For the past decade, our idolatry of startups and innovation has meant the focus has been: What can we disrupt? How fast can we grow? How big can we get? How much can we raise?

Founders are taught to possess enough faith that they can build something very big very fast. This creates a pressure cooker of responsibility that distorts reality to the... See more

the power of imagination and optimism is an amazing and essential part of innovation. But over the years, we’ve become so enamored with the unicorn valuation as the goal, that we started valuing the wrong things and overlooking the fundamental physics of business.

With capital at zero cost, growth at all costs became the mantra. How fast can you... 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