Siri

We asked @LucasSwisher1 (GP, Coatue) how investors should make sense of the post-ZIRP world. “Quality matters is probably the number one lesson from the ZIRP 2021 era.” “Ramp’s a great example. People thought it was expensive, 200x gross profit. But if you're investing in a quality business, often at really any stage, over duration you're going to be in a great spot.” “Where folks got in trouble was chasing rounds in sectors they didn’t understand. Growth investors doing early venture, too many companies funded, chasing yield.” “We were at the end of the SaaS era before AI hit, and people were funding literally everything. The lesson now is back the very few that are truly high quality. Only those.”

Polymarket prices are highly accurate in predicting future events. The source of that accuracy is less obvious. In a new working paper, we find it is not the “wisdom of crowds,” but a small minority of informed traders. Fewer than 3% of accounts appear to drive price discovery; most perform no better than chance. The majority generates most of the volume but little of the information, effectively funding the informed minority. Check the paper here: papers.ssrn.com/sol3/papers.cf…

.@ariellezuck on the new frontier of robotics: value shifts as training costs collapse. “The cost of training robots to do something that’s actually creating value has just gone down immensely.” “I agree that having a robot in my house seems a little Black Mirror-esque. But people are receptive to personal relationships with AI, like ChatGPT as a friend and coach.” “I’m much more into the idea of ambient, single-purpose objects. For instance, a robot that lives in the laundry room, moving and folding your laundry.”