Bliss + Dustin (Jan 29)

Attendees: Dustin J Ross, Bliss Perry Date: January 29, 2026 Type: Partner Session

Summary

Dustin’s approach: GPT project-based workflow
- Feeds meeting notes/transcripts into dedicated project folder
- Creates comprehensive queries for ChatGPT research
- Generated 30-page custom oil industry report
- Annotates outputs by hand for synthesis
Bliss’s approach: AI-first conversational queries + Notion databases
- Iterative questioning with AI models
- Built templated database structure for supply chain analysis
- Used CSV generation and cross-model validation (GPT vs Claude)
- Focused on creating reusable frameworks

Value capture hierarchy identified:
1. Global trading houses: $15B earnings (2022), asset-light model, asymmetric information advantage
2. Midstream toll operators: Pipelines with recurring revenue, high switching costs, regulatory moats
3. Market infrastructure/data monopolies: Exchanges, price indices (50-60% EBITDA margins)
4. Niche lenders and specialized insurers
Critical insight: Volatility creates both offensive and defensive opportunities
- Trading houses profit most during crises (Suez Canal example)
- Storage facilities act as hedges during supply disruptions

Two wealth creation paths:
- High revenue/low multiple (trading houses): Cash generation but not sellable
- Low revenue/high multiple (toll operators): Stable recurring revenue, attractive to buyers
Novel data monetization model identified:
- Exchange proprietary data for customer procurement information
- Creates self-reinforcing data asset that increases in value
- Eric Schmidt prediction: Next $100B companies will use this model

Core evaluation criteria established:
1. Volatility and fragility analysis
2. Choke points and bottlenecks identification
3. AI impact assessment (top-down macro changes vs bottom-up operational changes)
4. Scale and margin potential
Generalization questions for all supply chains:
- Where are the choke points?
- How does AI change operations short-term vs long-term?
- What creates volatility that can be monetized?
- Who captures disproportionate value and why?

Notion database approach validated for structured analysis
- Template creation for replicating across industries
- Filtering capabilities by risk, margin, timeline
- Properties tracking for systematic comparison
AI tool integration: GPT for research, Claude for validation, Notion AI for synthesis