Letters
Letters.
A serif-set, long-form publication. Three to six pieces a year, each signed. Topics: how diligence is changing, why memoranda matter, what a private-credit underwriter can and cannot know, and where judgement still has to live.
16 July 2026 · Alex Ouellet
Interconnection is the whole deal.
What grid-queue diligence actually requires — where a project sits in the queue, what a signed agreement does and does not guarantee, and the restudy that moves the return.
05 June 2026 · Alex Ouellet
Underwriting the first reactor.
On why nuclear cannot be read with infrastructure tools, the cost history that proves it, and the diligence standard we are writing for the sector.
04 June 2026 · Alex Ouellet
What followed the team.
On the one question that decides a first-fund commitment, the survivor bias that hides inside a track record, and the emerging manager fixture we are building.
03 June 2026 · Alex Ouellet
The finding no single file shows you.
On why the diligence that matters lives in the contradictions and gaps between documents, not inside any one of them.
03 June 2026 · Alex Ouellet
The NOI the appraisal will not show you.
On the one comparison that decides a direct property deal, why it lives across four documents, and the commercial real estate fixture we are building.
02 June 2026 · Alex Ouellet
What a credit track record leaves out.
On why private-credit diligence turns on attribution and liquidity rather than yield, and the sector fixture we are building for it.
01 June 2026 · Alex Ouellet
Diligence in the data-centre boom.
On why energy and data-centre infrastructure is pulling allocator attention, why standard tooling reads it badly, and the sector fixture we are building.
29 May 2026 · Alex Ouellet
The gate before the committee.
On what makes a memorandum releasable, why a reviewer holds that gate today, and the signal we are building to name the dimensions.
24 May 2026 · Alex Ouellet
What we measure instead of a summariser score.
On sealed datarooms, atomic truth ledgers, counterfactual guards, and how we run the engine before a partner ever sees an engagement.
15 May 2026 · Alex Ouellet
On the memorandum.
On why a signed memorandum, and not a chat transcript, is the artefact a partner can defend.
01 April 2026 · Alex Ouellet
What an underwriter can know, and cannot.
On the difference between a claim you can verify, a claim you can infer, and a claim a careful person refuses to make.
10 March 2026 · Alex Ouellet
What we will not build.
A signed ledger of the features Diligence OS refuses, and what the refusals are for.
20 February 2026 · Alex Ouellet
The intelligence is the workflow.
On why the model is the cheapest part of a diligence engine, and what has to be built instead.