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Matt Brown — writing index · Jan 1, 2026

The thermodynamics of risk

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An argument that risk in fintech behaves like energy in physics: it can't be created or destroyed, only transferred between counterparties. The piece walks through how risk-transfer pricing determines who bears what, why most fintech businesses are fundamentally in the business of repricing risk, and where the durable economic margins concentrate.

Read on notes.mtb.xyz

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