{"id":1568,"date":"2026-10-09T15:19:31","date_gmt":"2026-10-09T12:19:31","guid":{"rendered":"https:\/\/asiloam.com\/?p=1568"},"modified":"2026-10-09T15:19:36","modified_gmt":"2026-10-09T12:19:36","slug":"quarterly-letter-q3-2026","status":"publish","type":"post","link":"https:\/\/asiloam.com\/en\/quarterly-letter-q3-2026\/","title":{"rendered":"Quarterly Letter Q3 \/ 2026"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">On a Tuesday in late August, at a window table at a restaurant on Pohjoisesplanadi in Helsinki, an investor who has been with us for most of our strategy\u2019s eighteen years put down his fork and asked the question we have heard more than any other this year. \u201cWhen did you decide to sell software?\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">We said: we didn\u2019t.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The rest of the sentence took the remainder of lunch, and it is the subject of this letter. The last three letters were about where misunderstanding lives: Jevons\u2019 paradox, the whole product, the facts filed under the wrong heading. This one is about how we go looking for it: the process that decides what comes in, what stays and what leaves.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<div data-wp-interactive=\"core\/file\" class=\"wp-block-file\"><object data-wp-bind--hidden=\"!state.hasPdfPreview\" hidden class=\"wp-block-file__embed\" data=\"https:\/\/asiloam.com\/wp-content\/uploads\/2026\/10\/Q3-2026-Asilo-Argo-Quarterly-Letter-EN.pdf\" type=\"application\/pdf\" style=\"width:100%;height:600px\" aria-label=\"Embed of Q3-2026-Asilo-Argo-Quarterly-Letter-EN.\"><\/object><a id=\"wp-block-file--media-215c5661-9c1b-4086-b869-ae4d5e1a5059\" href=\"https:\/\/asiloam.com\/wp-content\/uploads\/2026\/10\/Q3-2026-Asilo-Argo-Quarterly-Letter-EN.pdf\">Q3-2026-Asilo-Argo-Quarterly-Letter-EN<\/a><a href=\"https:\/\/asiloam.com\/wp-content\/uploads\/2026\/10\/Q3-2026-Asilo-Argo-Quarterly-Letter-EN.pdf\" class=\"wp-block-file__button wp-element-button\" download aria-describedby=\"wp-block-file--media-215c5661-9c1b-4086-b869-ae4d5e1a5059\">Download report<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>On a Tuesday in late August, at a window table at a restaurant on Pohjoisesplanadi in Helsinki, an investor who has been with us for most of our strategy\u2019s eighteen years put down his fork and asked the question we have heard more than any other this year. \u201cWhen did you decide to sell software?\u201d [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":1310,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26],"tags":[],"class_list":["post-1568","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-quarterly-letters"],"_links":{"self":[{"href":"https:\/\/asiloam.com\/en\/wp-json\/wp\/v2\/posts\/1568","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/asiloam.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/asiloam.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/asiloam.com\/en\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/asiloam.com\/en\/wp-json\/wp\/v2\/comments?post=1568"}],"version-history":[{"count":2,"href":"https:\/\/asiloam.com\/en\/wp-json\/wp\/v2\/posts\/1568\/revisions"}],"predecessor-version":[{"id":1571,"href":"https:\/\/asiloam.com\/en\/wp-json\/wp\/v2\/posts\/1568\/revisions\/1571"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/asiloam.com\/en\/wp-json\/wp\/v2\/media\/1310"}],"wp:attachment":[{"href":"https:\/\/asiloam.com\/en\/wp-json\/wp\/v2\/media?parent=1568"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/asiloam.com\/en\/wp-json\/wp\/v2\/categories?post=1568"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/asiloam.com\/en\/wp-json\/wp\/v2\/tags?post=1568"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}