Continuations

Susan and I went to Burning Man this year for our first time. We had a wonderful experience together with our friends Cindy and Robin (who is an experienced Burner and acted as our guide). There are many justified criticism of Burning Man and the festival will likely to have to change substantially over the coming years (a subject for a future post).Today I want to write about the absence of prices at Burning Man. Once you get to Black Rock City, everything is free (well, not everything, as i...

In today’s edition of Uncertainty Wednesday, we will look at how uncertainty in markets is highly dynamic. Something can be a sure thing for a while but not forever. There is a – potentially apocryphal – story about Ron Conway’s first fund: every single investment was a write off except for Google, which resulted in a 7x return for the fund as whole. Thus is the power outsized returns in a world of network effects and winner-take-all (or most) markets. One winner more than offsets many losers...