In contrast to VC - where over the past 30 years of software, there’s been a circular “we shape our tools, and then they shape us” coevolution around how equity works - this hasn’t happened for debt yet. We haven’t figured out the right atomic unit

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