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Hi friends, 

I have lost track of the days, but that's what happens when you are traveling. What even happened this week? Once you miss a few beats along the news narrative, it can be hard to re-orient - but may also be clarifying on what bubbles up to the top.

Today's Contents:

  • Good Reads: Sensible Investing
  • Book Review: The Power Law: Venture Capital and the Making of the New Future
  • Weekly Song: Runaway Train

Good Reads: Sensible Investing


Alpha Female Report 2021. Here from CityWire. 

Buying Facebook (Again). Analyst report here from Bireme Capital. 

Memes of Production: DAOs as Financial Flash Mobs and Hyperstructures - Article from Jon Hills of CabinDAO about how DAOs are uniquely capable of turning memes into money, money into communities, and communities into perpetual hyperstructures

Russian Asset Tracker. Here. Explore the global assets of Russia's oligarchs and enablers. 

Twitter thread on Income Share Agreement (ISA) learnings. Here. "I launched an Income Share Agreement (ISA) company in 2019. Our company survived, but our use of ISAs did not. Overall, I think the ISA experiment has failed and is not the revolution we hoped would transform training and education."

  1. Consumers are confused by ISAs
  2. And when they take the deal, they often behave poorly
  3. And when they behave poorly, you don't have great recourse
  4. And there's a looming regulatory threat
  5. And the financial markets aren't supportive

Book Review: The Power Law

The Power Law: Venture Capital and the Making of the New Future by Sebastian Mallaby. Here on Amazon. 

TL/DR: Excellent book that details the founding of the Venture Capital industry and key developments over the last 30 years, drawing out the differences in approach and universal lessons. 

The Power Law is the rule that governs the traditional venture capital industry - it’s the notion that most attempts at discovery fail but a few succeed at such a scale that they make up for everything else and generate incredible returns.

Quotes from the book:

"Reasonable people -- well-adjusted people, people without hubris or naivete -- routinely fail in life's important missions by not attempting them."

“Venture Capitalists look for radical departures from the past. Tail events are all they care about.”

“The future cannot be predicted, in can only be discovered."

"The key principle in the venture business is ‘back the right people’."

“Having witnessed the effect of employee share ownership on the early culture of Fairchild, he believed in awarding managers, scientists, and salesmen with stock and stock options.”

“They provided the follow-on financings for each other’s companies. They thought in the same terms. They had developed a professional code that made trust and coordination possible.” 

“Precisely because venture capital does so much to shape society, it must become more diverse, both in terms of the investors it hires and the startups it finances.”

"As in Silicon Valley, China’s innovation engine had become a social cluster."

"Relative to Silicon Valley, China’s fast-developing business culture was flexible, fluid, and somewhat less of a boys’ club."

**Bonus** I watched Lapsis on a flight, and I recommend it. It's clever, not too dark. Those qualities in combination are almost impossible to find these days. 

Weekly Song: Runaway Train 

Music Video here. During one year in the distant past, this was my most played song. I like travel songs that make it feel like you are going somewhere. Even while Runaway Train seems a little dark, it still feels like the protagonist is on the early steps to resolution. 

I haven't taken too many trains this past week, but I have taken many flights. Not the same, but close enough. 

Runaway Train by Soul Asylum
Bought a ticket for a runaway train
Like a madman laughin' at the rain
Little out of touch, little insane
Just easier than dealing with the pain

Runaway train never comin' back
Wrong way on a one way track
Seems like I should be getting somewhere
Somehow I'm neither here nor there


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

As always,

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Katelyn Donnelly
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