STEALTH Notes is the founder essay series. The conversational companion to the institutional research at stealth1000.com/research. New issues approximately every two weeks. Free to read.
Biweekly cadence · No paywalls · Citable
Several LPs read Issue 01 and wrote me back the same question, in different ways. Is the 3.5× actually real, or is it selection effects? This issue is the longer answer. It is more interesting than the short one. ~1,600 words.
STEALTH Notes launched June 2026 with Issue 01. New issues approximately every two weeks. All issues remain free to read.
Several LPs read Issue 01 and asked the same question: is the 3.5× actually real, or is it selection effects? The longer answer — including what we honestly think the real number is, and what to model against.
The story of how STEALTH stopped running a workshop studio and started running something with no name — until we put one on it. The conversational version of the Manifesto + Annual Report.
How company 300 actually gets cheaper to build than company 30, in dollars and weeks. The mechanism that makes the distributed studio model work at scale.
STEALTH Notes is the conversational layer. The institutional research lives at stealth1000.com/research — the Annual Report, the DSI methodology, the working papers.
The State of the Venture Studio Economy 2026 — 24 pages of institutional research synthesizing GSSN, PitchBook, NVCA, Crunchbase, and CB Insights data. Free, sourced, citable.