Questioning the logic around negative margins for supernova AI companies, lessons from investing in challenger banks, and which types are agents are getting the most utility
How we got here, some differences between selling AI and selling software, and five steps to winning in vertical AI
The rise of the agent manager, some stats from the launch of Outlaw, why we're terrified of one-way doors, and is an MBA worth anything anymore?
Removing the intelligence constraint, why $100b outcomes are the new "normal", and Altman Cap raises a fresh fund
What the Klarna IPO proves, building the Microsoft Office of agents, and what critiques of the venture industry miss
Structural issues for seed funds, AI talent and the mixed bag that comes with it, the era of the bootstrapped solo founder, and thoughts on CLTV/CAC
Predicting the roles of the future, we're drunk on startup stupidity again, and newsletters-as-a-service
More zero-sum games, thoughts on acqui-hires, Brian Singerman is launching a new fund, and some new investment memos on companies we're tracking
Opportunities in the new labor market, a few things I believe, LPs are slowly warming back up to emerging managers, and why the latest tax law sweetens secondary deals
Problems in the hiring market, capital markets vs. internet capital markets, GPs are adding more value with AI-powered portfolios, plus the best from last week
A deep dive into how companies can increase their odds of getting bought
What happens when more work gets automated, why LPs and GPs don't always agree, Boldstart raises new funding, and memos on seven companies we like
