Good reads #216- 8th June 2026

• “What gets measured gets managed”

• 80:20

In October 2002, with only months to live, frequent guest Warren Zevon appeared on David Letterman’s show for the final time. The musician retained his dark wit, joking that not visiting a doctor for more than two decades was “one of those phobias that really didn’t pay off.” In a more serious moment, Letterman asked Zevon if he had any insights about life to share. “I really always enjoyed myself,” Zevon said. “But it’s more valuable now. You’re reminded to enjoy every sandwich and every minute of it, playing with the guys and being with the kids and everything.” Zevon’s answer is memorable — Enjoy Every Sandwich became the title of a posthumous tribute album — because he articulated his life’s purpose, rather than the metrics he’d registered along the way.

• What a Token Is, and Why Everything Is Made of It

• Demand for tokens does not scale smoothly. It cliffs.

We are now building agents. An agent is not a chatbot with better manners. An agent is a piece of software that can take a goal, figure out what to do, pick its own tools, and then go do it. It is the difference between asking a friend what the weather is in Rome and asking them to book you a flight, a hotel, and a restaurant that won’t poison you.

• A moat, properly understood, is not merely an advantage. It is an advantage that endures. It is a structure that protects future cash flows from competition.

• Distribution Is Not a Moat Either

• The Half-Life of Structural Advantage

Until next time!