Adam Metz

996 was super low conviction. The VCs upgraded to hexadecimal and it got way worse. New piece up. metz.substack.com/p/996-was-low-…

Jane Pratt invented the Substack model in 1988. She was 24. 2M readers. She survived a national boycott. Still running the same play. New piece up. [metz.substack.com/p/ive-had-one-…]

Called an all-hands on Sunday bc a 15-year-old at my high school wrote an essay so good a machine accused him of being a machine. School punished him. Family sued in federal court. I was sitting there vibrating like Bruno Mars. We're gotta hire this kid. metz.substack.com/p/can-somebody…

Fund managers, quick math: SuperReturn: ~$15K all-in with travel iConnections: ~$13K Context Summits: ~$10K Virtual LP Conf on Thursday Apr 30: $0-974, from your desk. Same category of LP access. 90% less cost. Who's there? 158 LPs already reg'd. metz.substack.com/p/158-lps-in-o…

We need 3 LPs on a panel April 30. $1B+ AUM. VC or PE allocation history. One must go to a woman. Virtual. 45 min. 3000+ fund managers in the room. No PR bullshit. Real talk about how you actually evaluate managers. Apply: lpblueprint.com/lp-panel

Anthropic suddenly really likes copyright very much, no really, copyright is totally cool my dude they have never had a problem with it, what are you talking about, issues takedown requests to remove 8,000+ copies of Claude Code source code wsj.com/tech/ai/anthro…

Just published 20 free LP databases for fund managers: endowments, family offices, public pensions, etc. Also in this post: how we handle data infra and own our incidents publicly. Within 3 hours. Every time. $99/mo. Pitchbook charges $15–50K/year. metz.substack.com/p/the-free-fra…

Welcomed 4 firms managing $1.1B+ to LP Blueprint this week. AI funds. Global accelerators. Impact investors. CRE strategists. Same problem across all of them: fundraising with data that's months behind. New post — 3 market realities + 3 tutorials → [metz.substack.com/p/25-33-of-202… ]

Ray Dalio's been in the 6th inning since 2018. Name ONE outcome that would prove the Big Cycle wrong. You can't. That's the f****** problem. metz.substack.com/p/ray-dalios-b…

Posted about the Han Dynasty. Nearly 300 likes. Fund managers are not who you think they are. [metz.substack.com/p/the-han-dyna… ]

65 full-time analysts. 28 days. $200/month. That's what we replaced. Dropping the paywall today. $10/month. No bundle. No games. Preqin and Pitchbook will be fine. Probably. metz.substack.com/p/65-full-time…

The seat-tax model is dying. Atlassian, HubSpot, Monday, Adobe: all down 20-50% in 6 months. The winners (Snowflake, Stripe, UiPath) charge by consumption, not headcount. I broke down who's winning, who's losing, and why it matters for fund managers. metz.substack.com/p/the-seat-tax…

JCRC OPEN LETTER: ANTISEMITIC RICHMOND MAYOR EDUARDO MARTINEZ MUST RESIGN! To the residents of Richmond, California, to elected leaders across the Bay Area, and to all who believe in public service grounded in dignity and responsibility: Richmond Mayor Eduardo Martinez is an elected official entrusted with the well-being of more than 100,000 residents, including hundreds of Jewish residents. That responsibility demands care, restraint, and respect for all communities. Unfortunately, Mayor Martinez has demonstrated an alarming and ongoing pattern of conduct that falls far short of that standard. In recent days, the mayor has posted repeatedly on LinkedIn spreading false conspiracies blaming Jews for the Bondi Beach terror attack. Such rhetoric is dangerously antisemitic, deeply offensive, and wholly unacceptable—particularly coming from a sitting mayor. Words from public officials carry weight and when those words echo antisemitic tropes they place people at risk. This behavior does not exist in isolation. Earlier this year, Mayor Martinez spoke at a conference in Detroit where he compared himself to Hamas and wore a hat that read “DDTTIDF,” an acronym calling for “Death, Death To The Israel Defense Forces (IDF).” Only two weeks after the atrocities of October 7th, he led Richmond to become the first city in the United States to pass a resolution calling for a ceasefire without including any condemnation of Hamas. Taken together, these actions reflect a consistent and deeply troubling disregard for the safety and dignity of Jewish people. They erode public trust and send a chilling message to Jewish residents that they are neither protected nor respected by their own mayor. Leadership requires accountability. When an elected official’s words and actions make a segment of the community feel unsafe and abandoned by their government, that official can no longer effectively serve. The tragic mass shooting in Sydney last week is just the latest example of how exactly this sort of antisemitic rhetoric can lead to violence. For these reasons, Mayor Eduardo Martinez must resign. No community should be led by someone whose conduct contributes to fear, division, and exclusion. This is a stark example of where toxic social media, unchecked rhetoric, and the constant demonization of Israel and Jews can lead—and why it must be confronted.

@MrBeast @smilingerik @MarkRober @teamwater Wow we should do a writeup on this I’m wondering if other FOs have been impacted by similar threat vectors. Glad you had the courage to come forward about this and thank you Mr Beast for offering reward re perp. Really elaborate scam.

@smilingerik @MarkRober @teamwater Anyone who gives us information that leads to an arrest I will reward you with $100,000.

I just got scammed for $1.25 million. I feel ashamed and stupid. This story starts with me getting a phone call from @MrBeast and @MarkRober . They ask me to donate money @teamwater. To build wells in Africa and help people get clean water. I'm surprised by their call. We've met before but haven't spoken in years. I take a few days to think. I focus on learning more about the water crisis in the world. I decide to donate $1 million. MrBeast gets excited about this and tweets to the world about the donation. I'm proud and excited to be a part of this amazing campaign! About a week later I get a message from Team Water on WhatsApp on my personal phone number. They are excited about the donation. They invite me on a trip with the top donors to Africa. To see the wells being built and then stay for a few days for a wildlife safari. To go to Africa and see wells like this being built is long time a dream of mine. I'm excited to go! I immediately say yes. Then they add me to a WhatsApp-group with some of the other top donors. Jimmy (MrBeast that is) is in group, so is Mark Rober and then some well known billionaires like @StakeEddie and @tobi and streamer super stars like @adinross . I can't believe I'm in this group. I feel like a 13 year old boy wanting to fit in. They are all chatting and have a good banter going on. I find myself writing a message... then deleting what I wrote because it didn't feel cool enough. I write it again... then delete it. I can't believe I will be travelling with these people to Africa! Jimmy tells the group about another charity project he wants to start. Everyone is eager to help out more. This conversation goes on for about a week. It's Friday. I'm heading away for a weekend trip with a bunch of my friends. I've been looking forward to this for months. We have a packed schedule and I'm very excited. On Saturday, Jimmy writes in the chat and tells us about this other opportunity. He has just signed a deal with @coinbase, one of the largest crypto exchanges that will launch their own crypto coin. As a part of a marketing collaboration Jimmy has gotten the chance to buy in early on this coin. As a thank you he wants to extend this offer to anyone who donated over $1 million. Everything is secretive and it's important to act fast. This is where I should have stopped. When someone needs you to act fast - it's often to get you to do something without thinking. But I didn't... Everyone in the chat gets excited about this. I know some of them are real crypto experts and they jump on this opportunity. I don't know much about crypto. But the 13 year old boy in me wants to belong. If they are excited. I want to be excited. I also don't want to be the only one on this trip to Africa that didn't join in on the investment. I find myself calling a crypto friend telling him about this. And he says that if Coinbase is launching a coin, and we can get early access to it, it's a sure win! I get even more excited! I'm also very distracted. I don't want to be in my head right now. I want to join my friends for this workshop they are doing. I'm finally at this event, I want to get the most of it. I go to the workshop but I'm all in my head. I keep thinking about this investment and it frustrates me. I don't want to make business decisions now but I also don't want to miss out. The workshop ends and I call my friend again. We are both excited and we don't want to miss out. We say fuck it, lets go! Within a few hours we have sent $500 000 in crypto to the wallet we were given. The chat is going strong and people are even more excited. @StakeEddie wants in, but he is too slow. When he asks if it can get solved after the deadline, he is told that it's unfortunately too late. I read it and I can't believe a guy like that gets rejected. The next day Jimmy writes again and says that there is a new chance to invest. However the price has now gone up, from $0.15 per coin to $0.30. The maximum investment in this round is $750 000. I call my friend again. I tell him about the billionaire that got rejected and how everyone else is buying in again. I'm still att the event. I'm still super distracted by other things - and we end up falling for it again, sending another $750 000. It's now Monday. The retreat has ended and I'm heading home. I still have a good feeling about all of this and I'm excited. I'm also exhausted after the weekend. Lots of experiences to process and far too little sleep. On Tuesday, Jimmy writes one more time in the chat. Saying that this is the final chance to get it. The price is now $0.45 and everything up until now has been taken. Once again I call my friend and we say let's go. We are about to send the money. But this time something makes me stop for a second. Something in my belly says to look closer at the details. For the first time in these 72 hours I actually stop to properly think. And I see some details that are off. I know one of the @adinross is American, but his phone number is British, why is that? For the first time since this chat started, I call Jimmy just to confirm everything. And he says "What are you talking about?" And that's a punch to my stomach. I say "Please say that you are fucking kidding me?!" and I send him a print screen of the chat. He looks at is and says: "Wow, I don't know what to say... please tell me you didn't send them any money..." And I reply "1.25 million..." The realisation sinks in. Oh fuck... The first phone call from a few weeks ago was Jimmy. The real Jimmy. The fundraiser for clean water was Jimmy. The real Jimmy. But the person reaching out from his team, wasn't from his team. It was a scammer. The Jimmy in the chat, wasn't Jimmy. It was a scammer. It was all very skilfully orchestrated. All the people in the chat were fake. All the banter was fake. The trip to Africa was fake. I feel the shame inside of me. The regret. The sadness. The anger. I've been fooled. I so deeply wanted to belong in this group that I acted way out of character. I trusted "Jimmy" and I followed the peer pressure of the "billionaires" and "super stars". I broke so many of my own principles of how to make decisions. But at least there is a silver lining... I've been scammed before. The first time, I was scammed for about $3000 when I was 20. A fortune to me back then. That time I felt so ashamed that I didn't tell anyone about it for many years. The shame kept haunting me. This time, the first thing I did was to tell my wife. Later I wrote to tell my parents and my brother. Then a group chat with many of my closest friends. I've gotten so much support. My brother wrote me a message that moved me to tears. I've read it over and over. (I'm adding it below if you want to read it) I've also cried. I've screamed. I've punched. Then done it all over again. I'm sharing this story partly to integrate it more. Change the emotional experience from shame and anger - to - something else. I'm not sure yet what that is. But pretty much every feeling is better than shame. I already feel a lot less shame... - The next time you fuck up. Think of this story. Remember that we all fuck up sometimes. - The next time you feel shame. Think of this story. Remember that shame can only live in the shadows. Tell people about your shame, and I promise that the feeling will change. - On a final note. Even after this has happened. I'm still very proud to be a part of Team Water. I still believe Jimmy and Mark are amazing! I struggle to find words to describe the positive impact they have on the world. Thanks you for reading <3

@MarkDuplass my dude it has been forever. One of my friends showed me a tv show called the league and you are in the show. I have now watched two seasons of it and it is very good and I will begin season 3. We should do an interview for my newsletter.

@nw3 @moseskagan I dunno man that’s a pretty boring way to turn $100k into $290k in ten years

@moseskagan I’m starting to think just throwing it into the SPY and forgetting about it is the way to go.

Why do so many wealthy families choose to invest their wealth in commercial real estate? Because they are subject to competition, almost all businesses eventually die. But people have been charging rent for land since at least the time of the Roman Empire (and probably much longer). That's about as lindy as a business gets.

@moseskagan It’s boring and it works it’s also why a ton of fos are moving into digital alts like music rn, same payout different decay curve, less bs

@lennysan hell yeah dude Mazel tov

LFG

@JaredDHardin @BPD1776 Yeah make it 8

@theMetz @BPD1776 9 minutes is hyper specific.

I desperately need to get better at sales. I can very easily carry on a conversation, but I struggle when it comes to closing & conveying value. How do I get better at sales?

@JaredDHardin @BPD1776 Doesn’t hurt to learn Sandler. Learning one methodology very well is helpful. SPIN is somewhat similar. If you do about 30% of the talking and end the meeting in about 9 minutes unless the cx has a strong reason to buy (and budget and authority) you’ll do fine.

@BPD1776 Followed both - ty! I've read that book a few times. Great book.