Research · April 2026 · 7 minutes
Regulatory Risk Is Underpriced in Infrastructure M&A
Why regulatory diligence that asks whether a deal will be approved can miss the terms, delays and constraints that actually determine returns.
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I study how institutions actually work. Then I build what they're missing.
Michael ChristopherWarren
New York
Excellence held in a person is not the same as capability held by an institution.
Statecraft
Government affairs has never been a sales pipeline.
Trust belongs to the people who earn it. The commitments, history and context around it should belong to the institution. I built StatecraftCRM to hold that part.
Why I built it ↗statecraftcrm.com ↗Policy · Issue · Stakeholder · Interaction · Commitment · Leadership
Unborrowed
Authority you own.
Most accomplished people and organizations keep their reputation on platforms they rent: a profile, a feed, a page someone else controls. Unborrowed is the firm I founded to build the ones they own. This site is one of them.
unborrowed.agency ↗50
The book · Manuscript complete
How Power
Actually Moves
It won the issue.
It learned almost nothing.
Without memory, experience accumulates in people. With memory, capability accumulates in the institution.Read an excerpt ↗
Where it comes from
The work came from somewhere.
Communication first, then media. Twelve years running my own businesses. Then government and external affairs inside regulated utilities, where I saw how much an institution knows only through its people. The work above came out of that. The writing below is where I keep thinking it through.
Communication · Media · Operator · Institutions · Building
The full story ↗Signals