Legacy Code · 7 letters · October 2026

Dead Reckoning

Letters to Emma on how to reckon a position without a fix. Seven letters, one term of the navigator's working in each.

What just got cheap, whose old pain was it priced into, and how do you hold a course when the record can't tell you when the tide turns?

Letter one · the known position

The Last Fix

Who came out ahead the last times something turned cheap, and why that tells you where to look, not when.

The money that built mostly didn't get the gain, the users most plausibly did, and the profit sat at the point of passage.

Know your last fix, and know it is behind you.

Read letter one Listen

The log

Logged October 2026

  1. 01 The Last Fix Know your last fix, and know it is behind you. the known position The pencilled course after letter one: 1 leg.
  2. 02 Speed Made Good Don't take speed through the water for speed made good. the speed term The pencilled course after letter two: 2 legs.
  3. 03 Heading Ask whose pain it is, and who already holds the purse. the one choice that’s yours The pencilled course after letter three: 3 legs.
  4. 04 Set and Drift Your heading is yours. The water belongs to someone else. the currents The pencilled course after letter four: 4 legs.
  5. 05 Slack Water Timing isn't forecast. It's survived. time The pencilled course after letter five: 5 legs.
  6. 06 Landing and Keeping Making land and keeping the cargo are two different voyages. the landfall term The pencilled course after letter six: 6 legs.
  7. 07 The Cone Draw the cone honestly, and keep the watch. the error, stated honestly The pencilled course after letter seven: 7 legs, and the cone.