The ground worth fighting over in markets, technology, and national security.
Latest writings

What I Got Right (Publicly) About Markets

What I Got Wrong (Publicly) About Markets

Professional Investor Report - January 2023

Professional Investor Report - December 2022

Professional Investor Report - November 2022

Professional Investor Report - October 2022

Professional Investor Report - August 2022

The Bitcoin White Paper Abstract - Explained
What is Key Terrain?
In military doctrine, key terrain is any ground whose control gives a marked advantage to whoever holds it. The same is true in business, financial markets, technology, and national security: a supply chain chokepoint, a protocol that becomes the standard, a resource everyone suddenly needs. Key Terrain is about finding that ground, especially where those worlds overlap.
My writings look for the ground that matters most and what it takes to hold it. Written by Johnny DeMaddalena.
