Philosophy
How I Invest
Classical venture is not the whole map
Classical venture is not equipped to handle the full range of businesses emerging in the AI-native age. It remains a powerful model for some companies, but it will not always be the right partner. Some of the most attractive businesses are highly profitable, exceptionally well-positioned niche companies that matter strategically, compound on their own economics, and do not need to force themselves into venture math to justify their existence.
Multiple structures, one standard
I invest through different structures because the business should determine the capital model, not the other way around. That can mean direct equity, co-investments, fund allocations, or patient strategic capital. The structure may change. The standard does not. I back businesses that are understood, economically real, and run by people worth trusting.
Profitable niches can be serious outcomes
MX Squared does not only invest in businesses that need to sell or exit to return capital. It also backs long-term strategic capital situations, including cash-flow driven businesses that can compound over time on their own economics. Capital efficiency is not a constraint. It is a signal that the business model is sound.
Useful partnership over passive capital
I do not want to be a passive line item on a cap table. I want a small number of deep relationships where I can be genuinely useful through judgment, challenge, and long-term involvement. Fewer bets, more conviction, and actually showing up when it matters is a better model than collecting a large portfolio of lightly held positions.
What MX Squared generally doesn’t do
Independence means choosing what not to do.
Chase trends
Staying close to fundamentals: what a business actually does, whether it can sustain itself, and whether the people running it are good. That tends to lead away from whatever is moving markets in a given quarter.
Lead rounds
MX Squared generally comes in alongside a lead investor worth respecting, someone already doing the work of governance. The role is to add something useful, not to take the chair at the table.
Deploy on a schedule
No fund cycle, no deployment mandate. There is no pressure to put capital to work by a certain date. Waiting for genuine conviction beats filling a quota.
Report to LPs
Own capital means no limited partners to report to and no quarterly marks to defend. That removes a layer of noise that gets in the way of good long-term decisions.
Limit by asset class
No restriction to venture-scale outcomes. Some of the most interesting businesses will never go public, and that is fine. The structure should follow the opportunity, not the other way around.