Wavestar Insights
Long-form writing from the clearing team.
Thesis pieces, market microstructure notes, and commentary on the orbital economy by Mitchell McLennan, founder of Wavestar. Mirrored from mitchellmclennan.substack.com. Subscribe there for delivery to your inbox.
Mitchell McLennan
Role
Founder, Wavestar Holdings
Cadence
Weekly during v1 build
Posts
15
Archive
Earlier essays.
The full archive, newest first. Each essay is mirrored in full on wavestar.space with the original Substack post linked at the bottom.
Oct 16, 2026 · 6 min
The Wind Trade
Isaac Le Maire, the first bear raid, and the fraud that was born with the share
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Oct 13, 2026 · 4 min
The Cost After the Price
Karl Polanyi, Friedrich Hayek and the obligations a transaction leaves behind
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Oct 9, 2026 · 5 min
The Crew Has Won the Argument
Plato's ship, political attention and the work that winning conceals
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Oct 6, 2026 · 5 min
The Rule Must Be Able to Lose
Reza Negarestani on intelligence, institutional memory and the obligations of a corrected judgment
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Oct 2, 2026 · 5 min
Care Has a Geography
Helena Norberg-Hodge and the institutional cost of treating place as friction
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Oct 1, 2026 · 3 min
AI Infrastructure Is a Credit Story
Power, tenant credit, and who carries the delay
Read moreSep 30, 2026 · 3 min
The Clinic Is Not the Customer
Clinical authority does not follow the software invoice
Read moreSep 29, 2026 · 3 min
Your Drug Bill Is a Yield Product
The hidden economics inside a pharmacy benefit
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Sep 11, 2026 · 5 min
The Numerator Was a Person
Charles Eisenstein on the violence of a clean metric
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Sep 8, 2026 · 5 min
The Field Remembers
In September 1981, Nature reviewed a first book by a young Cambridge biochemist under a headline no scientific journal of record had used before and none has used since: "A book for burning?" Sir John Maddox, the editor, was not being pl…
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Sep 3, 2026 · 4 min
The Circuit Absorbs the Cost
Gregory Bateson spent fifty years asking why systems that learn destroy the conditions they depend on. Prior authorization is the worked example.
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Sep 1, 2026 · 6 min
The Shortage List Is the Business Model
GLP-1 compounding was never a molecule story. It was a database story, and the database changed.
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Aug 25, 2026 · 2 min
The Authority Wall
Healthcare solved delegated authority decades ago. The agents merely have to catch up.
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May 14, 2026 · 22 min
The Paperwork Crisis Comes for Orbit
Why the four preconditions for clearing house formation just aligned in space, and what gets built between now and 2028
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An essay every Wednesday during v1 build.
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