Essays and observations on capital, counsel, technology, and the work behind consequential decisions.
A party that once understood capital formation now treats it as a character flaw. Theconsequences are showing up in the migration data. For most of my career, the people who raised and allocated capital in this country werequietly, comfortably Democratic. They were socially liberal, fiscally moderate,internationalist by instinct, and they wrote checks to candidates who […]
Record deployment, historic concentration, generational-low distributions. The nextdecade belongs to operators and stewards, not allocators. The venture capital industry has never looked healthier on paper, and I have never beenmore convinced that most of the people celebrating are measuring the wrong thing. The headline numbers are extraordinary. American startups raised more in the first halfof […]
For most of the last decade, the American position on digital assets was not a policy. It was a posture. Agencies litigated their way toward rules they never bothered to write, firms guessed at the boundaries, and the builders who could afford to leave, left. Capital is mobile. Talent is more mobile still. Singapore, Dubai […]
The Senate returns on Sept. 15 to a vote that matters far more than the tape. Bitcoin trades near $64,000 as I write this, roughly $52,000 below where it stood a yearago. By the only measure most people follow, this has been a brutal year for digitalassets. Read the tape and you would conclude the […]