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The Next Run on the Bank Won't Look Like a Bank Run

2026-09-10 · David H. Friedel Jr. · 13 min read

Dollars Are for Using. Gold Is for Holding.

2026-09-12 · David H. Friedel Jr. · 11 min read

Every Fix for a Stablecoin Run Ends at the Fed

2026-09-11 · David H. Friedel Jr. · 9 min read

The Salary Is Hourly Billing

The firm that bills by the hour cuts its own revenue when output per hour doubles. So does the worker on a fixed salary — one level down, same division problem.

2026-09-06 · David H. Friedel Jr. · 8 min read

The Strike Price Illusion

The number on your option grant was calculated by an independent appraiser, blessed by the IRS, and may have almost nothing to do with what your equity is actually worth.

2026-03-31 · David H. Friedel Jr. · 13 min read

The Option Pool Shuffle

Every funding round quietly takes something from you before the money arrives. The people paying for it are never the ones who negotiated the terms.

2026-03-30 · David H. Friedel Jr. · 11 min read

The Waterfall

How a $30M exit left employees with nothing, and the liquidation preference mechanics that made it possible.

2026-03-29 · David H. Friedel Jr. · 8 min read

Beware the Surge in Fake Family Office Funding Offers

Why Founders Must Learn to Pre-Qualify Capital Outreach in 30 Seconds

2025-11-19 · David H. Friedel Jr. · 6 min read
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