Viewpoints


Insights from Fabrica Ventures Team.

August 17, 2025

Erebor: A Mountain of Potential

“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 […]
August 8, 2025

Who Can Be an LP?

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 […]
August 1, 2025

Fully Depreciated in One Year! & A Tax Break Looking for a Buyer

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 […]
July 22, 2025

Building to the Mission, Not to Spec

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 […]
June 29, 2025

AI Supercycle in Motion

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” […]
June 21, 2025

Has Wall Street Lost Its Mind?

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 […]
June 13, 2025

Omada, a Virtual Chronic Care Provider, Goes Public

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 […]
June 7, 2025

Bye-Bye Real

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 […]
May 30, 2025

Everything is Technology

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 […]