Reading this 2022 federal budget and just learned something that blows my mind… of the $637.7B allocated to Dept of Education, less than 10% is for K-12/SpecialEd. A whopping 88% ($561B) is for collegiate “financial aid “ (eg student loans) 🤯🤯🤯
So everyone believed SBF was a savant bc he looked the part. They saw him as ethical bc he donated to the right political/social causes. Then he gets wrecked by his razor-focused Chinese nemesis. Ominous feeling this is a foreshadowing of what happens to West if we don’t wake up
@Austen
“One huge drawback of nuclear is it <eliminates our best boogyman thus revealing there are no> systems of oppression <and further revealing we don’t give a rats ass about clean energy>”
.
@SenWarren
@FTC
how is this your priority?
4 airlines that collude, price discriminate & use regulators to kill competition (eg JSX)
5 health “insurers” so fully verticialized they’re also our largest pharmacies, PBMs & providers
And you chose sub sandwiches. Please do better
We don't need another private equity deal that could lead to higher food prices for consumers. The
@FTC
is right to investigate whether the purchase of
@SUBWAY
by the same firm that owns
@jimmyjohns
and
@McAlistersDeli
creates a sandwich shop monopoly.
@SabrinaHalper
1000% somehow SFO is the fastest, cleanest, highest quality airport in US. It’s like the anti-SF. A paradox I’ve thought about for countless hours
VC partner dynamics are under-discussed topic and
@ian
flags the most critical Q- how should partners share profits given outcomes are so asymmetric?
The mid solution is ‘eat-what-you-kill.” This can work in other areas of investing (PE/HF) but fails in VC
Why? A few reasons:
Venture firms, unlike companies, exhibit something like an inverse square relationship b/t size & alignment due to the power law. When the bulk of returns are generated by a small number of companies it's exceptionally hard to believe everyone at the firm deserved to get paid.
@paddycosgrave
@paddycosgrave
what do you mean specifically by “break international law” ?
Who’s laws are these?
And which ones do you think Israel is breaking?
IDF active ranks have gone from 150k to 550k+ in 5 days. That’s >5% of Israel’s total population and ~9% of those under 50
It’s 4% of the worlds entire Jewish population
The country of Israel and its people have always been extraordinary - nothing exemplifies it more than this
@realEstateTrent
lol what part of nyc did u visit?
In US only Miami compares
Internationally there are hundreds across LatAm, Western Europe, Japan, China, Russia, SE Asia, etc
Gotta get out of the strip mall and live a little my man!
Incredibly grateful for the opportunity to continue our life’s work of supporting the people building a better future for all of us.
The worlds broken, let’s fix it!
Today, we announce our 5th
@8VC
flagship venture fund: 8VC Fund V, with $880 million to back the best entrepreneurs tackling complex problems for our civilization, with innovation and grit.
The world is broken. Let's fix it.
I 💯 agree with
@LM_Braswell
Each firm is diff but at
@8vc
ignore our associates at your own peril…
Our associates:
1) are super impressive
2) all have path to partner (3 partners including me started there ;)
3) have massive influence over decision making on every deal
Unpopular opinion; you shouldn’t start a company because you have a chip on your shoulder.
But once you start a company, you better accumulate those chips, in order to keep your fire alive and to keep going through hell.
I’m keeping receipts. 🧾
As the night falls on tired, corrupt institutions of yesteryear, the sun is rising on new ones
The founding class at
@uaustinorg
matriculates this Fall
@VCBrags
The fact he spends Sundays reading and summarizing stuff written on the internet makes me worried… that’s literally the only thing AI can actually do as well as a person…
@ben_c_rowen
@cd_hooks
Ben your article references my business partner in a way which suggests 8VC / 8VC affiliated companies have moved away from Austin. That is categorically incorrect by any measure we are aware of. Please edit the article’s language to remedy this (or atleast clarify)
@pmarca
Id bet you’re right if you aren’t observing the coin. Once you observe it coin gets all sheepish, adopts midwit thinking and Pn becomes independent of Pn-1 again like basic little bitch
Biden suing Sheetz convenience stores alleging the company’s criminal background check policy violates 1964 Civil Rights Act
This coming from the same President who publicly said twice he would only consider black women candidates in his hiring
These people are unserious
@GalvoParker
@paddycosgrave
It’s a war crime for a country to make decisions about access to domestic infra? Israel didn’t blow up energy/water facilities. They just stopped letting Gaza use Israeli facilities for free
And again I’ll ask, what are these “international laws” everyone keeps citing?
@lucy_guo
Hire an investment banking analyst who will dedicate their life to your company. They’ll handle everything you need for atleast next few years and solve infinite other problems too. CPAs totally unnecessary until you have to care about GAAP
@zebulgar
@ScottWu46
When I was in middle school I chugged a gallon of milk in front of the entire school and everyone cheered way louder than this crown did so whatever
@zebulgar
@brianjckim
Ugh incredible meme work… 10/10… and to think you’re probably sitting here producing this type of quality while playing LoL 😮💨😮💨😮💨
@anothercohen
Despite the fact this was the first thing I saw personally, I’d say overlooking this one fundamental detail yet still pattern matching the overall narrative and just shipping a blog is representative of behavior responsible for 90%+ of the profits in VC (for better or worse)
Amazing day that was a decade+ in the making. Ive been so impressed watching
@ZacBookman
and
@JTLonsdale
build
@OpenGovInc
from a non-profit to the leading software provider to cities & states
Most startups avoid working w govts bc it’s so hard. Takes special people to do this
We founded
@OpenGovInc
in 2012; today we announce its acquisition by Cox Enterprises for $1.8 billion.
I’m proud to have helped 1000s of govt’s and excited for the company’s future; I wrote some reflections on the journey, and THANK YOU to many allies!
@Econ_Marshall
@SuperPACman_
Wild take from a Sr Fellow at the
@jainfamilyinst
- an institution founded, funded and named after a quantitative hedge fund billionaire and the founder/CEO of a NFT company 🤯
@Affinity
@benchmark
5/ building w/o “eat what you kill” incentives isn’t easy and requires a lot of investment in culture, recruiting, and performance management. But at
@8VC
we think it’s the only way to build a early stage VC fund for the long haul
@davidu
I’m convinced they hire all these smart people basically as generalized proxies of typical market participant they’re trading against. Make them spend all day digitally evaluating their peers building big dataset used to bootstrap some master model of human psychology
@Affinity
4/ Ultimately a VC firm w an incentive structure that prevents partners from collaborating together is not a firm, just a loose collection of mercenaries. That’s why the best VC funds (like
@benchmark
) have partnership models which radically incentivize working together
Independent BoD controlling a 501c3 controlling a GP LLC controlling a HoldCo owned by investors, employees and the 501c3, that owns a capped profit co which MSFT also owns but its controlled by the GP LLC
Founders, this settles it. No more lawyers on the ayahuasca trips
@Austen
You go to any random metro in US with over 50k people and you’ll find hundreds of millionaires. And dozens worth 5M+. Especially if cost of living is low. The geographic, occupational, and demographic diversity of wealth in US is so under appreciated by global elites it’s insane
@growing_daniel
I eat dinner alone as restaurants all the time. I just bring a notepad and scribble nonsense but wear old tweed and my cashmere which got earns by moths and I’m pretty sure people think i look like a super edge author
@anothercohen
I must acknowledge my current VC privilege but having done seed fundraisers on both sides of the table, this is a great outcome. 5% email —> TS rate (w additional 10%+ fluffer rate) is elite
If you can’t handle this funnel you’re ngmi
@mmjukic
I do love a good trip to South of France or Tuscany every now and again but after a couple days have to head home…
Turns out you can’t use parks to buy modern amenities like ice, air conditioning or showers w water pressure 🤷🏼♀️
@Pavel_Asparagus
One of the most successful investors of all time told me that all the hyper scale tech companies today worth trillions made egregious misrepresentations at some point in his early dealings w them. Didn’t stop him from investing/continuing to invest. I think about that a lot
Most under appreciated predictor of start up success is frequency, quality and simplicity of metrics reporting. Why? 3 reasons:
1/ forces you to define critical processes underlying the business
2/ forces you to build systems and data model
3/ forces transparency
@WillManidis
All credit goes to
@mualphaxi
for this recommendation as he kindly printed this out for me on one of our trips back home and I’ve kept it with me ever since-
The Tinkerings of Robert Noyce (How the Sun Rose on Silicon Valley) by Tom Wolfe
@powerbottomson1
100% -state/local govt pay the lionsshare of K12 ($700B). But that’s kinda my point… I was shocked that nearly all $650B goes to subsidizing college / saddling young people with inextinguishable debt! I bet most Americans would allocate a $650B education budget very differently
@emilyhxrrera
This is exactly why we built it, for Relationship Intelligence. And here all signs point to a pass. Guy is preoccupied with a top m-of-funnel tool at the time he should be closing the deal. Not a home run hitter. Case closed !
@Affinity
The fact the NYT has 700 “tech” employees is insane. What a gift being given to mgmt that they’ll get a few days to quickly see how entirely irrelevant 99% of these people are
The Twitter/X purge will look flat out humanitarian compared to what’s possible at this place
#2
is the most underappreciated truth in angel investing
If you have ability to differentiate deal quality, just put all money in best ones. But you don’t.
So when you vary bet size, you’re increasing vol w/o increasing expected return
‼️Massive violation of Kelly Criterion
Three big mistakes angels make when starting:
1. Do not invest in enough companies. You are not that good a picker. 20.
2. They invest different amounts depending on "conviction". You don't know what'll work.
3. They invest where they are needed, not where founder is best.
Y’all realize that if you’re genuinely worried about a bank run the last thing thing you should do is hysterically yell about bank runs all day right? VCs so obsessed with hearing their own voice they literally talking a crisis into existence… smh
@lucy_guo
Is SF really 6:15am?! I’ve never seen SF as an early riser city. Eng hours still seem to dictate things. Although def has shifted earlier since SF became less start ups and more big tech bureaucrats
Only a man truly native to the cornucopia of consumer choices afforded by capitalism could pick *24 hour coffee/bookshop but w cats* as his example of free market failure
Like you know youve been blessed by the invisible hand when that’s your example of a public good 🤣
If you ever wanna know why capitalism sucks, think about how many people you've known who wanna open a 24 hour coffeeshop and bookstore (with a cat) if they ever get rich vs how many rich people ever actually open a 24 hour coffeeshop and bookstore (with a cat).
@nntaleb
Agree at the extremes as you represent them they both break down. However I’d be really curious if anyone can come up with a nation / society which ever suffered from going too far in the “freedom” direction. I could right a novel on the “statist” side…
@paulg
@Noahpinion
@paulg
your phone is doing that annoying thing again autocorrects the phrase “ethnically cleansed” into “assimilated” may wanna get that fixed could lead to confusion
@pt
@JTLonsdale
Just bc private cos involved doesn’t mean it’s “hyper competitive” Fed controls all laws once you clear TSA. No continuous competition w vendors just RFPs. physical infra is almost always owned by govt. Majority of labor is unionized. Even airline side is a govt-sanctioned cartel
The fact that 31 adult human beings who govern the 5th largest economy put their heads together and decided to mandate that a paranoid, image-hungry cottage industry must track all the minorities they know then release that data to public is wild
What could possibly go wrong?
Immigration is the lifeblood of our economy (and society). It’s totally unacceptable that our government taxes and prints tens of trillions yet blames budget. It’s not lack of money, it’s complete lack of competence and accountability. We all deserve better!
Thread: for 2+ years the State Dept. has been bungling the US visa system. The wait time in New Delhi for a tourist visa is >800 days!
Are we supposed to just accept gross government incompetence nowadays?
In tomorrow’s
@WSJ
I argue that we shouldn’t...
@jefielding
Totally disagree. Just wastes everyone time to require a meeting. Generally financials are more a “sanity check” part of diligence. The real red flag is an early stage startup w a financial model so complex/nuanced it requires a founder voice over
@wolfejosh
Lot of valid complaints about golf (and I’m biased given all the sport did for me) but US golf is NOT exclusionary. 10k+ public courses and 30%+ are owned by taxpayers. Most of the best players came from middle class. And definitionally it’s not exclusive - 10% of Americans play!
@krassenstein
@andyroddick
US production is driven by how much profit producers can make. That means 1) market prices and 2) extraction costs. Energy policies basically don’t matter vs non-energy policies which impact profits. If policies drive market prices up faster than extraction costs, oil will flow
The world’s 3rd best SEO spammer, a former Tesla sr product manager, Joseph Gordon-Levitts wife and a DC policy flak walk into a bar and say “you know what, I bet we could totally run OpenAI”
@mbrandolph
Id bet a lot this was pre TSA. most of the advantage of flying business is you get a tiny ounce of basic customer service. If you fly multiple times a week there’s significant cost of economy wrt rebooking, delays/cancellations, security lines, etc
@jamiequint
Important to note they are agency-MBS which are government guaranteed. So while certainly a poor decision, these aren’t the third-mortgage-vegas-vacation-home MBS of 2007 fame
@heyalexfriedman
1) these are the most populous metros in the US - they’ll rank highest on any absolute metric wrt population
2) not a net figure - ignores migration
3) same exact dataset shows the cities with highest pop increases were the suburbs of Austin and Miami (didn’t “fully” leave)
@typesfaster
That’s a good Q - in theory I guess on some of it the USG is making a 1.4% spread between the 5% undergrads pay and the 3.6% interest they pay on 30 year treasuries. Sick carry trade
@grahamgintz
Warm intros are valued because they help investors prioritize their time. They only count as “warm” if you respect the person making the intro. And an intro from anyone who spends their days hawking their network for $100 a pop is not a person a serious VC will take signal from
Nothing against UFC but if
@budlight
is serious about repairing the brand they need to pay penance directly to the people they’ve alienated:
1) close NYC office & move all execs back to MO
2) double pay for their US-based blue collar workers
2) 10% of profits to veteran support
@rexsalisbury
@toptal
This is why every SAFE ever done by an institutional VC now has side letters providing protection from this stuff
Results in same legal cost
And it’s up to founders if they extend that to all the smaller checks
Idk why this isn’t universally understood 10 years later
@henhaohank
@adamscrabble
To be fair to Teddy Roosevelt the guy risked his neck constantly
Resigned as Asst. Sec of Navy to fight on frontline of Spanish war
In 1912 election was shot but kept speaking
Lobbied Congress to let him fight in WW1 when he was 58 years old
War monger? Sure. Coward? Def not
Big moves by my man
@mattlmckinney
, Shaosu Liu and Javi Vigil ! One of the fastest moving companies I’ve ever seen. From whiteboard to live and processing millions of payments in a matter of months.
@8VC
is proud to be invested and on the board
Excited to share more on the financial highway we’ve been building at Loop. I’m honored to work with such an incredible team tackling one of the hardest problems in logistics - helping people pay and get paid.