Max Beauroyre

Finance is the nervous system of the company. Everything that a business does flows through finance in some way, and no department has a better bird’s-eye view into how the company operates.

The data that the finance team has is extremely valuable for AI. The data generated by financial transactions - what companies are buying, how much they're... See more

Tim O’Reilly has a wonderful metaphor for money: he says money is like gasoline while driving across country on a road trip. You never want to run out, but the point of life is not to go on a tour of gas stations.

For decades, US Treasury bonds have been considered the safest asset in the world. When everything else is falling apart, people buy Treasuries. But what happens when the US itself becomes the risk?

We are currently finding out. Treasury yields are spiking for two reasons - (1) a big selloff in Japan and (2) massive geopolitical risk. People are... See more

The way this pans out? As they got bigger, they gradually shifted from building for users toward building for buyers, hoping to optimize for revenue growth. Over time, that killed their word-of-mouth growth, which caused them to have to work harder for each sale. So they got more salesy, and so on. They became companies that focused on making a... See more

Exit polling after Mamdani’s victory shows that his voters were likely motivated by two things: high rent and student debt. His voters were largely college-educated city transplants, renters, and people under 30. Does his victory prove the thesis you laid out in your 2020 email?

How to enable someone to expand themselves

The value of money is determined

entirely

by the purposes you use it for.

In other words, instead of building the future, we are becoming better at developing increasingly realistic simulations of it. The words "progress," "innovation," and "disruption" have become empty signifiers, ritualistically evoked in pitch decks and advertisements to suggest "world-changing" "novelty," "cre-ativity," or "originality."

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Free cash flow and independence (two sides of the same coin) are hedges against uncertainty, institutional decrepitude, and burnout.