Thinking
Ideas before announcements.
Short essays on trust, judgement, financial infrastructure and the useful parts of friction.
01
Judgement · 8 min
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02Why friction can be good for finance
Efficiency is valuable. So is the moment in which somebody notices that the efficient thing is the wrong thing.
Risk · 7 min
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03The hidden value of saying no
Revenue measures the business accepted. Reputation remembers the business that should have been refused.
Trust · 7 min
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The problem with instant trust
Identity can be verified quickly. Confidence deserves a different timetable.
Editorial position
A point of view is not a prediction.
These essays are general commentary. They are not legal, regulatory, investment or banking advice, and they do not describe live products or approved banking services.
They are published because serious institutions should be able to explain how they think — not only what they sell.