Sequoia’s transformation of its venture capital model is actually a shift from financial capital to productive capital
2021
Facebook Earnings, Investor Trust, Facebook Reality Labs
Facebook’s earning seemed bad, but investors responded well, thanks to the trust that Facebook has developed over the years, and demonstrated this quarter.
Snap Earnings, Attribution and Targeting, The Supply Chain
Snap’s earnings show how the inability to measure attribution makes it hard to target ads; the big question is what this means for Facebook.
TSMC’s New Japan Fabs, Google’s New Chip, The Qualcomm Squeeze
TSMC is making new trailing edge fabs in Japan; Google made a new system-on-a-chip that is less than it seems, but it explains why Qualcomm is getting squeezed
Zillow Pauses Home-Buying, Opendoor’s Advantage, Crypto and Energy
Zillow’s halt in buying new homes is a reminder that core competency can out-compete an Aggregator’s advantage; then, feedback on crypto and energy.
Apple’s MacBook Pro Event; The Bitcoin Futures ETF; Bitcoin, Regulation, and Utility
Quick notes on Apple’s MacBook Pro event, then a discussion of why there is a Bitcoin Futures ETF but not one for Bitcoin itself.
MLB Versus Sinclair, What Happened to Sinclair, The Problem for Sports Leagues
The Internet has uniquely impacted regional sports networks, thanks to the reality of free distribution. Sports leagues will need to adapt.
Technological Revolutions Follow-up, Crypto and Cheap Energy, The Stratechery 2+ Schedule
The current technological revolution is probably still in deployment, not mature; cypto, meanwhile, is waiting on a key input. Then, the Stratechery publishing schedule is undergoing a big change.
The Death and Birth of Technological Revolutions
Carlota Perez documents technological revolutions, and thinks we’re in the middle of the current one; what, though, if we are nearing its maturation? Is crypto next?
Mark Liu in Time, Taiwan and China, TSMC and the U.S.
Checking in on TSMC, including chip shortages, Chinese military flights near Taiwan, and the U.S. feeble investment in building an alternative