Viewpoints

“You don’t change a winning team” — Brazilian proverb Erebor, also known as the Lonely Mountain, appears in J.R.R. Tolkien’s The Hobbit as the home of […]

I typically avoid writing about regulations and other forms of non-voluntary exchange, preferring to focus on value creation, but this one is worth highlighting. Today, investing […]

The One Big Beautiful Bill Act (OBBBA) was recently signed into law [as if something Big coming from the government could be Beautiful]. Of course, no […]

Although Silicon Valley grew alongside the defense sector, the two have drifted apart since the Internet boom of the 1990s. With the military reliant on sluggish […]

Each year, Coatue’s East Meets West (EMW) presentation brings plenty of food for thought. Here is a summary of the 2025 “Coatue View on the State of the Markets” […]

CoreWeave, a GPU datacenter company, went public on March 28. Since then, its stock has soared 359%, lifting its enterprise value to $92B — that’s 29x […]

Omada Health went public on June 6, 2025 (Nasdaq), one of the few recent IPOs to achieve a valuation above its last private funding round. As […]

Circle (founded in 2013) IPOed last week on the NYSE under the ticker CRCL, with demand exceeding supply by 25 times. The stock surged 250% in […]

Packy McCormick’s piece Everything is Technology has triggered heated debate in SV, including his views on VC megafunds. To keep this brief, I will expand on megafund returns […]