Why these four pieces, and not the rest of the publication? The four pieces translated are the ones whose argument is structural rather than UK-specific. They engage venture-capital fund economics and founder-cohort dynamics, both of which work in roughly comparable ways across mature venture ecosystems. The rest of the publication — particularly the IHT/BPR body of work — is built on UK-specific tax mechanics that do not translate without distorting the argument. A direct German translation of the BPR threshold reform piece would mislead a German reader more than it would inform.
The disclosure that matters. Every translated page carries an AI-translation disclosure in the target language at the top of the page. Subtle category errors are possible. The English original is canonical. Readers acting on consequential decisions should follow citations to the original sources, in any language.
The four structural pieces, in six languages
Each row below is one piece. Each column is a language. The English original is the first link; the translations follow.
The 33%
Why a third of entrepreneurs say they have a 100% chance of succeeding, and what that number actually means.
English · Deutsch · Français · Español · Italiano · 中文 · 日本語
The Wrong Winners Write the Books
Three filters that purify the survivor cohort's public output toward attribution confidence — and why this matters for what founder advice you should trust.
English · Deutsch · Français · Español · Italiano · 中文 · 日本語
Why Fund Economics Need Overconfident Founders
Power-law fund returns require a population of founders who systematically over-estimate their own odds. The recruitment environment is not a marketing accident; it is load-bearing.
English · Deutsch · Français · Español · Italiano · 中文 · 日本語
Both Halves of the Headline Are True
Venture capital is good for society and bad for most founders. Both halves are documented. They are not in contradiction; they follow from the same mechanism.
English · Deutsch · Français · Español · Italiano · 中文 · 日本語
Original-language analyses
Two parallel analyses on the same underlying question (the productivity-rescue dependency on a small mobile cohort) have been written from the structural position of specific countries in their own languages. These are not translations of the English race-against-itself piece. Each is original analysis written from that country's institutional context, with the country-specific particularities of that situation made explicit. The risk profile is different from the translations above — subtle category errors are more possible because there is no canonical English text to anchor against. Each piece carries a stronger production disclosure at the top.
The Race Against Itself
UK fiscal arithmetic, the productivity rescue, and the cohort the country is signalling its willingness to lose.
Das Rennen gegen sich selbst
Schwesteranalyse, deutscher Strukturkontext: Schuldenbremse, Energiekosten, föderale Struktur, Mittelstands-Adoptionspfad.
La course que la France mène contre elle-même
Analyse-soeur, contexte structurel français : État stratège, atout énergétique nucléaire, instabilité politique, collante des grandes écoles.
What is not translated, and why
The IHT/BPR body of work. Twenty pieces on the April 2026 UK Inheritance Tax reform on Business Property Relief. Genuinely UK-specific in its policy mechanics; a direct translation would substitute UK-specific tax language into a target-language text without the corresponding institutional context, producing a document that reads as confidently authoritative but contains no usable information for a German, French, or any other non-UK reader. The publication considers this a category error rather than a service to those readers.
The deeper VC pieces. The 26,000-word VC: Most Fail, Most Suffer, Some Win Lots, the operational For Prospective Founders piece, the jurisdictional reference, the team-around-the-founder piece. These engage UK and US specifics that would require adaptation rather than translation to be useful in other ecosystems. If demand for adaptations emerges, the publication may produce them; the publication will not produce a literal translation of pieces whose value depends on their UK or US institutional anchoring.
Italian, Spanish, Japanese, and Chinese versions of the race-against-itself piece. Italy is the recipient of UK departures via the flat-tax regime, not a peer in the same trap; an Italy piece in this frame would be empirically wrong. Spain has a different structural position. Japan's fiscal-and-cohort dynamics are genuinely different (capital controls, language barrier, demographic intensity at maximum). China should not be analysed from outside without lived knowledge of the political-economic constraints; the publication does not pretend to that knowledge. If a Chinese, Spanish, Italian, or Japanese reader with domestic policy experience wants to write the equivalent piece for their country, the publication would consider linking to it from this page.
A note on quality
The translations on this page were produced by AI tools without human review. The original-language analyses for Germany and France were also produced by AI tools without human review. The publication is honest about this. The English versions remain the canonical texts. If you spot a translation error, a stylistic infelicity that obscures the argument, or a category error that distorts the meaning, the publication welcomes corrections via the email address on the about page. Substantive corrections are recorded in the corrections log.
The publication does not currently plan to translate further pieces. The audience for the four pieces above will tell the publication whether it is worth doing more. If there is meaningful engagement with the German VC translations, that is a signal to translate the next piece. If the translated pages sit unread, that is also a signal. The publication trusts the reader to be the test.