Investment Principles recollection by some of history’s best investors.
Of course most funds hope that not all but one company they invest in has an exit, so the GPs must then make some assumptions around the percentage of companies that go to zero, return 1x capital, return a modest 3x capital, return a healthy 25x capital and return more than 100x capital. Making assumptions around graduation rates can help GPs... See more
Traditional tax principles treat many pooled smart contracts and decentralized autonomous organizations as entities. It’s hard to determine what kind of entities they are, who their equity holders are, and how they are supposed to pay taxes, file tax returns and information reports. This article examines the problems with treating smart contracts... See more
High-temperature gas reactors (HTGRs): In HTGRs, gasses (typically helium) act as the coolant that is fed directly into the turbine to produce energy. Helium is an inert gas, so it generally won’t chemically react with any material, and exposing helium to neutron radiation won’t make it radioactive. Helium can therefore be heated to higher... See more
The first idea is you can think about any social system using those layers. The second idea and (the more important point) is to think about the way that the layers can actually be traded off against each other.