One thing I do look back on fondly was how incredibly focused we were. Resources and time were so tight that you could feel the weight of all the things you weren’t working on. You had real conviction that the thing you were doing was the most important thing.

To pick a somewhat trivial example, at fireside chats with Mark (the predecessor to the... See more

There are losses for hedge fund investors with large public portfolios at high-cost bases. An early-stage company whose public holdings fall 25% in value feels less pressure than a crossover firm when its portfolio falls from an 8X multiple-of-money to a 6X multiple-of-money. Public securities of such firms are underwater, and private holdings are... See more

The Collapse of Patience: How AI, Capital Efficiency, and Bitcoin Break the Cycle

Jordi Visser

May 27, 2025

Last week, I referenced how certain books can leave lasting impressions—memories that echo back throughout life. This week, I want to highlight a sports memory.

I’m a devoted New York sports fan and have attended important playoff games for... See more

Right now, "mistakes were made" is a hot topic of discussion in the startup ecosystem. Here are a few common learnings I'm hearing from Investors who don't want to repeat the mistakes they made during "peak madness". Theme 1 Paying crazy prices was just playing the game on the... See more