II — The Thesis
Different ancestors. Same destination.
Airlines, retailers, software companies, farm equipment dealers are different industries with different starting points. Given enough time and enough competitive pressure, they converge on the same design. Biologists call this pattern carcinization — unrelated lineages, independently, arriving at the crab. Capitalism appears to have discovered its own version. Instead of becoming crabs, everything becomes a bank.
The Operator Premium
AI is making technology easier to build and regulated businesses more valuable to own.
The Corporate Tail-Tuck
When running the operating business gets expensive enough, companies tuck their tails under a financial shell.
Research & Publishing
We publish the body of work that explains the migration, industry by industry
— Everything Becomes a Bank, august 2026