Level Ventures | Albert Azout | Substack

The Endogenous Investor

Reflexivity, the Curve, and the Legibility Inversion

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Recent posts

Reasoning in Regime Changes

Reasoning in non-ergodic systems

Mar 1 • Albert Azout

Criticality investing, bottlenecks, and progress

Jan 28 • Albert Azout

Capitalism and Semiotics

Semiotics, Symbolic abstractions, AI

Sep 12, 2025 • Albert Azout

N-th Order Prediction Markets

In prior updates we discussed the evolving nature of alpha as well as our Criticality Investing framework.

Aug 20, 2025 • Albert Azout

This is Not Your Mother's Alpha

Alpha erodes over time.

Jun 26, 2025 • Albert Azout

On the VC Liquidity Crunch

Many investors these days are discussing the current liquidity crunch in VC, in the backdrop of an uncertain and volatile market.

Jun 1, 2025 • Albert Azout

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