the market believed, as it had been led to expect to this point, Apple’s future product pipeline lived inside Jobs’ head, any visual change in his weight or suggestive phrase during a keynote resulted in billions of dollars in market cap decreases. Investors feared that without Jobs, Apple would revert to the struggling, directionless company it had been in the early 1990s.

Apple’s survival was not an accident; it was a deliberate engineering project. Early on, Jobs realized that for Apple to survive him, his subjective intuition that powered product development had to be converted into broad, objective processes available to all.

In 2008, Jobs established Apple University, which taught high-level employees how Apple makes decisions. They analyzed past successes and failures to codify the “Apple Way” of thinking—focusing on the simplicity and minimalism the company is known for today.

Additionally, Jobs picked a partner in an area he understood the least: supply chain and operations. His partnership with Tim Cook and other leaders created a modular leadership structure, which decentralized authority and de-risked the brand.

In 2011, Steve Jobs passed away from a pancreatic neuroendocrine tumor. At this point, Apple was perfectly positioned to continue, entering a new era of growth and development. Fast forward to today. While critics will argue Apple hasn’t launched a “category-defining” product on the scale of the iPhone since 2007, the company’s valuation has increased from ~$300B at Jobs’ death to over $3T. Apple is the second-largest company in the world and has an incredibly diversified leadership bench, expansive product development characteristics, and no official ties to any one key person.

Mitigation tactics, as showcased by Virgin and Apple, can cushion the fall. However, they often fail to account for the intangible qualities that a founder or key leader brings, which cannot be easily codified into a manual or university curriculum. I imagine you’ve been a part of organizations where these types of people exist. Even with the best mitigation strategies, companies often face three specific failure modes.

Firstly, these companies revert to the mean. When you institutionalize a visionary’s taste into a process (as seen at Apple University), you often create bureaucracy. Once the visionary is gone, the new group in charge tends to rely on data, consensus, or safe bets. This leads to a slow slide into mediocrity. The company remains profitable, like Apple, but it stops being truly revolutionary.

Secondly, these companies can become a copy of a copy. Codifying a leader’s values in a brand bible is like making a photocopy of a painting. This set of rules can tell you what the leader did, but it can’t always tell you what they would have done in a completely new, disruptive context (e.g., what would Steve Jobs have done in the rise of AI?). The team becomes excellent at executing what the key person did, but loses the ability to invent the future. This is perfectly exhibited by the atmosphere at Disney immediately after Walt’s death.

Thirdly, these companies undergo a succession war. Sometimes, the act of naming a successor or grooming a deep set of leaders backfires by creating internal friction. In an attempt to mitigate the risk of losing the CEO by identifying and grooming candidates, the company might accidentally trigger the secondary leadership layer to jump ship upon the founder’s leave.

Ultimately, key person risk represents the delicate tension between a visionary’s unique soul and an institution’s need for stability. While the singular intuition of a leader like Walt Disney, Sir Richard Branson, or Steve Jobs can catapult a company to legendary status, it also creates a single point of failure.

Mitigation strategies—such as institutionalizing taste through internal universities, diversifying brand equity, and grooming operational successors—can successfully preserve a company’s market value and functional survival.

However, as history shows, no amount of insurance or documentation can perfectly replicate the “unreasonable” spark of a founder; the true challenge for any maturing organization is learning how to honor its original North Star without becoming paralyzed by its absence.

That’s a wrap on this deep dive.

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Drew Jackson

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The Saturday Morning Newsletter #93

Drew Jackson — Sat, 06 Jun 2026 15:35:28 GMT

This Week I’m Tracking: 14 developments across the sectors shaping our future

Reading Time: 5 minutes of curated insights

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#1: Greenpixie

Description: Greenpixie is a data center decarbonization startup.

Why Is This Company Interesting? Greenpixie recently raised $4.7M in venture capital funding. Data centers are popping up left and right. So far, they’re not the most environmentally friendly structures, so startups such as Greenpixie are helping to decarbonize them. Emissions data informs business decisions, so Greenpixie models these factors from actual cloud usage data to develop a complete and defensible viewpoint. Companies are actively delving deeper into cloud intelligence and sustainability.

#2: SuperMeat

Description: SuperMeat is a lab-grown meat startup.

Why Is This Company Interesting? SuperMeat recently raised $6M in venture capital funding. SuperMeat is a startup aiming to recreate chicken meat directly from cells through a sustainable, animal-friendly process. Cultivated meat products provide further supply chain and domestic security, as you don’t have to rely on foreign sources or processors. Their products are available at The Chicken, a shop where you can watch the production of cultivated meat while you eat your cultivated chicken.

#3: UnaStella

Description: UnaStella is a rocket developer.

Why Is This Company Interesting? UnaStella recently raised $24M in venture capital funding. UnaStella is developing the next generation of rockets, leveraging Korea’s vertically integrated landscape to enable rapid development and deployment. A key point for them is that they build their own propulsion systems in-house, enabling more flexibility and proprietary technology.

#4: Spiro

Description: Spiro is a creator of electric motorcycles.

Why Is This Company Interesting? Spiro recently raised $215M in venture capital funding. Spiro is dedicated to creating a new electric motorcycle that can enable the larger-scale electrification of mobility across Africa. These motorbikes reduce carbon emissions and promote a cleaner environment. As a country that has rapidly increased its share of motorcycles over the last century, this will be a critical change to its environmental stance.

#5: Impulse Space

Description: Impulse Space is a developer of highly maneuverable spacecraft.

Why Is This Company Interesting? Impulse Space recently raised $500M in venture capital funding. Impulse Space is creating space infrastructure vessels, including LEO and HEO distance vehicles. Their supply chain is vertically integrated, with in-house manufacturing of valves, battery packs, electronics, and bladed assemblies. They’re already booking up flights into 2028, which shows their demand is incredibly high.

Pittwire: Wind Energy is Not Bad For Your Health, New Research Shows

Previously, studies and media reports have suggested that wind turbines can cause all manner of health problems, including sleep disturbances, up to suicide. New research sought to determine the accuracy of these claims, finding that turbines are not associated with any detectable adverse health outcomes. It’ll be interesting to see the long-term effects of newer technologies, but there could be hope for wind.

Reuters: Russia Signs $16.5B Deal to Build First Nuclear Power Plant in Kazakhstan

Kazakhstan is the world’s biggest producer of uranium and a major player historically in Soviet nuclear testing. Now they have the opportunity to create their first nuclear power plant, further integrating nuclear into their ecosystem. The Russians are getting export credits in exchange for financing the plant.

The New York Times: 2025 Wildfires Were the Costliest Ever, Researchers Say

Even though the total area burned in 2025 was relatively small, it was the most economically damaging wildfire year on record. The study estimates worldwide losses of around $54B. Given current climate changes, this trend is expected to continue over time. This is why there have been many startups founded recently surrounding wildfire prevention.

Pitchbook: At $1.8T, Why Bother With Price Discovery?

With the SpaceX IPO looming, analysts are struggling to reconcile the price with the company’s fundamental attributes. Most sizable IPOs undergo a roadshow where underwriters gauge market interest to help price the deal. Here, SpaceX is foregoing this practice, signaling to investors that it has confidence in the prices set.

The New York Times: This Is Why Your Groceries Are So Expensive

Food prices continue to rise, with estimates indicating around 20-30% increases in certain staple items over the last year. Why? Firstly, geopolitical conflicts and other dynamics have had a large influence. However, the most important factor influencing these prices is the increasing extreme consolidation within these industries, as seen in the beef, bread, and carrots industries, among others.

Forbes: 3 Philosophy Books for Leaders’ Summer Reading Lists

Summer reading lists are full steam ahead. Here is one author’s list of 3 essential philosophy books for leaders this summer:

The Book of Dead Philosophers by Simon Critchley
I’ve Been Thinking by Daniel C. Dennett
Beyond Stoicism: A Guide to the Good Life with Stoics, Skeptics, Epicureans, and Other Ancient Philosophers by Massimo Pigliucci, Gregory Lopez, and Meredith Alexander Kunz

Vox: You Can Do Everything Right, and Things Can Still Go Wrong

Moral luck is an interesting philosophical concept that concerns situations in which a person is assigned moral praise or blame for an action, even though significant factors determining the outcome were beyond their control. This factor makes it much more difficult to judge people, given that many of the consequences of their actions may lie beyond their influence.

Big Think: The Hidden Bias in Every Life-Changing Decision You Make

Some of life’s biggest decisions can’t be made easily, and in the way we make other decisions. These generally include big milestones such as having a child, falling in love, going to war, etc. This philosopher explains that this is because there is an epistemic wall, with a barrier between who you are now and what you’ll become. The only thing that could ever teach us how to make these decisions is the experiences themselves.

I saw a wonky thought on social media this week about time.

This person discusses how the possibility that time is not linear is disturbing to them. Traditionally, time is seen as a linear construct, moving from history to the present to the future.

However, if you think of it as anything but linear, it quickly becomes incredibly convoluted. If time is nonlinear, it exists simultaneously for all of eternity.

This creates a complicated paradigm that people and scientists are still searching to wrap their heads around.

There’s so much more to think about here; this is only the surface.

That’s a wrap on this week’s roundup.

Drew Jackson

Founder & Writer

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The Saturday Morning Newsletter #92

Drew Jackson — Sat, 30 May 2026 15:35:54 GMT

This Week I’m Tracking: 15 developments across the sectors shaping our future

Reading Time: 6 minutes of curated insights

Your weekly pulse check: The most important events in venture capital, energy, space, economics, intellectual property, philosophy, and more. I distill the most important developments across sectors I track, saving you hours of research while keeping you ahead of the curve.

New to these updates? They pair with our bi-weekly Brainwave analyses for comprehensive sector coverage. Wednesday’s deep dive explored an interview with Joe Biel - catch up here.

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#1: Casimir

Description: Casimir is an energy harvesting technology provider.

Why Is This Company Interesting? Casimir recently raised $12M in venture capital funding. Casamir is developing a new type of energy-harvesting technology that uses quantum fields. Their chips have created the world’s first unlimited power source. This will change the way we think about electronics and capabilities. For instance, small but interesting examples are tire sensors, smoke detectors, hearing aids, and many more.

#2: Mantle8

Description: Mantle8 is developing subsurface modeling and exploration technologies.

Why Is This Company Interesting? Mantle8 recently raised $36.2M in venture capital funding. Mantle8 is revolutionizing hydrogen discovery and acquisition, dramatically reducing production costs and lowering overall energy costs. In comparison to gasoline, hydrogen shines, burning without releasing CO2. Beneath the Earth’s surface lies a large quantity—finding it efficiently and effectively is the secret.

#3: Magrathea

Description: Magrathea is an extractor of magnesium from waste brines.

Why Is This Company Interesting? Magrathea recently raised $24M in venture capital funding. Magnesium is a critical metal to many supply chains. Magrathea is optimally positioned to help establish a significant domestic share in the United States. They’ve formed a joint venture with TETRA to deploy their electrolytic magnesium technology at their brine conversion plant in Arkansas.

#4: Fermtech

Description: Fermtech is a sustainable cocoa developer.

Why Is This Company Interesting? Fermtech recently raised $2.5M in venture capital funding. Fermtech has developed a way to produce cocoa that reduces CO2 emissions by 98% compared to traditional cocoa. They use spent grains and fermentation to create Koji Cocoa. Their goal is to deploy this technological development across 10B+ chocolate bars by 2040, a lofty goal.

#5: Sora Fuel

Description: Sora Fuel is a sustainable aviation fuel startup.

Why Is This Company Interesting? Sora Fuel recently raised $14.6M in venture capital funding. Sora Fuel is a company that creates jet fuel from just air, water, and renewable energy. Their technology combines these variables with carbon capture using a single process to derive jet fuel. This is a sustainable way to create future jet fuel, offsetting direct air capture. Their supply chain is carbon-negative, which is unique for jet fuel companies.

European Commission: 5 Things You Should Know About Nuclear Energy

Here are 5 things you should know about nuclear energy in the EU:

Almost 25% of electricity produced in 2024
Nuclear energy is one of the lowest carbon-emitting sources of electricity
Only spent nuclear fuel and high-level radioactive waste require deep geological disposal
Nuclear power plants are designed to rigorous safety standards
Replicating the power of the sun on Earth

The National Interest: The Race to Quadruple US Nuclear Generation Is Underway

While other energy sources have flip-flopped in public perception, nuclear has remained in relatively good light throughout the Biden and Trump administrations. The Biden administration called to triple nuclear by 2050, with the Trump administration expanding that to 4x by 2050. Since the explosion in AI, the demand for nuclear energy has continued to increase.

Reuters: Global Wind and Solar Power Outpace Gas for First Time

Wind and solar, combined, generated more electricity than gas globally in April for the first time ever. This continues a broader trend rather than a reaction to soaring fossil fuel prices following the conflict in Iran. They combined to be 22% of global electricity, compared to only 20% from gas. This share continues to increase as countries nearshore to provide further domestic energy stability.

The New York Times: NASA Buys Two Cars for the Moon

This week, NASA awarded $220M two Lunar Outpost and Venturi Astrolab to create lunar vehicles for the moon. The agency wants the rover to be ready on the moon when the astronauts arrive, meaning it needs to be ready in less than 2 years, which is a very expedited timeframe. Each will weigh around 2,000lbs and need to be an all-terrain vehicle.

The New York Times: Blue Origin Rocket Explodes

This week, the major rocket built by Blue Origin, owned by Jeff Bezos, blew up during a test at the Cape Canaveral Space Force Station in Florida. It’s a great explosion if you haven’t seen it yet. These events put a damper on the current Blue Origin SpaceX competitive streak—only time will tell if they continue to compete.

The New York Times: GDP is a Flawed Measure of Prosperity

GDP is hardly a good measure of how much people are flourishing. For decades, economists have tried to devise an alternative metric. A recent UN study produced a dashboard of 31 metrics, representing the four key buckets of peace and human rights, sustainability, quality of life, and inequality.

The New York Times: How Anthropic Got So Big, So Fast

Anthropic is more valuable than OpenAI. This writer broke their meteoric rise down to figure out how they got so big so fast. A main reason is that their Claude Code programming tool was exponentially better than other solutions on the market. Additionally, their run-rate revenue has now increased dramatically to $47B, justifying the $900B price tag.

Pitchbook: Want to Invest in My Startup? Talk to My Agent

This month, Polsia used its AI agent to raise $30M in funding at a $250M valuation. This is an extreme example; however, it’s becoming an increasing trend for AI to be used as a critical component of the dealmaking process. It’s used in the NDA stage, evaluation stage, drafting of materials stage, and many other areas.

Politico: Deepfakes Are Testing the Limits of IP Law

Deepfakes are becoming increasingly popular. Now, Congress is trying to use intellectual property laws to curb the spread and damage caused by these technologies. This week, lawmakers introduced the NO FAKES Act, which would give all Americans an IP right to their own voice and likeness.

Reddit: Living in the wilderness is not an option in today’s world

I think this deep thought is so interesting. People often say “go live in the wilderness” or a version of that (in a Thoreau-style manner); however, that’s not very realistic in today’s climate.

Why? There’s limited wilderness left on Earth. More and more of it is becoming private property and state-controlled land, with little to no large-scale public access. Additionally, the little private property that exists is generally off-limits to activities other than recreation.

Long-term stays in the wilderness don’t really work these days—to everyone’s dismay.

What’s nuanced here is that there is more wilderness than we think; it’s in locations people don’t want to go, for instance, Russia, Mongolia, Kazakhstan, etc.

So, should you go disappear into the wilderness? Maybe—it might be more accessible than you think.

That’s a wrap on this week’s roundup.

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Drew Jackson

Founder & Writer

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Special Edition: Interview with Joe Biel

Drew Jackson — Wed, 27 May 2026 14:35:39 GMT

Today’s newsletter includes an interview Q&A brought to you by… Microcosm Publishing

Credit Microcosm Publishing

Microcosm Publishing is a Portland-based provider of curated books, zines, decks, and more through their publishing, distribution, and wholesale programs. Their products emphasize skill-building, critical thinking, community, and creativity. They carefully pick each product, aiming to relate to the experience of marginalized people, remove barriers to success, and foster underground movements.

The interview Q&A provides a founder’s perspective on critical business, strategy, and career decisions, drawing on his experience as a practitioner and, now, as a business owner. Key points discussed today include:

Key areas of value creation relative to the competitive landscape
Finding a business through the pursuit of a passion
Optimizing the size of the customer base relative to competitors
In-depth analysis of the publishing industry, with a focus on distribution channels and demographic differences'

Check out Microcosm Publishing

👋 Hello friends,

Thank you for joining this week’s edition of Brainwaves. I’m Drew Jackson, and today I’m bringing you insights from a lovely conversation I had with Joe Biel, founder of Microcosm Publishing.

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Time to Read: 12 minutes.

Let’s dive in.

I recently had the pleasure of connecting with Joe to dive into his insights and experiences. It’s a great look at his perspective, and I’m excited to share his take on these topics with you.

Q: Background on Joe and His Company

In the mid-90s, I was an at-risk, undiagnosed autistic kid who discovered punk rock and zines at clubhouses run by people a few years older than me. Microcosm started as a reason for me to get out of bed every day in the 90s. I wanted to create resources that were lacking for me as a teen, presented in a way that would be attractive to someone like me. It wasn’t intended to be a business; I wanted to create the tools for people to change their lives and the world around them. In my case, those happened to be books.

Courtesy Microcosm

I started publishing stuff by my more creative friends. I knew someone who worked at a Kinko’s and someone who could ship things for me for free through their work. So I would set up behind the bar at local punk shows in Cleveland. Around 1996, I had been doing this for a few years, and so I decided to give it a name, to be more official. Or maybe it was the general confusion that people would write for a catalog but not know who they were writing to, so a single name to tie it all together made sense.

Incredibly, this had the effect of resonating with millions of people and was attractive to many wide subsets of the population that hadn’t felt acknowledged previously by publishing. We were the fastest growing company in our entire industry in 2022, according to Publishers Weekly and the third fastest for the next two years, when I was honored with the first Innovator Award, the only award for people in my industry between 30 and 65. While Microcosm was never meant to be a “job,” it could consume hundreds of hours per week just from keeping up with the letters and the orders and keeping things in print. We were doubling each year for three years, and 1086% growth in eight years! It was meant to be a reason to stay alive, and that’s why it was so successful—because it went on to do that for people other than myself. I think that echoes with people much more than I ever realized. This hasn’t changed at all in 30 years—we are just getting 5% better at it every year.

Credit Amazon

We sold our 25 millionth book for our 30th anniversary. To share what I’ve learned, I published A People’s Guide to Publishing in 2018 with a new edition in 2026 and the accompanying podcast of the same name, where we answer a question about publishing each week.

Q: What does the publishing industry look like, without including your company?

It’s still the 1800s over here. People would rather go out of business than change. You could draw a map to a treasure chest and everyone would respond that they are too busy with their P&P to go get it. This makes it really easy to innovate and grow. Book publishing is remarkably robust. Sales grow with the population and experienced a nice bump during the pandemic.

Courtesy Microcosm

That said, the market is very crowded and competitive. Even from the ten largest companies in the industry, 51% of books sell fewer than 1,000 copies per year. To compensate, publishers further flooded the market with crap that exasperated the problem. Consolidation and buying successful properties are seemingly the only strategies that corporate publishers understand for growth. During the Penguin Random House / Simon & Schuster merger trial, it was revealed that the only way that these companies know how to grow is through distributing independent presses—whom they can presumably data mine. New publishers are frequently shocked at how difficult it is to break in and make a splash—even when you have great books.

The combination of an industry where it’s getting more difficult to win organically yet is exploitable can be dangerous. Fifteen years ago, a packaging company signed the rights to use a teenage girl’s name, sold the film rights, rewrote her book for screen adaptation—while introducing 40 instances of plagiarism—and then hired a crisis response team for her to downplay the packager’s involvement and put her on Kate Couric to face the music.

A third of all books are sold online, but the majority are still sold in brick-and-mortar shops, given the consumer’s preference for analog. And it’s not just bookstores. Most gift and specialty stores sell books—even more than bookstores, according to the annual figures.

Q: Following up on the previous question, what value and/or differentiated model is Microcosm Publishing bringing to the publishing industry? What does the market look like for your solution?

Our competitors focus on the top 20 largest accounts. Some of these you would have heard of. They outsource sales to third-party companies that have consolidated and become less effective. The problem is that the shelf is incredibly crowded, and you get boxed out quickly. So we focused on the 15,000 smallest accounts. We essentially built a parallel economy, and about 5,000 of these accounts buy all of their books from us. We stress value proposition in our development so that every book finds its audience. We focus on audiences that are neglected by the industry. Many of these things are obvious to me, but it’s mostly because I wasn’t educated in a traditional publishing environment and nobody put any expectations on me. So I was free to go where things made sense.

We built our own WorkingLit software first as early ecommerce and then later as a series of relational databases that manage all aspects of our operations. From accounting to inventory management to order fulfillment to metadata distribution to marketing analysis. We can essentially automate our entire organizational structure. We made this software available for other publishers to use and it’s fascinating learning about their businesses and migrating them from clipboards and spreadsheets. This was a matter of giving back from our success.

Q: What are your plans for future growth?

The best KPI that we have is how many letters we receive each week that someone wouldn’t be alive without one of our books. As long as we are receiving communications like this, we know that we are relevant and then it’s just a matter of convincing retailers of this.

We built out segmentation charts for our 14 key specialty markets and have developed marketing plans for each of them. It became clear last year that sales are incurred by successive customer touch points; meaning that the more that we contact our customers, the more that they order. So by knowing our customers and their interests and proclivities, it’s fairly easy to use the tools that we built to continue to grow outwards into adjacent book categories and retailer types.

After years of turning down requests for me to do consulting, I found a way to make that work sustainable too. It had been very frustrating to be requested to do consulting, figure out someone’s problem in a few minutes and solve it within an hour...then have them decide that they don’t want to change after all and defeat the entire purpose of hiring me. Nowadays, I make them agree upfront that they are both able and willing to change before we commit to any consulting together. This was transformative as previously people would seemingly hire me to have someone to kvetch at, rather than someone to fix their organization with.

Q: If you had to give one piece of advice for aspiring entrepreneurs, founders, and business owners, what would it be?

Reject the traditional methods that aren’t working for you. Find the shortest path from where you are to where you want to go. The underground is much bigger than the mainstream. And the relationships are much more real.

My Takeaways

First of all, it was fantastic to learn from Joe and hear more about his story. It was interesting to hear about his career trajectory and his strategies for building and growing his enterprise.

I want to thank Joe again for the fantastic opportunity to benefit from his insights!

A Quick Aside on My Rationale With This Approach:

My goal in reaching out to Joe and people like him is to highlight that all businesses face strategic challenges at each step of the growth journey. In school, you traditionally only learn about the “best of the best”, those Fortune 500 companies that have hundreds of case studies written about them.

Yet there’s value in the unique insights of small business owners on the ground, constantly making critical decisions.

How much do I price my product? Who should I hire? How should I expand my business? What do I do if my sales are down? — All the questions that small business owners face constantly.

Now, on to the critical lessons I want to highlight from my exchange with Joe.

Lesson #1: Start with passion, then build a business later

Some of the very best business people I’ve ever met started their ventures as passion projects, simply to fill time, use their skills, help others, and give back to their communities.

Joe is no different, describing how he grew up without access to resources that would have helped him navigate the world effectively. Luckily, he found a home in Cleveland’s underground punk rock scene. He quickly became a zinester, creating self-published independent zines and comic books.

During this time, Joe found the perspective and motivation to fully pursue his own thing, and he began the project he continues to this day. It wasn’t originally founded as a mainstream business venture as it is today; it was born purely out of survival, desperation, and passion.

Many of us, in our own ways, are like Joe—we have passions, interests, and other initiatives we’re working on, thinking about pursuing, or hoping to one day have the opportunity to run after. For many, all it takes is to dive in, like Joe experienced, jumping into the opportunity with both feet and doing your best to survive.

Startups founded this way are more likely to survive and expand, and they exhibit greater scrappiness to ensure survival and expansion in any scenario.

Lesson #2: Building strategies for innovation and growth in a stagnant industry

Many industries are aging, with legacy incumbents set in their ways, creating a general air of stagnation. These environments are ripe for disruption by scrappy, innovative newcomers like Microcosm.

Joe outlined a few strategies they’ve employed in his words above, including catering to and resonating with millions of underserved individuals, focusing on smaller customers with deeply ingrained relationships built on trust and respect, and a tech-enabled backend to enable efficient business and product management. In addition to these, I want to highlight other strategies they’ve used to grow and innovate.

Firstly, they’ve launched a major initiative to sell books to stores that don’t traditionally sell them, targeting these alternative retail spaces as key market segments. This practice places zines and books in proximity to their target subcultures. These places include bike shops, taco stands, record stores, clothing boutiques, and feminist and community spaces.

Second, they’ve vertically integrated to cut out the middleman. Standard publishing relies heavily on corporate distributors to get books into stores. Conversely, Microcosm has built its own distribution wing, managing its fulfillment centers, retaining more profit per unit sold, and gaining greater flexibility.

Finally, they practice a methodology of radical financial transparency through a careful break-even model. Technically, Microcosm is a for-profit entity, but they intentionally operate on a break-even philosophy. Instead of accumulating excess capital, all profits are reinvested in staff wages, a worker-ownership program, and funding upcoming book releases. This means they don’t have to stress over saving a bad quarter, as every dollar is put to work instantly, creating a resilient, self-sustaining loop.

Ultimately, I think Joe’s advice is perfect. “Reject the traditional methods that aren’t working for you. Find the shortest path from where you are to where you want to go. The underground is much bigger than the mainstream. And the relationships are much more real.”

Lesson #3: An army of smaller customers can be more powerful than a few larger ones

Imagine your business makes $10M a month. If this depends on two large customers rather than an army of small ones, your revenue streams are more vulnerable to significant losses if one customer leaves. Serving a large number of small customers removes this risk of a single point of failure.

When a few large clients provide the majority of your income, they can exhibit large customer power. They can demand custom features, forcing you to lower your prices, dictate your schedule, and alter your ethical boundaries because they know you cannot afford to lose them. Conversely, if you have many small customers, no single customer has leverage over you. A large customer base protects your autonomy, your vision, and your peace of mind.

Additionally, large corporate clients can be volatile. Their budgets change often, management teams change overnight, and buying cycles can take months of negotiation.

Maybe the most important factor for Joe is that two large corporate clients will rarely do your marketing for you. Thousands of passionate, small customers represent a decentralized marketing force. They are a literal crowd of ambassadors, writing reviews, giving word-of-mouth recommendations to friends, and defending your brand online.

Joe has realized this critical piece within the publishing industry, catering his offering to the little guys, to the mom-and-pop stores all around that champion his brand everywhere.

_______

I want to say another thanks to Joe; it was great learning all of these things from his experience, and it is even better that I can share them with you.

I hope you found something valuable in the discussion above and takeaways that will influence how you approach business or even your life in general.

That’s a wrap on this deep dive.

Found this analysis valuable? The best way to support Brainwaves is to share it with someone who’d benefit from these insights.

Drew Jackson

Founder & Writer

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Next Deep Dive: The High Cost of Indispensable People - June 10th, 2026
This Saturday: Weekly roundup of breaking developments across energy, space, venture capital, economics, intellectual property, and philosophy
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What It Actually Takes to Run Brainwaves (Q2’Y3 Review)

Drew Jackson — Tue, 26 May 2026 14:35:57 GMT

Hello!

I built Brainwaves on a promise of radical transparency, and Q1 really put that to the test. It wasn’t all wins and milestones—we hit some significant speed bumps that forced us to rethink how we grow. In this update, I’m pulling back the curtain on the hard lessons we’ve learned, the numbers we’ve hit (and missed), and the roadmap guiding us through the rest of Year 3.

A Key Insight into Producing Content: Routine

Routines are how I get everything done; they’re how I maintain the organization and productivity necessary to run this platform at the level I’ve set for myself.

For the newsletter specifically, I’ve talked a bit about my process, but I wanted to highlight a few things I do that really help move it along.

Firstly, I keep a running list of potential newsletter topics in a Google Sheet that I continually add to as I hear about, think about, or come across new articles. I rank them based on how much I want to write about them and how important/value-add I think they are, with the combination of those scores generally leading to what I end up writing about.

Secondly, I follow the same steps when I write a new article: I brainstorm and outline the article, then I take some time off to come back with fresh eyes, and I write it in chunks; very rarely do I write it all in one sitting. This allows for a reiterative editing and rewriting process, so the final version of the first draft is often quite well-polished, given all the rereading and editing along the way.

Thirdly, I’ve standardized my templates and formatting, so I’m not constantly customizing and spending time thinking about these details. This creates an efficient process and a more unified, standardized voice.

Finally, my review process is highly standardized—I have a Grammarly subscription that helps me edit for punctuation and word choice —and then I reread and edit each article twice to ensure proper phrasing and clarity. Honestly, I wasn’t very good at this at first, but I’ve gotten much better since (looking back at old articles can be a bit cringey).

Overall, having routines can be very helpful to ensure stability and proper adherence to established precedents.

Brainwaves: What Happened This Quarter?

This quarter focused on finding new interesting topics to write about that aren’t exactly down the fairway of what I normally write about. You’ll see these come across in Q3 - I’m excited to showcase these articles, I think they’re some unique perspectives on current event phenomena.

There were some good articles released this quarter, and I’m looking forward to what’s coming. Hopefully, you were able to catch each one; if not, take a peek below (I would highly recommend the Assassinations, Threats, Cover-ups, Greed, and the Collaborative Frontier articles if you’re looking for a nice short read).

Articles You May Have Missed From This Quarter:

The Strategic Case for a Circular Economy - Describing the next era of reduce, reuse, and recycle: circularity
We Should Stop Preventing All Wildfires - A long-form deep dive into Futures Thinking series tenet #7
Assassinations, Threats, Cover-ups, Greed - A History of Intellectual Property - An engaging set of IP stories to showcase its interesting and unique history
Opponents: Is Venture Capital the Best Asset Class? - Arguing against venture capital being the best asset class
Proponents: Is Venture Capital the Best Asset Class? - Arguing for venture capital being the best asset class
The Collaborative Frontier - Explaining the juxtaposition between public and private space entities and the future outlook

The Saturday Morning Newsletter: What Happened This Quarter?

This quarter has continued the recent streak of busyness, where the newsletter is fit in wherever possible (leading to some late nights and early mornings). I’m super excited you keep reading it each week and stay up to date on current events, only more to come in the future!

Articles You May Have Missed:

The Saturday Morning Newsletter #79 - 11 Rules for Resilience, Who Owns Ideas?, and The Most Important Supreme Court Case of the Decade
The Saturday Morning Newsletter #80 - Meekness Isn’t Weakness, Smashing Asteroids, and Airlifting Nuclear Reactors
The Saturday Morning Newsletter #81 - BookTok Wants First Person, How to Fix Indoctrination, and Why Kids Won’t Farm
The Saturday Morning Newsletter #82 - Solitude Isn’t Loneliness, Why You Care If I Think You Matter, and The Weather is Getting Wilder
The Saturday Morning Newsletter #83 - Time to Start Believing Again, Confusing Busyness With Purpose, and Moving Fast and Breaking Things
The Saturday Morning Newsletter #84 - Successful Artemis II Launch, The Secret of Exploration, and Where Every President Fails
The Saturday Morning Newsletter #85 - Artemis II Splash Down!, Killing America’s Golden Goose, and Plastic Ice Rinks
The Saturday Morning Newsletter #86 - Where Did All The Affordable Cars Go?, Asking Weird Questions, and Maximizing Your Social Intelligence
The Saturday Morning Newsletter #87 - Living Life to the Fullest, AI is Raising the Stakes, and Soldiers Need Childcare
The Saturday Morning Newsletter #88 - The Loneliest People, Amsterdam Outlaws Fossil Fuel Ads, and Plant-Based Plastics
The Saturday Morning Newsletter #89 - How to Fix Democracy, Why Gas Prices Differ, and How Fast the Universe is Expanding
The Saturday Morning Newsletter #90 - Arguments Against Veganism, Zugunruhe, and Gas Prices Driving the Sale of EVs
The Saturday Morning Newsletter #91 - The Most Influential Philosophers, Scientists Revisit Global Warming Downside Case, and EPA to Allow Some Forever Chemicals

Brainwaves: By The Numbers

This quarter saw some pretty massive growth, going from 255 to 309 subscribers. I’m so glad to have beaten our goal this quarter, and I’m hoping it’s only good momentum to come. I have numerous thoughts on initiatives to continue this positive performance trend, and hope you get to see a few of them come down the pipeline. Ultimately, having more subscribers increases the likelihood that someone benefits from my content each week, which is my ultimate goal.

After a breakout performance last quarter with some very large articles, this quarter has been more muted, with lower views and open rates. I’m still trying to figure out some behind-the-scenes variables with SEO and the website, which hasn’t driven as many views this quarter as it has historically (I’m thinking some indexing issues), so hopefully that will be sorted out this quarter. Thank you to the consistent readers each week who push the numbers up. It’s always great to see what content resonates the most.

The Saturday Morning Newsletter is incredibly consistent with its performance. However, if you throw a trend line on the newsletter views and open rate graphs, the trend isn’t pretty. From other newsletters I subscribe to like this, it’s easy to let them keep hitting your inbox without really reading them, just always having the intention to read them at some later date. Hopefully, this trend reverses this quarter, with some standout articles gaining traction.

I’m going to continue with similar commentary here as in previous quarters: we’ve been working on revamping the website for optimal performance this quarter and last, and the results are reflected in the numbers. My favorite metric is scroll depth, which is best in class for newsletters (it will likely decrease over time).

Last Quarter Goal Execution

1) Dive into my unique brainwaves each day, write about them, and publish my in-progress views each week, hopefully making a positive impact on someone’s life each week

Success.

As I’ve already touched on, this quarter has been a very exciting time for learning, discovery, and growth. I can’t wait to share what I’ve learned in the upcoming quarters.

2) Curate an experience that readers enjoy, one that makes them want to return for more

Success.

I think readers enjoyed the experience this quarter - I see more of you liking posts than we’ve had historically, which I appreciate. Obviously, there is always room for improvement, but hopefully I’m doing a good job overall.

3) Subscriber Goal In 3 Months: 285

Success.

Guys, we smashed our subscriber goal this quarter. Thank you for continuing to subscribe, share, and spread the word about what we’re doing here to everyone in your network. It really makes me happy to see the platform continuing to grow and develop, touching the lives of more and more people along the way.

4) Continue building on our social media success

Success.

We’ve had some breakout successes on social media this quarter on LinkedIn, and Instagram continues to perform well. I’m really appreciative of Jasmine for overhauling our process and continuing to drive performance here. I’m excited for the future quarters to continue this performance and drive further subscriber growth.

5) Drive subscribers through the referral program

Fail.

We launched the referral program (here) with the expectation that it would help drive growth, but so far it hasn’t (officially) driven one subscription, which isn’t great.

It’s been two quarters now that I’ve been trying smaller initiatives to drive traffic for the referral program with little success. I’ll continue looking into solutions here as I imagine there’s a good way to structure things that I haven’t found yet.

6) Read more books associated with subjects I’m interested in

Success.

I read quite a few books this quarter that relate to the topics discussed in the newsletter, and I’m excited to incorporate these insights and perspectives into upcoming articles. I hope to continue having time here to broaden my perspective and share interesting finds with you.

Goals For This Quarter

1) Dive into my unique brainwaves each day, write about them, and publish my in-progress views each week, hopefully making a positive impact on someone’s life each week

This is the first and most important goal of this platform, and the reason I started this journey. I view this platform as a great excuse to share my unique perspectives on some of my favorite topics, trying to understand and continually refine my viewpoint on each subject.

I subscribe to the mantra that you learn more about a subject when you have to teach someone else. Through the Brainwaves platform, I’ve created an artificial obligation to produce content each week, which means I’m carving out time in my schedule to learn about new topics I might not have prioritized before.

This platform also allows me to publish my in-progress views on each subject I learn about each week. This is a great opportunity to get feedback from readers who may know more about these subjects than I do or have a unique viewpoint I haven’t considered.

Surrounding this entire process is the pursuit of making a positive impact on someone’s life each week.

2) Curate an experience that readers enjoy, one that makes them want to return for more

The goal of this platform is to create an experience readers enjoy so much that they keep coming back each week for more and more content. Now, that’s an incredibly lofty goal, but one I continue to strive towards each week.

I hope you enjoy the content each and every week!

3) Subscriber Goal In 3 Months: 375

I hate asking people for help, so I normally keep my “ask” to share/subscribe to this publication very short, and usually, most people just brush right past it.

Today, I’m putting it front and center.

If you enjoy and/or get any value from the Brainwaves platform, help me get to 375 subscribers by the end of February by doing any of the following:
Forward this email to friends and tell them to subscribe,
Share on LinkedIn, Twitter, and Facebook with a short note,
Share within your existing community or your company Slack channel.

Getting to 375 people shouldn’t be hard. To put it into perspective, with 309 of you currently subscribed, we just need a referral rate of 0.21 (~1 in 5 people sharing) to reach 375. I’d really appreciate it if you could spend a couple of minutes helping me broaden this platform’s reach and impact.

To reiterate, the goal of this platform is not to become famous or generate an income stream; it is purely to educate people like you about critical factors in our future. So, the goal to increase subscribers is not to grow larger (although that is a nice economies-of-scale byproduct); it is simply to reach a broader audience consistently, and an audience that I will hopefully have a positive impact on every single week.

In addition, more subscribers mean more views and a greater likelihood that one of my readers knows more about a subject than I do, creating more opportunities for me to learn and grow through this process.

4) Continue building on our social media success

We’ve had a ton of success on social media this quarter. My goal is to continue pushing content and make a measurable impact on our subscriber base through our social media efforts this quarter. That’s a lofty challenge that requires tons of views, interactions, and engagement, along with a decent conversion rate.

I think it’s an ambitious goal, but well within reach.

5) Drive subscribers through the referral program

If you missed it, we launched a referral program last quarter! There are some exciting rewards (in my opinion), so feel free to send this to a friend or two and get them to sign up. Read more here.

I hope this drives a large portion of subscriber growth (and helps me get rid of some of this swag) this quarter and quarters to come. Go make it happen!

6) Read more books associated with subjects I’m interested in

I’ve started reading books on subjects that interest me, and they’ve definitely helped round out my thinking, offer new perspectives, and deepen my knowledge of the niche subsegments within each sector.

I’ve already got some exciting books lined up for some segments I’m interested in. Hopefully, you’ll get to see a couple of insights here and there.

Thank You + Bonus Content

Thank you for sticking around. For anyone new here: thank you too! I hope you’ve enjoyed your time and will continue to return for more content each week.

I’m excited to see what happens this next quarter. This passion project continues to grow and develop, astounding me every single day. Like always, this is purely for fun and learning, and so far it’s been great.

As a little thank you, here’s a little hint at what’s coming down the pipeline:

An Interview?

Key People?

An Obscure Latin Phrase?

Commentary on Old People?

….and more

With that, thank you again for your support! As is customary, here’s a Kardashian + friends quote to brighten your week:

“You can say a lot of things about me, but you cannot say I don’t work hard. I don’t sing. I don’t dance. I don’t act. But I am not lazy.”

- Kim Kardashian

Thank you again for another great quarter!

Drew Jackson

Twitter: @brainwavesdotme

Email: brainwaves.me@gmail.com

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The Saturday Morning Newsletter #91

Drew Jackson — Sat, 23 May 2026 15:35:01 GMT

This Week I’m Tracking: 14 developments across the sectors shaping our future

Reading Time: 6 minutes of curated insights

New to these updates? They pair with our bi-weekly Brainwave analyses for comprehensive sector coverage. Wednesday’s deep dive explored the collaborative frontier - catch up here.

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#1: Lunar Outpost

Description: Lunar Outpost is a developer of moon rovers.

Why Is This Company Interesting? Lunar Outpost recently raised $30M in venture capital funding. Lunar Outpost is developing the infrastructure necessary to inhabit other planets. Their lunar rover technology, combined with their launch capabilities, is close to enabling people to go to and roam around on the Moon and other planetary bodies. American innovation will continue to pave the way for the world to reach new heights.

#2: Meatly

Description: Meatly is a cultivated meat producer.

Why Is This Company Interesting? Meatly recently raised $10.4M in venture capital funding. Meatly is creating cultivated meat products geared for pet consumption. In the age where cultivated meat products are beginning to hit the mass market, why shouldn’t it also extend to pets? Their technology uses chicken cells to create meatless products without harming any animals.

#3: Cowboy Space

Description: Cowboy Space is an orbital infrastructure startup.

Why Is This Company Interesting? Cowboy Space recently raised $275M in venture capital funding. Cowboy Space is building the power grid in space to support AI. Earth’s grid isn’t set up to sustain the pace of AI development. Luckily, there is tons of capacity in space to support this exponential growth. Cowboy Space is betting this will be the future of energy and AI.

#4: Crew Carbon

Description: Crew Carbon is a developer of carbon dioxide removal solutions.

Why Is This Company Interesting? Crew Carbon recently raised $25M in venture capital funding. Crew Carbon provides wastewater treatment facilities with a process intensification solution that improves performance, lowers costs, and permanently removes greenhouse gases. Their solution replaces conventional alkalinity chemicals, providing a more efficient process and lower long-term costs for plants. Additionally, it reduces the risk of hazardous chemical exposure for operators.

#5: Star Catcher

Description: Star Catcher is a developer of a power grid in space.

Why Is This Company Interesting? Star Catcher recently raised $65M in venture capital funding. Like other players in this industry, they aim to create the first power grid in space, powered by solar energy. Their technology transmits solar energy directly to the satellite’s existing solar arrays (think mirrors). What’s special about Star Catcher is that they hold the world record for optical power beaming, which underpins their proprietary technology.

Reuters: Trump’s Crackdown on China-Linked Solar Firms Stalls U.S. Factory Boom

The Trump administration has cracked down on China-based solar panels, leading to some unfortunate byproducts. A few U.S.-based manufacturers with Chinese ties (however strong) are also facing backlash, as businesses are unsure whether they can continue doing business with them. This shift threatens more than 1/3rd of U.S.-based solar development.

The New York Times: EPA to End Some Limits on ‘Forever Chemicals’ in Drinking Water

The Trump administration announced that it will drop some limits on ‘forever chemicals’ in drinking water. These chemicals have been previously found to cause cancer and other serious health problems. The Biden administration enacted these policies; now, the Trump administration is rescinding protections on four of the substances and will continue to protect against two of them.

The New York Times: Scientists Tweaked the Global Warming Outlook

Researchers recently said the worst-case climate scenario used in science and policymaking over the last decade had become implausible and could be revised downward. In response, Trump falsely claimed that this was clear evidence that the international expert committee had been wrong, pushing the agenda that climate change is a hoax.

The Wall Street Journal: SpaceX Launches Starship Rocket

On Friday, SpaceX successfully launched its next-gen Starship rocket. A few minutes after the launch, the spacecraft separated from the booster. The booster ran into problems and eventually crashed into the Gulf of Mexico. The spacecraft lost one of its engines but managed to reach space and successfully deploy its payload. The craft came back down to Earth, exploding upon touchdown in the Indian Ocean.

Pitchbook: More than 1 in 5 Startup Acquisitions Include an Earnout Provision

This level of earnouts in M&A deals signals that buyers still have large power in the current market conditions. While overall conditions have improved since the recent downturn, earnouts continue to remain a more common feature in these deals. A major reason in the broader market is that many startups are still stuck with inflated valuations from the 2020 and 2021 market peaks, which makes earnouts more palatable to founders than a lower valuation.

Pitchbook: SpaceX IPO Filing

This week, SpaceX published its S-1 filing in preparation to go public. The company has grown tremendously in valuation, although many of the revenue and earnings figures do not track to the size of the IPO SpaceX hopes to have. The company raised more than $10B in funding over its lifetime, with many gearing up for a major liquidity event.

IP Watchdog: Maximizing AI Value Through Smarter IP Strategy

AI is developing at an incredible rate. Conversely, intellectual property law and policy aren’t evolving nearly as fast, leaving gaps in coverage. Additionally, AI innovation doesn’t fit neatly into the current IP model, which causes additional strain on entrepreneurs, policymakers, and general consumers. Asking critical questions about what we’re trying to protect, who controls the inputs, who owns the outputs, and what can be commercialized should be examined carefully as we develop IP frameworks to shore up these gaps.

Open Culture: The Most Influential Philosophers Explained in 26 Minutes

Who are the most influential philosophers of all time? That’s incredibly debatable, but this video breaks down and argues for who they think they are, including Socrates, Plato, Aristotle, Confucius, Augustine of Hippo, Thomas Aquinas, René Descartes, John Locke, David Hume, Rousseau, Immanuel Kant, Hegel, Karl Marx, Nietzsche, and Wittgenstein.

Company Spotlight: Quaise

On the surface, Quaise looks like any other geothermal energy company I write about here. When you look a bit more, there are a few things that set them apart in this sector.

To provide some background, Quaise Energy is a spinout of MIT, and they recently announced their next big project: Project Obsidian. Their goal is to create the world’s first commercial superhot geothermal power plant.

What is a superhot geothermal plant? They use gyrotron technology, which emits high-energy waves that vaporize rock, to drill deeper into the earth than other geothermal methods. Their goal is to drill down 10-12 miles into Earth’s core, producing 5-10x more power than traditional geothermal wells.

They’ve initially tested their technology, successfully drilling through 100 meters of granite. When deployed commercially in 2030, they will search for very hot rocks (300-500 Celsius) that provide the pressure and heat needed to produce supercritical water, enabling viable GW-level plants.

It’s super interesting to see how companies and people are innovating to drive growth and prosperity in legacy industries.

That’s a wrap on this week’s roundup.

Found this analysis valuable? The best way to support Brainwaves is to share it with someone who’d benefit from these insights.

Drew Jackson

Founder & Writer

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Keep Exploring

Next Deep Dive: Special Edition Interview - May 27th, 2026
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The Saturday Morning Newsletter #90

Drew Jackson — Sat, 16 May 2026 15:35:50 GMT

This Week I’m Tracking: 15 developments across the sectors shaping our future

Reading Time: 6 minutes of curated insights

New to these updates? They pair with our bi-weekly Brainwave analyses for comprehensive sector coverage. Wednesday’s deep dive explored the collaborative frontier - catch up here.

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Let’s dive in.

#1: Satellites on Fire

Description: Satellites on Fire is a wildfire detection startup.

Why Is This Company Interesting? Satellites on Fire recently raised $2.7M in venture capital funding. Satellites on Fire integrates cameras on watchtowers with satellite imagery to rapidly identify and address new wildfires. They are currently identifying around 95 new wildfires a month, ensuring proper response and prevention. This tool is valuable to municipalities and state governments worldwide, delivering a high ROI.

#2: Voltify

Description: Voltify is a converter of diesel trains to electric.

Why Is This Company Interesting? Voltify recently raised $30M in venture capital funding. Voltify is overhauling traditional locomotives into new electric motors. These trains are then powered by renewable energy instead of fossil fuels. This enables the train system to save up to 66% on fuel costs.

#3: Entrix

Description: Entrix is a battery optimization startup.

Why Is This Company Interesting? Entrix recently raised $43M in venture capital funding. Entrix uses AI technology to optimize battery storage space and lifecycles. Their company also enables the trading of extra energy to drive further revenue for their customers. Currently, they’re executing over 30,000 trades per day.

#4: Zevero

Description: Zevero is a carbon accounting platform.

Why Is This Company Interesting? Zevero recently raised $7M in venture capital funding. Zevero enables companies to manage, track, and act on carbon emissions. Their clients are hitting their net-zero goals early by partnering with Zevero. Their in-house sustainability experts help advise clients on opportunities to continue making progress towards their goals.

#5: Renasens

Description: Renasens is a textile recycling technology.

Why Is This Company Interesting? Renasens recently raised $10M in venture capital funding. Renasens recycles old apparel using a waterless process for tried-and-true results. They start by removing dyes, then separating fibers, and finally cleaning the recycled fibers to complete the recycling process. Circular manufacturing is becoming increasingly important in our global consumerist economy, and Renasens is well-positioned to facilitate it.

Canary Media: America’s Nuclear Dry Spell is Over

After a decade without new nuclear power construction in the United States, two companies have broken ground on projects, with others hot on their heels. TerraPower and Kairos Power both began construction of their nuclear power plants in a dramatic race to the finish line to see who can commercialize energy the fastest and win large energy contracts.

Financial Times: Solar Panel Prices Rising

Solar panel prices are rising after China implemented a program to curb competition among producers. This trend could spell the end of increasingly affordable solar cells—following the Moore’s law trajectory they’ve been on. This surge in prices is driven by both rising silver prices and the crackdown on competition, which has caused billions of dollars in losses in the sector. This may be the rock bottom of prices for the time being.

The New York Times: Fuel Prices Driving the Sale of EVs

The war in Iran and the resulting increase in oil and gas prices have led to a surge in electric vehicle sales globally as consumers aim to transition away amid higher costs. This is beginning to hurt sales of fossil-fuel-powered cars, even as electric vehicle adoption slowed in China and the United States.

The Wall Street Journal: Why Companies Are Racing to Put Satellites in LEO

Low Earth orbit is increasingly sought after by technology companies looking to deploy satellites to provide internet and other services worldwide. This video effectively details the competitive environment, showcasing motivations and potential areas for pause.

Space: SpaceX or Blue Origin for 2028 Moon Landing?

NASA’s redefined plan for the Artemis program puts a test in orbit in 2027, with an attempted landing in late 2028. The two companies previously selected to build this technology are SpaceX and Blue Origin, both of which are currently in development and are facing tight timelines to accomplish this feat. The next few months will determine who is ready and optimally positioned to succeed in this complex task.

The New York Times: Geothermal IPO

This week, Fervo Energy, a geothermal energy player, raised ~$1.9B in its IPO. This was above analyst and investor expectations, signaling confidence in the industry over the longer term. Investors have confidence that this model can be successful, repeatable, and scalable. Hopefully, geothermal only continues to grow in its share of the energy mix.

Pitchbook: Anthropic vs. OpenAI

This article details three charts that help investors and the general public think about the rivalry between Anthropic and OpenAI. It seems as though Anthropic is gaining significant momentum right now. OpenAI was the major leader from the start, so it’s unclear who is currently in the lead.

The New York Times: China Is Weaker Than It Seems

This economist’s viewpoint is that in the long run, a structure similar to the United States’ is bound to succeed more than that of China’s. “Because history shows that the most productive national assets are political freedom and open markets — the freer, more open and more competitive, the better.” This has been shown in the past and continues to ring true today; however, with the recent declines in the United States, the gap is thinning.

Big Think: Zugunruhe

Zugunruhe is a German term for the relentless urge birds feel when caged. This term also applies to humans, as seen in movies where the actor begins to restlessly pace the room they’re stuck in. Philosophers have started using this term to identify when your environment isn’t a good fit for you, causing this reaction—it isn’t a personal flaw.

What is the most interesting philosophical argument against veganism?

Doing some quick research on this topic in Gemini provided some intriguing answers.

For instance, there’s a viewpoint that argues that eating meat actually benefits animals. Flipping the argument on its head, philosophers argue that if the demand for meat drops, then fewer farm animals will be bred. Thus, ethical raised meat will be lower, reducing the number of future lives that would never be.

Another argument is the harm causation argument, which targets the impact of an individual’s choices. The idea is that if you don’t decide to purchase meat, that won’t meaningfully alter the number of chickens slaughtered. The market only responds to massive, macro-level shifts in demand. Thus, the animal on your plate is already dead, and your refusal to eat it changes nothing for the next generation of livestock.

Finally, another argument points out the general hypocrisy of a pure vegan diet. Agriculture of any kind requires clearing land, which destroys natural habitats and kills millions of small mammals, birds, and insects. Some argue that eating a single grass-fed cow results in fewer total animal deaths than a diet reliant on intensive crop farming. Trying to completely detach yourself from the cycle of death is a philosophical impossibility.

That’s a wrap on this week’s roundup.

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