The AuguroSubscribe
Section

Business

Capital, enterprise, and the economy of the future

Tariffs Are No Longer a Negotiating Tool — They Are the Industrial Policy
Lead Story

Tariffs Are No Longer a Negotiating Tool — They Are the Industrial Policy

The January 2026 WEF trade report formally declared the end of just-in-time globalization. The corporate response — nearshoring, regional supply chains, tariff-adjustment contract clauses — is not a temporary adaptation. It is a permanent restructuring of how global production is organized.

William KesslerMarch 18, 2026
The B2B Software Consolidation Signal
Business

The B2B Software Consolidation Signal

Smaller SaaS players are losing renewal rates to bundled platforms in a structural consolidation that M&A headlines understate — the long tail of enterprise software is being systematically eliminated.

Marcus Webb7 min
Venture Capital Is Pricing In the Operator Premium
Business

Venture Capital Is Pricing In the Operator Premium

For the first time since 2010, VCs are structurally favoring operators over visionaries — a signal that the easy growth era of consumer software is over and the infrastructure era has begun.

Marcus Webb7 min
The Deglobalization Signal
Business

The Deglobalization Signal

Supply chain disruptions, geopolitical fragmentation, and industrial policy have reversed decades of globalization. Understanding what is actually changing — and what isn't — requires looking past the political rhetoric.

Marcus Webb13 min
The Commercial Real Estate Reckoning Has Arrived
Business

The Commercial Real Estate Reckoning Has Arrived

Office vacancy rates in major US cities have hit 20-30 percent. The banks that financed the boom are beginning to reckon with losses. The signals suggest the worst is still ahead.

Miles Thornton11 min
The Founder Mythology Has a Body Count
Business

The Founder Mythology Has a Body Count

Silicon Valley's cult of the visionary founder has produced genuine innovation and spectacular frauds in equal measure. Understanding the difference matters more than the myth admits.

Marcus Webb12 min
What Private Equity Is Doing to American Medicine
Business

What Private Equity Is Doing to American Medicine

Private equity has acquired thousands of medical practices, hospitals, and care facilities. The returns have been good. The patient outcomes are a different story.

Miles Thornton12 min
The Gig Economy Was a Story We Told Ourselves
Business

The Gig Economy Was a Story We Told Ourselves

Platform companies promised freedom and flexibility. They delivered poverty wages and captured workers without the legal protections that employment law was designed to provide.

Elena Vasquez12 min