📶 Permanent Equity's annual letter

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Good morning 👋

And happy hump day.

I’ve been out of it all week, but reading more has helped.

Given the time of the year, a lot of this reading has been end-of-year updates and recaps.

This was by far the best of those, and that’s what we’re breaking down in today’s piece.

Today’s highlights

• One of the best annual letters you'll read

• Meta drops content moderation

• Seven charts to think about going into 2025