Tag: Shit Posting

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Chronicle Finance Internet Culture

Day 57 and The Fungible

Finance commodifies. The value of one thing must be stacked against the value of another. We can put “a thing” in a ledger and trade it for another thing.

Making something that is not a commodity into a piece of property that can be valued, traded, sold, or transferred is the natural order of financialization.

Not content with turning food or labor into commodities, we have created financial products to divine literally anything into an asset that can be owned, traded, or hedged against.

We’ve decided on fancy vocabulary words like fungible to make the basics of human reality seem more exciting. Or maybe just to charge more for it. 2 and 20 requires a bit of song and dance I suppose.

Fungible is a funny word too. Interchangeable makes more sense. It has more inherent meaning when brought to the context of finance. Sure, we bristle at the idea that our labor, our time, our creations are interchangeable, but we assign values to them so human creations largely have value that are easily exchanged. Finance commodifies. Just because you are unique doesn’t mean your creations aren’t things.

This week we sell non-fungible tokens (nft’s). A financial person might stop and think “ok, but I prefer the fungible, as I myself trade interchangeable things”. And this isn’t, it’s right there in the name. And if I’m not, I damn well better be doing it with something that has a price we agree on like a dollar or an ounce of gold.

And yet here we are with the NFT. Art lands in this category. It is unique. It is non-fungible (say that at a party and see how fast people walk away). It is unique it and cannot be made interchangeable. And yet we sell set.

So how do we trade it? How do we assign value? This contradiction tickles the minds of thoses who have aggregated many interchangeable items with agreed upon values. The rich I mean. The rich enjoy the tension inherent in a thing not being a fully agreed upon commodity. A “not thing” can be worth more than a “thing” precisely because we don’t agree on it. Even if the process of assigning something a price can often feel like it is toeing the semiotic line of “not a thing” assigning value brings it into “thing-ness” by anchoring its reality to the present.

Signifiers are required. The semiotics of value. The desired exchange. And so we toss technical terminology on top like fungible and pretend these frameworks make it easier to turn a “not thing” into a “a thing”

The non-fungible token. It is right there in the name. It is not interchangeable. And yet it has an assigned value. It has been funged.

Standardization, interoperability. Tradeability, liquidity, immutability, scarcity. Amazing what finance can do to a “not thing” in no time at all.

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Chronicle Finance Startups

Day 51 & Unwritten Rules of Startups

I’ve been shifting my working attention towards angel investing. As I talk with more founders, particularly those sent to me by my venture capitalist friends, I’m noticing how much bad advice is circulating in the discourse.

There has been a consistent trend of thought pieces and generalist advice in startup land that gets published by those that find attention helpful to their careers but don’t actually want the risk of sharing the unvarnished truth. Think TechCrunch thesis pieces and founder medium pieces. I’m guilty of engaging in it to a significant degree.

But it’s getting to the point where I feel bad that I’m not doing more to correct some of the bad advice or “true but not in your case” advice. It’s persistent and chronic and doing significant harm to certain communities of founders particularly those that are underrepresented. If you are a founder please DM me on Twitter or email me Julie dot Fredrickson at Gmail for further dish.

Founders regularly get terrible advice on fundraising metrics. Lower your CAC with blending channels (don’t please be honest about cost), you need to show faster growth so increase spend (growth is good but can kill you dead), organic growth is more appealing than marketing spend (it depends organic is hard to replicate and scales unevenly) and my personal favorite stack your MoM growth charts it looks sexier (so does a push-up bra but eventually you get seen naked).

Another area that gets weird is how much bad advice there is in fundraising process. You get told to drive FOMO and excitement but no one tells you just how much investors talk. Founders inadvertently tell white lies that are so transparent it’s the source of constant back channeling. There are so many cliques and power structures you don’t appreciate till you are more entrenched. Startup land lives for it’s petty feuds and rivalries. Be careful trying to play funds off each other as it’s rare for anyone to be fully blacklisted (though it happens) and you don’t know how close to partners may be or if they hate each other’s guts. Some folks look nicey-nice on Twitter but fucking loathe each other in reality. We’ve got cliques for female founders, gay founders, Christian founders, libertarians, fitness freaks, data geeks, retail hounds, SaaS sluts, and yes some of these are just fun to say. Be careful with back channels. You never know who may actually be crucial to your deal or a significant power player. Or who vouching for you can turn an entire deal around. Many of the most respected startup folks don’t maintain social media presence at all. So don’t be rude if you can’t judge how important someone is from their bio. They might tank your deal or get you tracked to a partner who writes a term sheet.

Be carful about optimizing your raise for specific outcomes like valuation or time. I know fundraising sucks but it’s also your job. You will have to do it again and it gets harder each round. You go with a higher valuation and you have to grow into that number. Are you sure you raised enough to hit the metrics? If not you get recapped next round. That only hurts your ownership and the VCs don’t really care. Are you trying to get it done fast so you can move on with your life? Lol guess what now you are stuck with that board member for a decade or till your startup dies. And a bad board can kill you dead. Or make you wish you were. The chances of you slowly sinking because your board has a toxic relationship with you is much bigger than the chance that you will grow so fast you always hit your metrics.

A big part of startup life is accepting that your ego does you more harm than good. This life will humble you. And generally everyone just wants founders to succeed. We want to help you avoid the mistakes we made. But not everything will apply to you. So don’t take every bit of advice or you will constantly be at the mercy of others. Context matters a lot.

But you must learn to listen and adjust your course or you may end up chasing metrics that don’t matter with a board you hate and a valuation that you can’t life grow into.

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Internet Culture Media

Day 44 and The Press Culture Wars

While I am a child of Silicon Valley (literally), I came of age professionally in media soaked New York City. The battle of startups versus the press has been one I’ve largely ignored as I think it represents cultural misunderstandings between two very distinct groups. I love startup life and I love media people. But to say they don’t grok their different motives and power incentives is an understatement.

So watching them fight is a bit like watching your two best friends in a spat. It’s awkward, you don’t want to pick sides, and you just hope everyone simmers down. But I’m beginning to think the beef between the 4th estate and the tech sector is starting to have some collateral damage. Not least of all because bad actors have infiltrated both: on the tech side we’ve got blackpilled monarchic misogynists and their jackbooted political protofascist admirers, on the nominally left wing media side we’ve got neo-reactionary Jacobins. Kinda hard to pick a side when those are your bedfellows.

I have generally sided with skepticism of media as I was raised on AdBusters and am vaguely aware there was a time when corporate media really was dominant. I’ve also been in control of large advertising budgets and seen first hand the little compromises that get made to stay in business. But the newest volley in tech versus media has erupted a new low of bickering and ad hominem attacks that have the memetic mobs of both sides are hungering for blood.

All this to say that I’m finally considering picking sides. And I don’t like it.

In the current narrative tension portrayed as techno-optimists rationalist thinkers (lol) versus the new reactionary left wing media, I’m sad to say I’ll end up siding with media. Not because they are right (they aren’t), but because the fragility of these self proclaimed centrists aren’t worth preserving over the 4th estate. We need the press more than we need “‘well, actually’ reply guys.” Feel free to take bets on how fast I get my first reply correcting me.

Too many of the critics of media have been black pilled by operatives that chose to be fascist influencers when they couldn’t make it in the traditional realm. Gamergate brought us the first wave of directed mobs sent to harass nominal new media figures. A lot of that was misinterpreted, but the end result has been that portions of the technologist and web set adopted too many of their rhetorical gambits. Which is not a winning strategy. Mid tier thinkers would rather martyr themselves on the sharp dicks of clout defenestration than actually win anyone over to their cause. So instead of being decent media critics, which we need, they just throw themselves down on their chosen causes.

Like I get it. I too was once a kid who was convinced being right was the only moral cause. Then I realized what “to the victor go the spoils” actually means.

You have to win so being right matters. Being morally right without a win is Pyrrhic victory.

So to the “rationalists” pissed at the New York Times I want to say you are not fighting a righteous enemy. You are fighting bitchy queens who are better at this narrative thing than you. It’s the fucking styles section for Christ’s sake. It’s normally used to skewer ugly clothing and idiot bourgeoisie real estate trends. Yes, it’s often the source of the most incisive cultural commentaries and the best writers are often housed there. So by all means fear it. Actually you should fear it as if one mean queen has it in for you they can do a lot of damage as they are really good at it. Just understand that it’s also a petty mean clique run by the same people that probably tortured you in high school (or for some of you that you bullied so sorry turn about is fair play).

There’s plenty of good reason to be mad at the New York Times or Washington Post right now. They are owned by plutocrats. Their operations are opaque. But so are the companies where you probably work. And I bet you think they do shady shit now and again you’d like someone to bring to light. Human institutions fail because they are run by humans. And no matter how smart you are you can never be free of bias. You can barely be less wrong. But the alternative of having no 4th estate is pretty bleak. So be careful what you wish for as you just might get it.

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Chronicle Politics

Day 38 and Better Fear Than Anger

Culturally in America we’ve lost touch with the value of fear. Which is a shame as fear is a root emotion (along with sadness and happiness). We’ve became enchanted by anger instead. But anger is not a root fear. Anger is the steam rising off of fear. Cultivate, explore and release your anger and underneath you will find the fear that drives the issue.

We’ve decided we don’t like fear though. We’ve perverted it into a weakness. Especially during the pandemic. Anger on the other hand as won cultural acclaim in America. We use phrases like “right to be angry” and “righteous anger” rather than exhuming a deeper truth that will be more revealing. Fear is good though. It cuts deep. Fear shows us the child that lives in our innermost self, revealing the terrors and traumas children feel from being powerless, abandoned, and small.

Even as we cultivate strong bodies and swift minds as adults, the child who was betrayed by the accidental lapses by our parents remains inside of us. In psychology they call that the inner child. Perhaps your inner child is angry. Mine often feels anger. But at her heart the child is just scared. But rather than answer the questions raised by our fear and overcome it, we are seduced by the power of the anger steaming on top. We cultivate heroics to nurture the anger. Americans craft elaborate myths about the heroic value of anger.

I’m not suggesting you are not angry. Or that your anger has no place. Nor am I invalidating the source of your anger. I am however asking us all to dig deeper. Learn why you are angry. Then go deeper. Find the fear of the child that is inside you.

My fear? That I’ll be abandoned by my people during this pandemic. Just like I was abandoned as a child. I got angry seeing the choices people made. But underneath it was simply the fear that repeated a childhood trauma that I wasn’t important enough for anyone to save me. Knowing that helps me save myself. I take responsibility for my own fear. I can use it as an edge if others don’t work on their anger. But I’d rather we as a nation work through our shit instead.

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Chronicle

Day 32 and Happiness

While yesterday was the recap of my month of long form writing. I don’t feel entirely done with the experience that is emerging from this practice. The benefits are both much more apparent (and subtle) than simply finishing what I set out to do. So to kick off month 2 and day 32 I want to share a little more about this emerging insight.

I’m just happier than when I started. I feel a sense of joy and playfulness that feels much closer to me than I thought possible. Especially in the shadow of the pandemic and political instability it feels a bit heretical to be rising up. And here I am finding childlike feelings of play in the midst of chaos. But the more I put out these feelings of happiness out into the world the more I get back from friends and family. Writing has turned into a virtuous cycle where I tap into the enchantment and wonder of my own mind. And as I share my feelings and ideas I get back comments, messages, and phone calls with people sharing their own process. It really feels wonderful. We are together making new things from our minds.

Giving each other permission to find joy and excitement in our pursuits seems crucial. If we don’t it’s all too easy to get sucked into the despair of the nothing. You may remember the nothing from childhood. It’s the growing horror that absorbs all creativity and joy in The Neverending Story.

With the narratives of despair (and the terrible realities on which they are based) can consume us like The Nothing. It’s goal was to consume the land of Fantastica. It’s power is disillusionment. And I very much wonder if this constant drumbeat of doom sends us to a similar place. Our very nature as humans who form communities, share insights, be creative, build new things together, all becomes subsumed by consuming horror after horror.

But the nothing was stopped in my life. Even a small gesture like a long form journal brings back the human spirit. We share it and others recognize it in themselves. We connect and share. And in doing so push back the encroachment of the nothing. It’s a battle we can easily win by doing something as simple as being happy sharing our thoughts with each other.

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Chronicle Internet Culture

Day 31 and The Goal

I feel a real sense of accomplishment that I did what I set out to do; write one piece of long form content everyday for a month. Now of course having achieved my goal I would like to do it for two months straight but I’ll give myself a moment to enjoy the happy feelings that come from finishing what you set out to do.

On the first day my writing muscles felt atrophied. It has been sometime since I wrote regularly and here I was committing to do it every single night. But I was able to get into the habit and quickly found myself enjoying the routine.

The biggest change I’m noticing is a smoother less disjointed focus in my mental processes. Rather than needing to work myself up to writing or pick a topic and commit to a narrative, I now ease myself into the threads from the day and see where my imagination takes me. This mental fluidity (which requires non judgement which is a struggle sometimes) is slowly improving the quality of my thoughts. I look forwarded getting ideas on paper and tying together disparate thoughts now each day. To seeing what strange new connection might emerge from the day. Like limbic memory and crisis or the power of loosely organized crowds

I’ve also noticed a distinct uptick in the momentum of life. That a daily exercise of writing could push forward my focus shouldn’t be a surprise but nevertheless I’m seeing progress on ideas that may become a reality. Because I’m using this space to think about my investing, finance, and cultural chaos a daily writing habit means I am makings fast progress on a thesis. Writing is an excellent forcing function for seeing ideas more clearly but also for seeing if you may have the seeds for something bigger.

If you are considering a writing exercise like mine I highly recommend doing a month long commitment. Do it in public. You may be surprised by where you end up. I covered a lot of emotional ground which has been a really boost to my spirits.

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Chronicle Finance Internet Culture Preparedness

Day 28 and Limbic Memory

Today I want to talk about how this past year has set in motion the next hundred years of human imagination. Yes, I think it’s that important.

Mental elasticity is an incredible thing. We humans learn quickly and have a seemingly endless capacity to adapt to impossible things once we’ve wrapped our minds around it. Sadly though, forgetting doesn’t come as naturally to us as learning. Once we’ve seen the impossible happen, we never forget. Instead of storing miracles and crisis in the front of our minds like new knowledge, to be reinterpreted as new and possibly ephemeral, it goes right to our limbic back brain.

The limbic system is set in the deep structure of the brain where it regulates autonomic or endocrine function in response to emotional stimuli. It’s part of our survival response encoding. Which is why trauma is so crucial to evolutionary pressure. Those that survived, generally did because they took an impossible situation seriously. It becomes a part of our reactive unconscious survival instinct. And boy is this going to have consequences for American millennials.

The last year has had its share of impossible things occur. And we’ve gone about our business adapting to things that couldn’t possibly happen before. Early doomers were dismissed on the pandemic, political Cassandras ignored until an insurrection occurred, and now a new kind of financial mania which Stalwart Joe at Bloomberg calls an “upcrash”. He explains the impossible inversion using 1987’s Black Monday 22% drop.

Once people became aware that such a severe crash in so short a time was even possible, the likelihood that it could happen again was never dismissed. The consequences aren’t as big, but in a sense, what we’ve seen in GameStop could be thought of as a Reverse 1987. Upcrash. A gain so fast and rapid, that it might previously have been thought to be impossible.

Why do I include a seemingly jokey memetic internet troll in a list of traumas? Because a positive memory is just as jarring to our limbic memory as a bad thing. We overweight good experiences just as heavily as bad. Once the impossible becomes real our bodies retain the memory.

We’ve now got sense memory for global pandemics, political instability and positive market manias in America. Things we haven’t had for three generations (or more in the case of political instability). And the consequences, most of which remain unknowable, for these visceral impossibilities won’t leave our bodies till we are dead. We are stuck with the paranoia and exuberance of this last year till our grandchildren are in charge.

So we’ve just tossed several intense traumatic evolutionary events onto American millennials that not a single institution can do shit about. And I’ve honestly never been more excited for what our chaotic future might bring.

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Chronicle Internet Culture

Day 27 and The Short Squeeze

The speed at which we’ve transited from insurrectionist attack on the heart of democracy to every man strikes at the heart of corrupt Wall Start has captured my attention. The GameStop squeeze may possibly be the most interesting story of the modern social age. The first wisdom of crowds moment striking at an institution and doing enough damage to get the beast’s attention.

We’ve careened from institutional faith crisis to the next in the long trudge out of the 2010s. And doubled down in 2021. Because it’s fundamentally the same energy. Tearing down the capital to stop the deep state to rallying around GameStop against the man is a straight line. The age of the extremely online is here

Both events have strong kek energy to it. It starts as a joke. Some sophomoric humor on the message boards. It is hilarious and fun how we all cosplay hax0rs blowing up Big Hedge Fund. But it will not be funny joke when a pension fund implodes. Just as it wasn’t funny when we had a kek coup on January 6th. One sounds like a stretch. We could never find ourselves in a place where trolls blow up an essential financial instrument on which millions rely for their futures. But then no one thought a D list celerity pretending to be a businessman could ride a gold escalator into the White House either.

The GameStop happening is just the first instance of memetic market manipulation. Institutionals will get caught without realizing it. Because mimicry online lets idea evolution happen swiftly. The base reference materials quickly get widely diffused and most folks aren’t even aware of the source. Ideas get separated from the original context, for good or ill. Hence Trump and sedition being both serious and a joke. It’s funny till it’s a federal crime. You may not realize you are perpetuating something with source material that is meant to either redpill or push a grift or policy position. Which probably explains why there were so many confused Boomers who couldn’t figure out how they had accidentally committed treason.

I’d be surprised if we bring any politicians to justice in the capital attacks. But I don’t doubt the SEC finds a way to make internet mob pump and dumps illegal. Sure that would require that literally anyone in regulatory oversight roles understood how meme cults perpetuate. We can barely wrap our head around memes electing politicians. Moving markets is too much for the imagination. Except that it’s happening right now it just may threaten the powers that be. Fuck with democracy fine. Fuck with the capital markets. Now you’ve got our attention.

What worries me the most is despite seeing the straight line from danger to democracy to internet mobs throwing themselves at the markets, I am having so much fun watching it all unfold.

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Chronicle

Day 26 and The Newsletter

I’ve been writing one piece of longer form content on JFredrickson.com every day since January 1st. It’s been a wonderful habit and I suspect I’ll maintain it for a long time to come. I asked what my next step should be and the majority suggested I cross post on both Substack and my personal domain. So I’ve gone ahead and done it. You can expect identical content but now in easy newsletter form if that is your user preference.

What can you expect? I talk about semiotics, startups, venture capital, finance, emotional growth, retail, libertarian nonsense and shit posting. I only occasionally write researched work (once a week would be a goal I haven’t yet reached) but do post extensively about the zeitgeist. I’m extremely online and am happy to share directionally where I see things headed and the bets I take with my time, energy and finances (both angel investing and public markets). If you like culture that’s of particular interest to me and you can expect a kind of moderate skepticism. I am also a prepper as a hobbiest as well as interested in back to the land work and homesteads.

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Chronicle Internet Culture

Day 25 and Ease

I’ve been giving a lot of thought to my self limiting beliefs lately. The ideas I hold about myself and the world that get in the way of me changing. And one I seem most attached to is the myth of hardship.

I’ve fetishized the idea that life should be hard. Working through tough problems is good. Sticking it out through bitter failure is worthy. That goodness, attention, wealth and status are achieved through a moral pain.

I’m fairly sure I got this ridiculous idea as some type of parasitic add-on from Calvinist thought. It’s also preposterously, comically untrue. Like objectively the wealth, status and power in human society do not come from anything even resembling moral good. It’s this annoying fact that gives socialists succor in an otherwise unforgiving climate of capitalism (an objectively true statement that equally frustrates adherents of communitarian philosophies.)

So somehow I’ve equated hard work with good. So instead of pursuing talents in life where I enjoy ease and facility I force myself into difficult pursuits. I rationalize this as noble. But my core self knows that it’s bullshit to keep me stuck in the mud

So I am trying to resolve to not poo-poo that in my life that flows smoothly. I can do well at life by being at ease. I can lean into my talents and enjoy where they go without judgment.

But in the immortal words of every thirst trap: feel cute…might delete later.