Long-term capital,
real conversations.

Monthly letters on real estate, small business, and ownership. Replies encouraged.

What I write about

Real estate

Deal flow, underwriting, financing, and managing physical assets.

Small business

Finding, evaluating, and acquiring durable SMBs.

Capital allocation

Where to deploy, when to hold, and the discipline of no.

Ownership

Incentives, operators, and what separates builders from extractors.

Risk & leverage

Downside protection, when debt makes sense, incentive structures.

Long-term thinking

Patience, stewardship, and occasional reflections from the road.

Why subscribe

Monthly letters

Honest reflections on what I'm learning.

Learning in public

Real work, real mistakes, no theater.

Reply-friendly

I respond to every reply. It's a conversation.

Relationships first

Building trust over time, not pushing deals.

About Cody

Long-time builder and operator with deep engineering and platform experience. Now applying that operator mindset to real estate and small business investing.

I take a long-term, stewardship-oriented approach to investing, with an emphasis on aligned incentives, sustainable growth, and businesses that serve their employees, customers, and communities well.

My family and I live nomadically, worldschooling while I build Rayhaus Capital.

Join the conversation