Entering before consensus forms, and standing with founders through the cycle.
Agents do not change efficiency. They change where value is created.
Software is no longer sold by the seat. It is priced by the work it completes.
General models become utilities. The moat retreats to context and workflow.
When agents decide on our behalf, reliability becomes the scarce good.
More than twenty years in investment banking and direct investment. Before founding Mandra, a managing director in Morgan Stanley’s Asia M&A group and co-head of its Asia resources and infrastructure group; earlier a senior associate at Milbank. Former director of SINA and China Longyuan Power. JD, Yale.