Board Memos

Thinking

Short, opinionated advisory notes on M&A, banking strategy, investment, and AI governance — drawn from 45 years of experience and written for boards, investors, and shareholders.

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Board MemoFebruary 2026

Why Most Banking M&A Fails Before the Ink Dries

I have sat on both sides of banking M&A — as the acquirer and as the board member governing the integration. Most deals fail not because the strategy was wrong, but because the board stepped back at exactly the wrong moment.

For: Board Directors, Investment Committees, Investor Firms

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The Question Every Board Should Ask About AI — But Doesn't

Board Memo

March 20264 min read

The Question Every Board Should Ask About AI — But Doesn't

Most boards ask 'How are we using AI?' That is the wrong question. The right question is: 'What decisions are we making today that AI will make obsole...

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Occasional strategic memos on M&A, banking, investment, and AI governance. Written for boards and investors.