One thing I have learned in over 2 decades of working with startups is that you can learn the most about a leader from the organization that they build. Over time, especially if not checked by a capable board, the organization will come to reflect the strengths and weaknesses of the leader(s). There is a great German saying “Der Fisch stinkt vom Kopf” – “The fish stinks from the head.” The origin of this saying is that a fish’s brain is the most fragile part of the body and when a fish has be...

One thing I have learned in over 2 decades of working with startups is that you can learn the most about a leader from the organization that they build. Over time, especially if not checked by a capable board, the organization will come to reflect the strengths and weaknesses of the leader(s). There is a great German saying “Der Fisch stinkt vom Kopf” – “The fish stinks from the head.” The origin of this saying is that a fish’s brain is the most fragile part of the body and when a fish has be...

I wrote a post a few years ago titled “Some Things I Have Learned About Email” which among other things advocates for double opt-in introductions. These have by now thankfully become fairly standard and when people don’t follow the protocol it now stands out. There is one more thing though that is worth emphasizing even though it should be obvious (but apparently is not): if you asked for an introduction and now someone makes that introduction for you over email, it is your job to send the ne...

I wrote a post a few years ago titled “Some Things I Have Learned About Email” which among other things advocates for double opt-in introductions. These have by now thankfully become fairly standard and when people don’t follow the protocol it now stands out. There is one more thing though that is worth emphasizing even though it should be obvious (but apparently is not): if you asked for an introduction and now someone makes that introduction for you over email, it is your job to send the ne...

I just spent nearly two weeks in Israel and Jordan on a family vacation. We saw amazing sights and met fascinating people. More than with other travel, and maybe due to some recent reading, the trip crystallized three insights for me 1. Humanity is capable of pulling off incredible projects 2. Humanity’s progress is fragile and large scale reversions happen 3. Religion is a terrible affliction for humanity I plan to write more about each of these in the coming weeks.

I just spent nearly two weeks in Israel and Jordan on a family vacation. We saw amazing sights and met fascinating people. More than with other travel, and maybe due to some recent reading, the trip crystallized three insights for me 1. Humanity is capable of pulling off incredible projects 2. Humanity’s progress is fragile and large scale reversions happen 3. Religion is a terrible affliction for humanity I plan to write more about each of these in the coming weeks.

It is the season of mega tech IPOs including the recent offerings by Pinterest and the upcoming one by Uber. A key question to be answered is how well will these companies perform in the public markets over time? So far Pinterest has traded up nicely in the first few days, but I am asking about long term performance. We are in new territory here because of how much money these companies have been able to raise previously in private markets. To unpack the question and its implications further:...

It is the season of mega tech IPOs including the recent offerings by Pinterest and the upcoming one by Uber. A key question to be answered is how well will these companies perform in the public markets over time? So far Pinterest has traded up nicely in the first few days, but I am asking about long term performance. We are in new territory here because of how much money these companies have been able to raise previously in private markets. To unpack the question and its implications further:...

Today’s Uncertainty Wednesday is about the risk of inflation. I spend much of my time thinking about company valuations, both as we make new investments and also as we try to mark valuations in existing companies. Of course valuations for private companies are influenced by available public comps and those have been trading at high multiples, including the current crop of IPOs. Now there are two countervailing views in the market. One view is that valuations will return to lower historical mu...

Today’s Uncertainty Wednesday is about the risk of inflation. I spend much of my time thinking about company valuations, both as we make new investments and also as we try to mark valuations in existing companies. Of course valuations for private companies are influenced by available public comps and those have been trading at high multiples, including the current crop of IPOs. Now there are two countervailing views in the market. One view is that valuations will return to lower historical mu...

I have been on a bit of a blogging break which is likely to go on for a few more weeks. The break has been the result of a confluence of several factors, starting with a lot of work. Historically, I would have reacted by cutting back on sleep and workouts but now I know better than to do that. I need 8 hours of sleep and when I don’t get those I can’t think well and, more importantly for the people around me, become irritable. Since I am on the topic of health, I am happy to report that my sh...

I have been on a bit of a blogging break which is likely to go on for a few more weeks. The break has been the result of a confluence of several factors, starting with a lot of work. Historically, I would have reacted by cutting back on sleep and workouts but now I know better than to do that. I need 8 hours of sleep and when I don’t get those I can’t think well and, more importantly for the people around me, become irritable. Since I am on the topic of health, I am happy to report that my sh...

It was upsetting to see Notre Dame burn on Monday, as the building is a beloved landmark to the many millions who have visited Paris and enjoyed a stroll near its majestic presence. In addition it is also a major symbol for many French and an ongoing place of religious worship. It now appears that reconstruction is not only possible but will also be well funded (prompting some interesting debates about fairness). In today’s Uncertainty Wednesday, I want to focus on an important lesson from th...

It was upsetting to see Notre Dame burn on Monday, as the building is a beloved landmark to the many millions who have visited Paris and enjoyed a stroll near its majestic presence. In addition it is also a major symbol for many French and an ongoing place of religious worship. It now appears that reconstruction is not only possible but will also be well funded (prompting some interesting debates about fairness). In today’s Uncertainty Wednesday, I want to focus on an important lesson from th...

NOTE: Today’s excerpt from my book World After Capital starts the fourth and final section. I am embarking on a significant rewrite of that section to make it more action oriented, so expect some rough reading ahead. Suppose that I have convinced you of the importance of the Knowledge Loop and of the scarcity of attention in the digital age. Suppose further that you find my suggestions for increasing economic, informational and psychological freedom interesting. That still leaves a huge quest...

NOTE: Today’s excerpt from my book World After Capital starts the fourth and final section. I am embarking on a significant rewrite of that section to make it more action oriented, so expect some rough reading ahead. Suppose that I have convinced you of the importance of the Knowledge Loop and of the scarcity of attention in the digital age. Suppose further that you find my suggestions for increasing economic, informational and psychological freedom interesting. That still leaves a huge quest...

I have been enjoying writing about current events as part of Uncertainty Wednesdays, such as the Notre Dame fire and the Boeing crashes. Today’s edition is about impeachment following the Mueller report. One of the great early thinkers about uncertainty was Blaise Pascal who made many important contributions to mathematics (among them Pascal’s triangle which is a staple of learning math). In a posthumously published work Pascal sets out a simple argument for believing in God which has become ...

I have been enjoying writing about current events as part of Uncertainty Wednesdays, such as the Notre Dame fire and the Boeing crashes. Today’s edition is about impeachment following the Mueller report. One of the great early thinkers about uncertainty was Blaise Pascal who made many important contributions to mathematics (among them Pascal’s triangle which is a staple of learning math). In a posthumously published work Pascal sets out a simple argument for believing in God which has become ...

NOTE: I have been posting excerpts from World After Capital on Mondays. But because I am doing a more substantial rewrite of Part Four, today’s post describes what I am planning to cover. I want Part Four to be more practical by pointing out ways we can take responsibility today for making the transition to the Knowledge Age. Here are areas I am planning to cover. I am curious if anyone has additional suggestions. First there are direct contributions to the three freedoms. 1. Mindfulness rese...

NOTE: I have been posting excerpts from World After Capital on Mondays. But because I am doing a more substantial rewrite of Part Four, today’s post describes what I am planning to cover. I want Part Four to be more practical by pointing out ways we can take responsibility today for making the transition to the Knowledge Age. Here are areas I am planning to cover. I am curious if anyone has additional suggestions. First there are direct contributions to the three freedoms. 1. Mindfulness rese...