Tom White

The world is being forcibly reconfigured by at least three concurrent revolutions: a geopolitical revolution driven by the rise of China; an ideological revolution consuming the Western world; and a technological revolution exacerbating both of the former.Geopolitically, a decent understanding of what is happening, if not of its full extent, has... See more

By definition, you will likely succeed a vanishingly-small percentage of the time, but—as the saying goes—that’s a feature, not a bug. The point is to venture—fistfuls of money in hand—at the furthest extremes of capitalism, hoping to stumble upon that rare, proper intersection of technology and commerciality.By design, most investments will miss... See more

The best thing for a company or project’s narrative is to have a lot of people with credibility to the target audience tell stories with roughly similar positive themes again and again over a long period of time, with new examples of the same positive themes added in. The more authentic and the less coordinated it all seems, the better. When it... See more

International opportunities remain vast for those brave few willing to expand beyond local borders and limited markets. Put simply, it’s what the “Smart Money” is doing. Data shows that larger market participants such as QED have shifted their focus more on markets outside the US in recent years.Given this international opportunity, deal flow and... See more

History shows some of the best opportunities come in bad times, not good ones.Though we’re not in the business of prediction here at Stonks, in the words of Lord Byron: “The best prophet of the future is the past.”Put simply, if public/crypto market turmoil persists, early-stage valuations may well drop ~30% or lower (i.e.below levels seen merely a... See more

I would sum up that history in a Hegelian framework: Adenauer supplied the thesis – anchoring his country in the West; Brandt added the antithesis – stabilizing relations to the East; and Kohl achieved the synthesis – a fusion of the two Germanys in a reconciled Europe. Brandt gets Cooper’s special acclaim. Although he doesn’t mention Angela... See more

Analysis and synthesis, Goethe liked to say, should be alternated as naturally as breathing in and breathing out. Such breathing is natural; such thinking uncommon.

A great deal has been written about what constitutes Venture Capital and what does not (including by this very author) in these seventy years. Though many different things to many different people, Justice Potter Stewart’s famous dictum in Jacobellis v. Ohio works for our purposes:I shall not today attempt further to define the kinds of material I... See more