Monthly
$3/ month
The flexible option. Pay as you go.
- Full archive access
- All future editions
- Reader-only experience — no ads or sponsors
Members · The full archive
Read every letter. Not just today’s.
The daily letter is free. Members read the rest — every court exhibit, every shareholder letter, every memo we've published. Searchable. Permanent.
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Cancel anytime
Annual
$30/ year
Two months free. The serious-reader rate.
- Full archive access
- All future editions
- Reader-only experience — no ads or sponsors
- Two months free vs. the monthly plan
Secure checkout via Stripe · Receipts emailed automatically · Cancel from the customer portal
What members get
The full archive.
Every letter we've ever published, fully searchable. Read the whole corpus end-to-end, or jump straight to a leader, a company, or a moment.
Every future edition.
One letter every weekday — court exhibits, shareholder memos, internal emails. The pace doesn't change; what changes is what you can come back to.
Primary documents.
Every post links to the original source and includes screenshots. The lesson is the product, but the document is the proof.
Reader-only experience.
No ads. No sponsorships. The only thing in your way is the writing.
Editorial standards in writing.
The same charter every post is held to — grounded, transformative, neutral. Both wins and failures, no hagiography.
Support an independent project.
Your subscription is the entire business model. No VCs, no acquihire path. You're the customer, not the product.
Free vs Members
The daily edition stays free. Members get the rest.
| Free reader | Member | |
|---|---|---|
| Daily letter in your inbox | ✓ | ✓ |
| Today's edition on the web | ✓ | ✓ |
| Source screenshots on today's letter | ✓ | ✓ |
| Full searchable archive | — | ✓ |
| Read every prior edition end-to-end | — | ✓ |
| No ads, no sponsors | ✓ | ✓ |
Questions
- What does the free week actually include?
- Everything a paid member gets — the full searchable archive, every prior edition, every screenshot. For seven days, with no card on file. If you don't subscribe by the end, the archive locks again and you keep getting the free daily letter as usual.
- Is the daily newsletter still free?
- Yes — always. The daily edition goes out to everyone, member or not. Membership unlocks the back catalog and is what keeps the project going.
- Can I cancel anytime?
- Anytime. Cancel from your account and you'll keep access until the end of the period you've already paid for. No retention dark patterns, no calls to make.
- Do you offer refunds?
- If something isn't working or you're unhappy, email us within 14 days of a charge and we'll refund it without friction.
- Why $3 a month?
- Cheap enough to be a rounding error if you read one good letter a quarter. Expensive enough that, in volume, it funds a slow, careful editorial process instead of an ad-driven content treadmill.
- Where does my money actually go?
- Hosting, the LLM bill for the editorial pipeline, court-document costs (PACER fees add up), and editor time. No advertisers, no sponsors, no affiliate links — your subscription is the entire business model.