Research · Advisory · Investment
The cost of becoming a financial institution is collapsing. The value of becoming one is rising. Where those two lines cross, convergence stops being optional — for every industry, one at a time.
Industries of Focus
Banking
The destination every industry converges toward — and the one that has spent forty years consolidating.
Construction
The slowest accounts payable cycle in the economy, financing itself through everyone but itself.
Healthcare Delivery
Insurance financialized generations ago. The providers delivering the care did not.
Education
Lending at enormous scale, held almost entirely outside the institutions themselves.
Featured Research
Everything Becomes a Bank
Adam Arola · James Laurie · Hamza Mandviwalla - August 2026
The financialization of commerce and the convergent evolution of capitalism. Different industries, different starting points, same destination.
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