The Memo
Thinking for systems builders.
Clear-eyed writing on growth systems, creative, AI, and what operators actually do to scale.
Systems
Why your CAC keeps climbing — and the six places it actually leaks
Rising CAC is almost never a bidding problem. It’s a system problem.
9 min read · Jun 2026
6×
CAC FAILURE MODES
Recent issues
Creative
The creative cliff: shipping 50 concepts a month without losing the thread
7 min read
AI
Agents over prompts: what an AI-native growth team actually runs
8 min read
Channels
Channel discipline is a growth strategy
5 min read
Measurement
Platform ROAS is a story the platform tells itself
6 min read
Operating
The Founder-to-CGO handoff, without the 12-month build
7 min read
Lifecycle
Retention is acquisition’s silent partner
5 min read
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CAC Quality Scorecard across six failure modes
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