9 Comments
May 13, 2022Liked by Ranjan Roy

So what's a startup do to, when you want to sell product not shares? I have enough risk pursuing our chips breakthrough without taking on the risk of a Wall Street meltdown that has really nothing to do with our business. I really don't want to get painted with somebody's scam. Seems there's a Gresham's Law operating here: the Tigers, win or lose, drive out the careful DD/low price/patient money kind of money.

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Nicely Explains how venture could be a house of cards and the mechanics behind it. Kind of like the 2008 housing bubble where no one had an incentive to set the correct price for things or be the canary in the coal mine.

But, I wonder what the mechanics are behind the current housing bubble. Any ideas?

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Interesting. Note 3 seems to imply that a private markdown might be a boon to public markets as capital looks for a new home? Also, great Key and Peele sketch there, "babe, be honest. It's porn, isn't it"

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You just mention NYC VCs, but they share interests why many of their SV counterparties like Sequoia, Accel, Benchmark... I wonder if they have distinct interests than Tiger Cubs+.

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Speaking as a former PE guy who was around for 2007/8 (and for a decade before), in my opinion the Margin Call boardroom meeting has the most accurate sense / feeling to it of all the Hollywood depictions I have seen.

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Great writing!!

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