Hi friends, 

Who else was ready for F1 in Bahrain? I do love the little dramas and have pre-watched enough of the last season of Drive to Survive to be well-versed. The best thing about following Formula One is that every time I think 'maybe I was too aggressive on that point' in my professional life, I see how these guys operate and think, 'nah, it's all in the game' and then attempt to channel Lewis Hamilton (or, in the combination of a dark turtleneck and dark blazer, Toto Wolff). 

Today's Contents:

• Good Reads: Emerging Trends
• Good Reads: Sensible Investing
• Weekly Song: Counting Blue Cars (Tell Me Your Thoughts on God)

Good Reads: Emerging Trends

Governor of Maryland announced the end of the degree requirement for thousands of government jobs. Here. I believe this will mark the beginning of the end of the college degree as a gatekeeper credential. 

Favorite Tweets of the Week:




Learning in Public: ENS and Governance - Me and my friend, Eric Lavin, spend 30 minutes discussing the governance debate at ENS and the challenges with DAOs. Here on YouTube. TL/DR: ENS & DAO governance mechanisms have a long way to go to function properly and through trail and error, like we are seeing now, savvy operators will learn lessons and the future will be better. We are referencing the failed vote to remove Brantly as a director of the ENS foundation (context here). 

Good Reads: Sensible Investing

Unfollow the Money. Here published on Substack. Author argues that with too much money in seed stage investing there is too much optionality which leads to horizontal innovation. Horizontal innovation is copy-pasting innovation with minor technology progress, e.g., “we’re the Project X of Ecosystem Y.”  

The Man Behind Ethereum is Worried About Crypto's Future. Here. Most of what he says is true of almost any technology or venture: 

•  “Crypto itself has a lot of dystopian potential if implemented wrong”
• “If we don’t exercise our voice, the only things that get built are the things that are immediately profitable,” he says, reedy voice rising and falling as he fidgets his hands and sticks his toes between the cushions of a lumpy gray couch. “And those are often far from what’s actually the best for the world.”
• Buterin is reliant on the limited tools of soft power: writing blog posts, giving interviews, conducting research, and speaking at conferences where many attendees want to bask in the glow of their newfound riches. 

2022 Future of Equity Report. Here from Long Term Stock Exchange (link to the file to save you from the opt-in email list). What are the trends in this relatively small sample size survey (n=480)?

• Founders are diversifying funding sources; they are also assessing previous funders critically to avoid future mistakes.
• Clearly, experience pays off. Repeat founders have raised more money than first-time founders. They are also more confident about the mechanics of cap tables and are more aware of SPVs and alternative funding sources outside of traditional equity.
• The complexities of the pandemic have affected all founders, many of whom are dealing with shifting valuations. And among repeat founders who care about their personal equity, they also struggle with an overall equity strategy.
• Mixed-gender teams feel more confident about their fundraising abilities and have raised more money than either all-male or all-female teams.

• Business fundamentals remain healthy: software companies are growing faster and more efficiently than before. 

• IPO window likely closed for the foreseeable future with market volatility at current levels. 

• M&A market will likely pick up for public companies when management and boards adjust to the “new normal” and not 52 week highs.

• Private markets have not yet meaningfully corrected → anecdotal information about retrades and lower prices but not widespread. 100-200x+ ARR deals are still happening regularly.

• Can try to draw insight from internet bubble and housing crisis for how it might impact private markets. Each took ~10 quarters to go from peak to trough → would mean we are still 2.5 years from bottom.

Weekly Song: Counting Blue Cars (Tell Me Your Thoughts On God)

Counting Blue Cars is an oldie but a goodie. I definitely like that they refer to god with female pronouns. I like that it combines childhood play with deep philosophical search for meaning. That it has the urgency of the time - 'so tell me, am I very far?'  And, that there is inquiry to others - 'tell me all your thoughts'.

Whenever I spend time with someone devastatingly interesting that's my mantra, i.e., 'I want to hear all your thoughts on...'

Counting Blue Cars (Tell Me Your Thoughts On God) by Dishwalla
Must've been late afternoon
On our way the sun broke free of the clouds
We count only blue cars
Skip the cracks in the street
And ask many questions
Like children often do

We said:
Tell me all your thoughts on God
'Cause I'd really like to meet her
And ask her why we're who we are
Tell me all your thoughts on God
'Cause I'm on my way to see her
So tell me am I very far,
Am I very far now?

Thanks for reading, friends. Please always be in touch.

As always,
Katelyn