Research desk

Coverage is not duration.

Public working papers and the Crossover instrument. Product guides stay on /insights. Egregore is the NDA practice, listed here as a subset.

Not a trade signal. Not certified.

Essays on Substack → Product guides →

The Crossover

Instrument page →

Five notes. Fixture board is local until a public host exists.

Substack
The worker is not 2.32 kilowatt-hours
Two-thousand-calorie label is ingested energy, not delivered work. The unpaid loop is what capex has to replace.

Sep 8, 2026
Substack
Coverage is not duration
Remaining performance obligation is booked work, not chip life. Three issuers. Three ways the ratio lies.

Sep 8, 2026
Substack
The leased watt vs the internal robot
SpaceXAI pair 2.7 vs 0.4. Leased watt and internal robot are not the same unit.

Sep 8, 2026
Substack
The same test, five filers
One fixture, five names. META / ORCL / CRWV / MSFT / GOOGL. Not a live median.

Sep 8, 2026
Substack
The residual
What is left after coverage and RAR. Series close, not a price target.

Sep 8, 2026

Instrument notes

Substack Draft
The instrument
Board legend. Fixture RAR, empty cells, NBIS caption. Live median not computed.

Sep 10, 2026
Substack
As of 8 September 2026
Standing falsifiable test through year-end 2029. Series coda.

Sep 8, 2026

Egregore

Independent research practice under NDA — not the public desk.

Lorca
Egregore
Independent research practice — analysis and reporting under NDA. Not the public desk.

Archive

Substack
The Sovereign Balance Sheet: Refinancing the Republic Without Printing Money
Gold, AI, short-duration Treasuries, and regulated stablecoins as moving parts.

Sep 5, 2026

LinkedIn index landing when URLs are pasted.