When Tailwinds Vanish

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 gr... See more

Last week, Brad Gerstner and Bill Gurley discussed how Tech has grown from 5% to 15% of global GDP over the last 15 years, largely owing to faster growth rates.

As software companies get fitter and stack new S-curves of growth, later stage companies become highly effective capital allocators - which is why we’ve seen Tech outstrip the rest of the ec... See more

This may be controversial, but I don’t believe there will be another billion dollar digital mono-brand IPO-ing in the next ten years.