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Hi Friends,

Happy weekend!  As I visited friends in Brooklyn this evening and was joined at dinner by their delightful two-year-old daughter, I am reminded to say to everyone - happy Mother's Day!  (Love you, Mom and Grandmother!). 

Today's Contents:

  • Weekly Song: Call Your Girlfriend
  • Good Reads
  • Community Corner

Weekly Song: Call Your Girlfriend

I have long had Robyn on the consideration list for the weekly song.  I just expected it be 'Dancing On My Own'.  Instead, the song of the week is Call Your Girlfriend, an apt submission by a friend in finance (Happy 38th to the Birthday Boy!). 

All over financial markets, actors are breaking up with their old assets and financiers.  Every SPAC manager is giving the 'call your girlfriend' message to every startup about every VC/PE firm.  As a joke, there is this video of the average 6% slow-and-steady investors putting his whole 401k in Dog Money.  Dog money?  Dog money!  You mean you don't own any Doge money?

It's an aggressive song for an aggressive time.  Enjoy.

Call Your Girlfriend by Robyn

Call your girlfriend
It's time you had the talk
Give your reasons
Say it's not her fault
But you just met somebody new

Don't you tell her how I give you something
That you never even knew you missed
Don't you even try and explain
How it's so different when we kiss
You just tell her that the only way her heart will mend
Is when she learns to love again

And it won't make sense right now but you're still her friend
And then you let her down easy

Sensible Investing: Good Reads

The Rise of Mrs Europe. Profile on Ursula von der Leyen, President of the European Commission. Long read but worth it. H/T Charles Iannuzzi. 

The plan to kill Osama bin Laden—From the spycraft to the assault to its bizarre political backdrop—as told by the people in the room.  Also a long, long read. H/T Tim Geoffrion. 

Founding vs Inheriting by Balajis 
Read-only culture is similar to partial bilingualism: the ability to understand a language, but not speak or write it, a phenomenon which is common among children of immigrants. If children can't write the scripts of their parents, if their access to ancestral culture is read-only, then that culture won't be replicated. This is a microeconomic explanation for how Idiocracy happens slowly. People think the cultural capacity remains because the artifacts surround them...but the culture producers are actually slowly vanishing, and their descendants can only repeat, not create.

How the Middle Class Became Downwardly Mobile. Pair the article above with this in the FT
When asset prices outstrip wages in developed economies, the result is an “inheritance society”. The economist Thomas Piketty points out in Capital in the Twenty-First Century that what we’re seeing is a reversion to the historical norm: in most epochs, the vast bulk of wealth comes from inheritance, not work. Piketty says the exception was the postwar era: once the Great Depression and the second world war had decimated family wealth, there was little left to inherit.

But there is now. In Britain, the ratio of housing wealth to GDP is higher than Japan’s before its 1991 crash. “On average, inheritances will be worth 9 per cent of household lifetime (non-inheritance) income for those born in the 1960s, rising to 16 per cent for those born in the 1980s,” projected the UK’s Institute for Fiscal Studies last week. Millennials in the US will inherit more than $68tn from their Boomer parents by 2030, estimates the WealthEngine consultancy. That’s surely the biggest collective wealth transfer in history.

The Ultimate Guide to the Creator Economy. Here, if you're into that sort of thing. 

Startups in Emerging Tech Hubs are Growing Fast. A report by AngelList. It's a little bit of a cheat, though, to call Seattle and Brooklyn emerging tech hubs, right?

Community Corner

I see you, friends. 

Dylan Gambardella interviews Nir Eyal on Momentum Audio here.

Victor Gutwein announced that M25 closed it's 3rd fund at $31.8M oversubscribed! Congrats team!

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


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Katelyn Donnelly
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