Hi friend,
I did not want to introduce this week's Declarative Statements asking 'how is it [insert season/month/holiday] already?' but that's precisely how it feels. Perhaps it's the current stage of my work life, but everything seems to be moving faster and faster and I've completely (mostly) lost track of the days of the week.
Today's Contents:
- Weekly Song: Just Say Yes
- Good Reads
- Community Corner
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Weekly Song: Just Say Yes
This poppy song is about "loving someone so much that you get exasperated they aren't showing the same amount of passion that you are". This week, I've had the refrain in my head, 'just say yes' but more for the high velocity investment environment that we are in. It doesn't matter if it's a Y-combinator company post-demo day, a real estate deal in Denver, a collaborative NFT-backed DAO project. Everything is quickly allocated, over subscribed, and the price is high. Just say yes! And if that's not the dynamic, it's almost terrifying. Sound the alarm bells! Quick, binary frenzies only, please.
I guess that's what rock-bottom interest rates and inflation get you. The intensity seems to be accelerating. Exasperated is right.
"Just Say Yes" by Snow Patrol
I'm running out of ways to make you see
I want you to stay here beside me
I won't be OK and I won't pretend I am
So just tell me today and take my hand
Please take my hand
Please take my hand
Please take my hand
Please take my hand
Just say yes, just say there's nothing holding you back
It's not a test, nor a trick of the mind
Only love
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Good Reads
The exponential age will change economics forever, says Azeem Azhar in Wired here. This is the best piece that I've seen on why new ways of economic governance, e.g., DAOs, are necessary.
All these institutions have something in common. They are largely not cut out to develop at an exponential pace and in the face of rapid societal change. In the most extreme cases, they're not cut out to adapt at all.
The NY Federal Reserve released new data from a consumer survey here showing a median 1-year inflation expectation of 5%, significantly higher than years past.
How digital-currency investors differ from the general population. A new study suggests they are richer, younger, and better educated. From The Economist. Here.
Remote work and the future of travel. Some good statistics in this PowerPoint, even while serving as content marketing for LinkedIn. Here.
Cloud company revenue acceleration from Jamin Ball at Altimeter Capital. All cloud software companies have reported Q2, and the acceleration across the board has been very impressive. Graph below shows (Q2 YoY growth - Q1 YoY growth). Positive numbers represent acceleration (faster growth). 77% (48 of 62) accelerated revenue growth! I removed a few companies: Zoom, Shopify, Olo and BigCommerce. All were major Covid beneficiaries. Q1 this year lapped 2020 Q1 that did not see much Covid benefit, while Q2 lapped a 2020 Q2, which did see a Covid benefit. So the YoY compare between Q2'21 to Q2'21 isn't as relevant.
Canva, the design software company, announced it was now valued at $40B USD after reaching more than 60 million people across 190 countries every month. CEO and co-founder Melanie Perkins penned a blog about what the future holds.
The ESG Movement: The "Goodness" Gravy Train Rolls On! Provocative read here from Aswath Damodaran. Here's his conclusion:
The ESG movement’s biggest disservice is the message that it has given those who are torn between morality and money, that they can have it all. Telling companies that being good will always make them more valuable, investors that they can add morality constraints to their investments and earn higher returns at the same time, and young job seekers that they can be paid like bankers, while doing peace corps work, is delusional. In the long term, as the truth emerges, it will breed cynicism in everyone involved, and if you care about the social good, it will do more damage than good. The truth is that, most of the time, being good will cost you and/or inconvenience you (as businesses, investors or employees), and that you choose to be good, in spite of that concern.
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Community Corner
I see you, friends.
Sonny Byrd shared his story about chasing shiny objects and finding the cure on Twitter.
Nick Haschka, my friend from high school debate :), shared insights from his SMB search fund experience on Twitter.
Uzoma Bailey Ayogu raised $4.2M for his startup Releaf to make farmers more efficient in Africa.
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Thank you for reading. Please always be in touch.
Best,
Katelyn
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