Hi everyone, my new posts will be on Substack, subscribe here! https://crossstack.substack.com/

TikTok’s $200M fund that finances new content creators is such a big deal, for a few reasons: (1) User-Generated-Content sucks (we all proved it to ourselves by posting about politics all the time). It turns out most people really shouldn’t be content creators, and instead just readers. (2) So the…

The world feels split into three buckets: · Stuff that’s definitely in trouble: like movie theaters and live events · The majority of the world that’s a total black box, still: BDCs, Real Estate, etc. · The few corners of the world where real conviction can be built: tech stocks…

Walmart should buy TikTok — it’s obvious. Amazon uses its content as a lead generation tool for Amazon Prime. …

I’ve found that a lot of smart people are bad decision-makers. And primarily, when they make bad decisions it’s on “what to pay attention to.” Knowing what to care about, and what to not care about are often how I identify experienced/high-quality board members. New board members either care about…

I’ve heard of a handful of angel investors raising Rolling Funds as an alternative to a “micro fund.” I wanted to lay out a handful of incomplete gut reactions on the concept: (1) What is a Rolling Fund? My understanding is that a Rolling Fund is actually a series of…

Through 2014–2019, growth was the top priority of startups. Through those years, a priority put on growth accelerated. As I’ve written prior, in 2019, if you were growing 100% YoY with “positive unit economics” you could seemingly raise any amount of money at any valuation. Firms were becoming so focused…

When investment managers raise funds, they usually do so with a thesis. Very few investors can raise capital because LPs just “trust them to do what is best.” But what happens when a thesis needs to change mid-investment period? There aren’t a lot of good options. An investor can either: …

Everyone I speak with wants to talk about the stock market. Why won’t it go down? Why doesn’t it reflect the economy? What’s happening? My response back is… I don’t really know. Maybe the stock market only captures large companies less impacted by the economy. Or maybe allocators need to…