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Favorite page. “Real security comes from adaptability.”

@aashaysanghvi_ Nomad - scale economies shared Marathon - capital cycle

What are the examples of funds with an anchor essay or a "golden 1 pager"? - Founders Fund manifesto - "What happened to the future?" - A16Z - "Software eats the world" - USV network effects thesis - Situational Awareness

@jposhaughnessy I liked this description of him from the Ken Burns doc: “He has an amazing ability to translate a concept into easily digested words, and therefore to make what could seem like fairly abstract ideas very vital and very urgent, and he’s tireless.”

Two thoughts from Samuel Adams "How strangely will the tools of a tyrant pervert the plain meaning of words!" "It is in the interest of tyrants to reduce the people to ignorance and vice. For they cannot live in any country where virtue and knowledge prevail."

@lulumeservey evergreen, via Halberstam in The Best and the Brightest

In tech, influence doesn’t track with how loud someone is online It can be confusing for press and politicians trying to gauge relevance from the outside That’s why you frequently see articles or videos citing people who aren’t taken super seriously as “experts,” “leaders” etc

@ReustleMatt @Dplon88 thanks to both of you for sharing, was great and sparked a lot of new thoughts

TikTok Shop maturing to an understandable sales channel via $sn

Duveen explaining his process to Mellon: buy high, sell higher

@bill_fw stratechery.com/2026/an-interv…

@LennyIce @ZainManji Where is this from?

We’re going to hit AGI before some companies even know about Claude Code

This is epic. I would wager that ~25% of these are viable ideas in today’s market.

@evrgn11112231 @bucketshopcap "I do think there's a number of questions that can be asked that are pretty simple. And quite frankly, maybe the simplest one is who do you benchmark yourself against?"

@bucketshopcap The goldest of gold standards. It’s also ok to say “would I rather own [xyz stock] or tsmc?” Avoiding dumb stuff is like half the battle in investing anyway.

Putting aside AI risk (which is probably less absolute than many on here believe), the thing that really holds me back on the SaaS names is the mgmt teams. I've spent a lot of time reading transcripts to better understand these stories & at least relative to semis...

Hadn’t looked at Chobani in a while. Grew to ~$1B in sales very quickly after launch, then a decade of low/mid single digit growth. Raised recently at double the valuation of the pulled IPO. Approaching $4B in sales.

Don Valentine starting in-house at Capital

Haven’t read these SaaSacre posts from 2016 in a while, what a trip down memory lane. kellblog.com/2016/02/09/the… Looking at the SaaS Universe back then vs now: of the 60 companies, only 16 are still public: Alarm, AppFolio, Box, Five9, HubSpot, Paycom, Paylocity, Q2 Holdings, RingCentral, Salesforce, ServiceNow, Shopify, SPS Commerce, Veeva Systems, Workday, Workiva. As Satya said, “every day you have to get up and hopefully you’re doing things that are going to be relevant tomorrow”

@jmj don’t forget $sn

There's an old VC talking point that consumer hardware is a terrible category. Too capital intensive. Brutal margins. One-time purchases. Inventory risk. I've heard this take my entire career. I think it aged poorly. I look at my own life and realize I'm paying monthly subscriptions to 5+ different new hardware companies. That would've sounded insane ten years ago. This is just what consumer hardware looks like now: @eightsleep built a sleep system that adjusts temperature through the night based on biometrics. I wake up everyday on this & check my sleep score. @Nanit is what myself & most of my friends with babies check everyday more than almost every product @WHOOP convinced people like me to pay a subscription for a device with no screen. @daylightco is making screens that don't destroy your eyes & comes pre-installed with apps that people like myself use. I read my Substacks and drag PDF files onto it easily from my desktop. I'd happily pay for this instead of a reading books on my iPad. @googlenest is the operating system for our home. It controls our lighting, air conditioning, heater, etc. @deep_sentinel monitors my home 24/7 with live remote security guards. We also have @ring installed throughout our house for security. @tonal I have one in my office that I use when I can't make it to the gym. I know the company has had its ups and downs, as has Peloton and others, but they do serve a real consumer need. I don't use an @ouraring ring, but my friends who do love it. Ray-Ban Meta glasses just tripled revenue YoY w/ two million units sold of a product category everyone wrote off after Google Glass. The products all have daily use, subscription revenue, and data that gets smarter over time. And they will only become more powerful with AI. Building these companies can be brutal. But long live new consumer hardware.

the sweet spot where long-form writing can thrive: “somewhere between the news reports on a particular story and the inevitable book on it”

@rfkenmore Jim Harrison, legend.

Vibe

115 NDX adds since 2015: 66 remain in, 49 bounced, 14 of which was due to M&A, cc: $QQQ

@tangentstyle podcasts.apple.com/us/podcast/war…

@xbtsnow southeasternasset.com/podcasts/jonat…

@LennyIce @marvinliao where is this from?

Highfields' Jacobson on lessons learned, mistake of saying "too hard"