I didn’t get enough sleep last night. Between one thing and another I got about five hours of sleep. Adult circadian rhythms being what they are I still woke at the usual time.
I had a busy morning and afternoon so I pushed through it. Unexpectedly a number of pieces of my investing work were happening all at once. So much for a slow August right?
I was able to get through everything on my calendar but I’m I was starring down a bunch of work even at midafternoon. And I found myself unable to keep my eyes open.
I was zonked. Slept from 2 till I was woken up for a bird dinner. I’ll admit I’m planing to sleep as soon as I can wrap up my evening routine.
I’ve got so much to get through over the weekend. I have two rounds I’m working on (if you like hardtech slide into my DMs), juggling a bunch of inbound, and I’m gearing up for the fall. So maybe I need a little extra sleep.
And to think just a few days ago I was completely despondent over fire season, the sadness of American politics and my own seasonal affective disorder with high summer. If things keep up at this pace it won’t be summer much longer.
We are living in the past’s version of the future. The Cyperpunk I read in my youth is now the stuff of my daily life. It’s not as sleek as in fiction but it’s hard not to feel like it’s William Gibson’s world and I’m just living it.
We are only now getting Idoru but we are veering towards Burning Chrome. Half the anime avatars in accelerationist e/acc chats are wearing Mirror Shades and everyone watches for crypto rugs. But we are getting our Mt Gox Bitcoin back right?
What about borderless corporate worlds and mass scale surveillance identity? That’s here too. When William Gibson wrote “Disneyland with the Death Penalty” I wonder if he knew it would be the nexus of the network state debate?
We’ve even got the LoTeks in a Luddite rebellion against a world connected by dubiously transparent artificial intelligence owned by actual Zaibatsu multinationals with more power than nation states. Fact and fiction spinning hyperstition better than Nick Land ever dreamed.
Snowcrash and Crash Override? It’s better. We got amazing memes and elaborate fakes of the Blue Screen of Death. It actually did suck for airlines and banks because regulatory capture is the stuff of systemic risk.
And lest you think we’ve got no biohacking in this Cyperpunk world after the pandemic we have a renaissance in systemic & holistic approaches to medicine. Suddenly everyone is aware of the risk in agribusiness. Seed oils is normie stuff. Instead of turning Luddite the Danish invented advance metabolic medicine to cope. Everyone is on GLP-1 agonists.
Mix in the rise of nicotine and THC and you’ve got a national post prohibition bloom of folklore cures whose research has been suppressed by pharmaceutical companies and regulatory bodies alike. Conspiracy? Maybe but just the sludge of industry.
And in that all of the is our founders are global citizens who have to manage anarcho-tyrannical borders with visas controlled by incompetent governments and live through the geopolitics of wars fought with drones and propaganda. The future is already here. It’s actually pretty cool. Just watch out for nervous system tics.
Every time there is a boom cycle fools rush in. I don’t know why someone would expect that luck would be adequate to any large task. Luck is the default conditions to even get started.
Then you gotta get lucky a lot. Multiple times a year if you are aiming to lead any industry. And you have to keep doing it until one person who compounded so much effort and will that what looked like luck is simply habit and habit becomes process and process becomes results and results get sustained.
And yes decay sets in. And it gets harder. Every gain requires the energy that it requires. Leverage is often simply about being the one that makes it for the long haul. Maybe discretion is the better sort of valor but I’ve yet to meet a winner who was a coward.
I see this reflected in my H1 investments. Access to energy, access to compute, and decentralization of both compute & energy are directionally the major trends that I believe will matter over the next decade.
From where we stand, capital serves the founders who make things of real value. That takes time. Regular builders have simpler needs while they do it: the freedom to make what they want with readily accessible tools without interference.
We originated #FreedomToCompute as a tagline that shows our values. Not only has it driven me deal flow, but the coalition of e/acc, crypto, and El Segundo hardware/deep tech autists even changed a political party’s platform.
I’ll admit that I was surprised by the Republican Party’s adoption of innovation in crypto, artificial intelligence, and space as a core policy plank. They must really be courting startups as a constituency but I’m happy to have as many as possible aligned with us.
Science and progress are values traditionally associated with liberalism’s left leaning parties, but it seems the axis of “the best is yet to come” is a wide coalition. My heuristics have thusly been updated so we can remain up and to the right.
I don’t want to make this into a whole thing but the Republicans have posted the GOP party platform. The Silicon Diaspora is now such an important constituency we’ve got enough sway to move policy.
And it wasn’t the one I expected. Scientific progress was something I’d come to associate with liberals. It would seem Democrats are not as certain about being technically progressive anymore. But the middle that builds is a constituency.
It’s such a small thing and I know politicians don’t have a track record of doing what they say. But the idea that a ragtag group of internet friends could get our issues given place of pride in a platform feels nice. A multimodal pro-social game yielded a positive sum.
We want more technology being built quickly by those with the agency to do so. We’ve got diseases to cure, climate change to adapt to, software to be coded, nuclear reactors to be spun up and a long path to space from there.
I hope the value of better medicine, better tools, and more ambition makes its way to everyone.
For now I think it’s cool that I can see where every line in this policy document came from. A very hodge podge group of internet weirdos in Discords, policy shops, Twitter communities, and group chats got politicians to agree with us. It feels kind of nice. I believe FreedomToCompute is a constitutional American right and we are proving our case
The original culture and the commodification of the culture is a spectrum and the Tommy Hilfiger Event Horizon is infinite. Who makes culture, who money and who only brings money can be challenging to calculate.
The validation of something “cool” eventually reaches a point of opportunistic acceptance by those merely into a thing for the capital. Sometimes it’s social and sometimes literal currency.
These so called “sociopaths” who follow the momentum often do not realize that they are just in it to capitalize on cool. I don’t want to suggest anyone in a thing for money or cachet is a sociopath just that incentives for status are significant drivers for people.
Often we need the people in it for the money. It’s wonderful that angel investing exists and momentum investors have perfectly rational incentives. Sometimes you will even see significant self awareness about this. If you put resources into a community and don’t cause trouble you are often welcome.
Now you can refer to this type in startup investing as dumb money. The follow-on capital that is riding on the work of others who authentically believed before a thing was cool is a necessary part of the ecosystem.
I don’t at all mind when someone is a follower. You can be “a cringe follower late adopter” or whatever terminology we are now using to describe laggards in the adoption curve.
Unless you are a pain in the ass, actively predatory, or making your contribution more trouble than it’s worth, you should go ahead and lend your support if you can take the risk.
Don’t take it personally when hipsters sneer. They may have been earlier than you but it’s fine to back winners. Just don’t expect the founders to give you special dispensation for getting on board when it was safe to do so. It’s right that the alpha premium applies. I personally love it when not only am I right but I got paid more for the privilege.
Everyone has their entertainment and mine is makes me a little bit of a stereotype. I hate podcasts but do most of my chores while listening to Bloomberg’s Odd Lots podcast.
I was catching up today with an interview with equities analyst Tom Lee. My attention got caught and stuck on his description of Bitcoin.
“Yes, Bitcoin is unlike other asset classes because there is a cooperative value. You know, the people who contribute to the network benefit from it. And that’s different than any other asset class.”
Now I don’t think this is unique to Bitcoin. Cooperative value can be found in everything from nationalist politics to luxury handbag resale pricing. But I do this it’s important to have cooperative values be baked into a network for it accrue value.
We’ve traditionally mitigated concerns about market cooperation through clear property rights and legal protections. We’d backed up those claims with things as abstract as a monarch. We’ve evolved to it to the slightly more concrete full faith of the United States and Byzantine bodies of securities law. Fiduciary duty and all that.
But as we become less inclined to trust that the buck does in fact stop “anywhere” we are looking for ways to mitigate that risk. How to operate in a world without trust? You develop trustless protocols. Humans have plenty of intuitions about trust and many these intuitions struggle without a clear person with authority to act.
So I ask if we are heading into a “headless” age?
As distrust in institutional power struggles we are seeking out new ways to continue the business of life and civilization even if a high trust society is in question.
You could even argue that we’ve got headless political parties as the Democrats and Republicans both struggle with defacto heads nobody particular trusts. I don’t know if we can live in a headless democracy. Deciding who is a citizen is a very different matter than deciding who is a shareholder.
I’ve never understood boredom. I am very much the kind of nerd who enjoys learning. I’m mostly topic agnostic so life has been a pretty joyful experience of deep dives & rapt attention.
I struggle to be empathetic towards boredom as everything interests me. I don’t know if curiosity is innate or learned but I’m glad I have it in abundance.
The closest I get to understanding boredom is the exhaustion and brain fog that comes with illness. I’ve had an awful bout of Covid that I’ve intermittently worked through over the past two weeks.
My mind just has less capacity to hold onto focus. I’m in pain and the misery of the experience makes it harder to do more than the basics. I normally thrive on focus but now I’m stuck in ongoing being able to do tasks that require less cognitive overhead.
This has led to a kind of boom and bust set of cognition for me as I save up my focus for the deals that just can’t wait and then I am like a zombie on my fun unable to do much as finish a pdf about “situational awareness.” Maybe this is what they meant by boredom all along?
I woke up feeling reasonably good this morning. I thought perhaps my prayers have been answered. I have been managinga case of Covid for over a week so I really wanted to be turning the corner on recovery.
It’s hard fully rest with an infection and this case overlapped with a lot of big things for my portfolio companies. That excitement made it even harder to stay away from working. I was joyfully working all weekend for multiple deadlines.
I’ve not been the best behaved patient though I have stayed in bed. I thought I’d at least maintained the appropriate protocols for sleep, nutrition, supplements and medication.
What I really wanted was to go outside and enjoy the weather. June in Montana is heaven. Cool bright mornings turn into sunny dry days.
I thought that a short walk in this type of environment would be healthy. I walked the property and down our dirt road. I wasn’t out for more than twenty minutes.
Walking by our little pond fed by a creek.
It was too much. By early afternoon I was exhausted, feverish and coughing. I slept but it was the fitful half conscious sleep of the sick.
I am disappointed as I want this to be over. The pushback from supposedly health giving activity like strolling in the morning sun was immediate. It isn’t over and I’ve been punished for joyful nativity. But damn it’s a beautiful day to be alive.
I am laying prone in bed hopped up on DayQuil and the good codeine cough medication. I have Covid and apparently this bout will be no picnic.
Being sick can feel vulnerable. I imagine to most eyes I am economically and socially unproductive in this condition. I am not able to labor.
When I am sick I am grateful I get to be capital. I feel capitalism should appeal anyone with a disability (as I do) simply because comparative advantage allows us to exist without being at of the mercy of the state. Illness being disabling doesn’t mean low productivity.
My ability to be capital relies on the comparative advantage of specializing in startup kinda of startups. Practically it means I got to play a part in helping further the labor of others looking build a company.
Today was a big day on that front for me. One of my investments (humble brag I was their first commitment) Squads announced their Series A today.
They began with a vision of DAO tooling and ended up simply dominating code Solana primitives. They are doing the work of developing smart account technology and products that make it easier for businesses and individuals to securely manage and own digital assets. And they continue to make crucial tooling like Fuse.
For all the mania of meme coins and tokens, we can forget it’s real companies making real infrastructure.
These things have to be built for grander vision to exist in crypto and Squads has clearly been the team to do it. They have worked relentlessly shipping tools people want to use and build with.
Everyone on the team practically wanted to do the work of building out what was needed for us to transact and govern in a trustless environment as individuals and as groups. I was inspired by their commitment to execution.
I am just a small part of their journey. But being able to provide the kind of specialized capital that could understand what they wanted to build from the start is a huge source of pride for me. Without early stage oddity investors like me it would take just a little longer for the entrepreneurs like Stepan, Deni and Sean to get to market. And the market deserves a company like Squads. Their hard labor built something of value.
