Letter from the founder

Iowa, 2004.

Justin Buell · Founder, Scout Lunar

I was twenty-something, and I was in Iowa for John Kerry. First the caucuses, through the winter. Then the general, through a long autumn, into a colder one. When the state was called for the other side that November, the margin was something close to six-tenths of a percent. I was in the field when the number came in.

I had watched the race from the inside. I had watched the field operation count every door, knock every door a second time. I had seen what money had done and what money could not do. And I had seen, very clearly, what was not there: the dollars that had meant to be given and had not; the dollars that had been given, but somewhere the giving could not matter; the dollars that could have closed a margin that six-tenths of a percent made closable.

The arithmetic of that race never left me. It is the arithmetic of nearly every race I have seen since. Democratic capital is enormous. Democratic capital, placed without discipline, is squandered. The difference — and it is not small — is what a firm like ours can do.


I ran a version of this practice from 2009 to 2015. I ran another version, under a different name, from 2018 to 2021. In 2021, I built Scout Lunar to be the third and last version: a firm, not a person — designed to keep doing this work long after any one of us has stopped.

Our clients are serious. Our method is a practice, not a product. Our fees do not rise in presidential years. We report back, honestly, on what every dollar placed actually bought in terms of effort and intent — and, where it bought less than we hoped, what we will do differently next cycle.

I do not know yet how close the next cycle will be. Neither, I suspect, do you. I do know that the arithmetic of what we could have done is a kind of ghost that follows everyone who has ever watched a race lost by six-tenths of a percent. We cannot close every margin. We can place every dollar with discipline. That is the work.

— Justin Buell
Founder · Scout Lunar
← All pieces

The thinking

Essay · next in this series

Portfolio theory, applied to the ballot.