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Hi friends, 

I'm headed to Miami this morning for the All-In Summit. It's the first community event for those who listen to the pod, which includes me. If you or anyone you'd recommend getting to know is going to be there, please reach out!  

It's been a rough week for everyone invested in crypto, equities, bonds - almost every asset class. One of my friends, who is one of the top wealth advisors, always gives the same advice: 'Buy quality indexes and never sell, it's that simple' and then followed it up with 'I still think crypto is a scam'. Advice for trying times. 

Today's Contents:

  • Good Reads: Sensible Investing
  • Good Reads: Start up stuff
  • Weekly Song: Drink Before the War

Good Reads: Sensible Investing

Controlling inflation will 'include some pain'. Interview with Fed Chair Powell here

Will the fed funds raise go up .75%?

Powell: I said we weren’t actively considering that. But I said what we were actively considering, and this is just a factual recitation of what happened at the meeting, was a 50-basis point increase, that’s a half a percentage point increase, the first one in more than 20 years. And that we thought that if the economy performs about as expected, that it would be appropriate for there to be additional 50-basis point increases at the next two meetings, so. But I would just say, we have a series of expectations about the economy. If things come in better than we expect, then we’re prepared to do less. If they come in worse than when we expect, then we’re prepared to do more.

Ryssdal: Let me be clear, 75-basis points is “prepared to do more?”

Powell: What you’ve seen is, you’ve seen this committee adapt to the incoming data and the evolving outlook. And that’s what we’ll continue to do.

Crypto's largest stablecoin experiment just evaporated $40 billion. Here. I did preview this for us in Jan 15th edition here

My view is the advertised 20% APY was always too good to be true and there was enough risk in the design of the supposed-stable coin that the risk to lose the principal was significant enough. 

It's been a crazy frenzy though with Mike Novogratz, hedge fund manager of Galaxy Digital, going big on the hype.

Tiger Global, hit by $17B in hedge fund losses, has nearly depleted its latest VC fund. Here in Techcrunch. Eric Newcomer has gotten a hold of Tiger Global's fundraising deck and has been tweeting select pages such as their fee structure (2% on net asset value)

Similar vibes from SoftBank: "SoftBank today reported a $27.4B loss from its Vision Fund unit, for the fiscal year ending March 31, 2022." Here.

California Sees Record $97.5 Billion Surplus, Driven by the Rich.  Here in Bloomberg.

"This lopsided tax structure, in which the top 1% of earners pay nearly half of personal income-tax collections, also means revenue could plummet severely in an economic downturn. Indeed, capital gains as a share of the personal income collections are at levels last seen shortly before the dot-com bust."

If I were California, I'd try to learn from Joseph and Egypt's seven years of plenty followed by seven years of famine and aim to save a bit of that surplus for the future. 

Good Reads: Startup stuff


AngelList now provides real time valuation benchmarks for pre-seed and seed stage rounds. Here. Also, here is their State of Venture Q1 2022 report. 

The Top Ten Lies GPs tell LPs.  Like founders, VCs raise money from investors, too. Blog from Venture Patterns here

How and Why You Should Host a Happy Hour. Here. Blog from me and Nick Gray. Fun little note about me using Nick's happy hour hosting method to much success. 

Weekly Song: Drink Before the War

Music video here. It has been suggested that O’Connor lyrics are speaking to the struggle for (Northern) Irish independence from the UK. The song was recently featured prominently in the second season of Euphoria. 

So many aspects of society seem to be in a state of conflict. Markets, crypto, Russia/Ukraine, women's reproductive rights, climate change, etc

In December, I bought a pair of (designer) combat boots. Yes, they are in style. At that time, it felt like the battle was mostly working hard, pushing through, and being smart. Despite the change in the weather, now is not the time for sundresses and sandals. 

Nothing is given. You have to stay focused. 

The best time to lace up the boots was when they arrived. The second best time is today. 

"Drink Before the War" by Sinead O'Connor

No, no, no
It won't happen to us
We've lived our lives
Basically we've been good men
So stop talking of war
'Cause you know we've heard it all before
Why don't you go out there
And do something useful

Oh, listen to the man in the liquor store
He's yelling, "Anybody wanna drink before the war?"


Thanks for reading, friends. Please always be in touch.

As always,

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Katelyn Donnelly
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