A rule for Bitcoin investing

The rule of thumb when it comes to fat protocol investing is this:

The market cap of the protocol always grows faster than the combined value of the applications built on top

Joel Monegro, in Bitcoin doesn’t care what Silicon Valley thinks, January 7, 2017 at 07:49PM


VC – the visible bit vs the hard bit

Most people think that VC is all about the initial portfolio construction, selecting the companies to invest in.

…the other half. That includes actively managing the portfolio (board work, adding value, etc), it includes allocating capital to the portfolio in follow-on rounds, and it includes working to get exits. And it is that second part that is the harder part to learn how to do.

Reserves – AVC, January 8, 2017 at 01:49PM

Modern marketing – science vs the human element

This is what happens when you let conversion marketers run amok with customer experience. They made it a science, but forgot being human.

upselling and customer experience, January 3, 2017 at 12:00AM

Smartphone, a.k.a. expensive handcuffs

I don’t want to get a $800 phone and then lose or drop it and feel horrible afterwards. I don’t even use my phone all that much and I have no apps or fancy stuff on it.

You get yourself a fancy phone and then you put the fancy stuff that goes into your fancy phone and bam, your life is not as simple as it was anymore.

Poetry in (slow) motion, January 3, 2017 at 11:28PM

Survivorship Bias – the origins

Survivorship Bias

The image is a reference to the seminal work done by statistician Abraham Wald in World War II: the military planned to add armor to the parts of bombers that had the most bullet holes; Wald noted that only bombers that survived their mission could be examined, which means the parts without bullet holes were actually the most vulnerable and needed armor. This is called “survivorship bias”

Stratechery Daily Update 2017-01-03, January 3, 2017 at 11:31PM

I’m surprised how widespread the Survivorship bias is, even 70 years after its discovery.