📶 the end of the game as we know it

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

July 16, 2025 • Estimated Reading Time: 7 minutes

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Good morning 👋

The entire venture and startup world has been built up on social norms.

  • Grow the pie

  • Play the long game

  • Pay it forward

It made tech attractive, and it also created lots of wealth for various people regardless of whether or not they owned preferred or common shares of equity.

But now many of those social norms are being forgotten, and the Windsurf acqui-hire disaster is the latest example of the unraveling.

The genie is now out of the bottle, and unfortunately, it changes a lot of venture dynamics.

We broke down how one investor is thinking about it all in today’s piece.

Before we let you in ...

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