Loyalty Ventures

Writing

Notes from
the shop floor

Occasional writing on manufacturing, defense, and what it takes to fund American industry early.

April 3, 2026
Process
How we write the memo
We draft the investment memo ourselves and send it to the founder. Here is why that is the right way round.
February 11, 2026
Thesis
Why manufacturing and defense
The country stopped making things, then discovered it still needed them. That gap is the investable surface.