A tax on bullsh*t
Angel Investing and the Devil in Gil
Betting, as the saying goes, is a tax on bullshit. Opinions are easy — you can have as many as you choose, often crowding contradictorily around the same topic. But a wager where there is something significant to be gained or lost tends to filter out all but the most serious perspectives…
Mutual Fund Fun
We’ve been lucky enough to have heard Gil Penchina opine a lot. Unfortunately, most of this was well before he became known for angel investing and his Angel List syndicate, and was usually about his failed romantic exploits. Whatever — truth is we usually didn’t listen anyway…
Bitcoin of the Realm
One of many interesting changes in venture capital in the past few years has been the emergence of mutual fund companies investing in very late rounds. In many ways this makes sense — technology companies are delaying IPOs, and a late-stage investment gets a mutual fund pre-IPO equity at a slightly better price…
The Little Start Ups That Couldn’t
2013 in a word? According to at least one economist it was: Bitcoin – a secure peer-to-peer payment system and digital currency created in 2009. New Bitcoins are mined by software programmers, and although users can remain anonymous, central to the system is a public database and sequential record of all transactions,,,
A Cold Shower for Startup Communities?
In entrepreneurial culture, success dominates the airwaves. A brand new company can succeed in many ways: attracting press, landing influential seed investors, winning contests, and through stories of individual users. This culture is so strong, that the second act of an entrepreneur…
Five Best Blogs: May 2013
Like many people, we are big fans of startup communities. We’d like to think that the benefits of these groups, and their economic and social impact, is self-evident. But we’re even bigger fans of contrarian reasoning, and having one’s beliefs challenged is thought-provoking, so this post naturally caught our eye…
Facebook “Friends” Goldman
In this month’s five best blogs we are going all Venture Capital: start with some great startups whose ideas seemed absurd at the time, then check out six myths about venture capital — which might help, since some people believe there are now fewer than 100 tech VCs still investing,…
When Being a Man Hurts…
The roughly $2 billion deal between Facebook and Goldman Sachs is so chock-rich of material it will surely spawn a series of longer pieces once it has settled into historical view. To begin,..
What’s the ROI on that Pound of Flesh?
One of the keen observations of Mad Men is that the show’s women – even constrained as they are by 1960’s social roles and the lack of professional opportunities – are generally more capable than the men. A recent study by the mutual fund company Vanguard…
Three young guns – and not a detained Nigerian prince among them – are currently offering investors a chance to invest cash now in return for a percent of future income. One, a 26-year-old Stanford grad, has even priced it out: 6% of future income for…