Life, Liquidity & Other Delusions | Ryan Stohl | Substack

You’re hovering outside the door like someone pretending they’re just browsing. The building's already on fire. Come in or don’t, but the smoke will find you either way.

Recent posts

Investor Letter: We Have Lost the Company

Dec 31, 2025 • Ryan Stohl

Predictions I Refuse to Make for 2026

Every December, the same people who couldn’t explain what happened last February develop strong feelings about next October.

Dec 23, 2025 • Ryan Stohl

I Pitched Netflix a Casablanca Sitcom

It's the post-9/11 Sex and the City of 1940s French Morocco

Dec 10, 2025 • Ryan Stohl

Meta Q3 2025 Earnings Call

Unofficial Translation for People Who Can Count

Dec 8, 2025 • Ryan Stohl

NVIDIA Internal Memo: Mandatory Transition to Machine-Readable Format

Accelerating Your Evolution into the Hardware You Already Serve

Dec 3, 2025 • Ryan Stohl

EXCLUSIVE: Credit Report Shows Meta Keeping $27 Billion Off Its Books Through Advanced Geometry

FSG LLC’s preliminary rating explains how a data center and selective eyesight create a perfectly legal accounting miracle.

Nov 28, 2025 • Ryan Stohl

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