Press Space to continue
Press Space to continue
what mike describes happened to almost every industry where information arbitrage was leverage (which was a ton). first the internet compressed the value of knowing something others didn’t then pushed the remaining edge into smaller & smaller windows of time. e.g. in high frequency trading milliseconds of informational advantage can still be worth enormous amounts. even trump is monetizing earlier access to truth social posts to the tune of $100k +. second the same thing also happened to…
Patrick OShaughnessy@patrick_oshag8h ago
Michael Moritz on why he doesn't think he'd succeed in venture today. "The venture business that I got into way back when is very different from the venture business today. I think it's become much more difficult. We had a variety of benefits back in the '80s and '90s that don't exist today. One of them being imperfect information. Pre-internet, unless you were very close to things, you didn't know what was happening. Today, everybody's got access to more or less the same information. Number two, there are just so many more entities of all stripes. Individuals, two or three people banding together in a small firm, and at the other end of it, huge mutual funds pouring money into it. 40 years ago, it was possible to form a real relationship, a close relationship, with the people that you were getting into business with. That doesn't exist today. There are just too many intermediaries in between. I think a moderately intelligent 14, 16-year-old who had his or her wits about him would've been able to succeed in the venture business in the mid-'80s."
