“Until death, all defeat is psychological”

Bill.com (20x 26 earnings) has used the term "interchange" 13 times since Q4 '23 during earnings - 62% of the total mentions across this entire peer group. SHOP and TOST have mentioned it a grand total of zero times over that period.

ZYX / Block (22.5x 26 earnings) has mentioned "lending" 18 times over the same time period, or 78% across total mentions of the peer group. This is a little bit unfair bc they are the OGs of Sq Capital and this mixes SMB and Consumer, but point still stands.

One of the most interesting things about Shop is that they have hammered the software story so much, they are generally covered by the software pod on the public buyside. This is a business that derives 76% of its revs and 59% of its GP from "merchant solutions" (payments,

When Kendrick Lamar narrated a Nike tribute to the late Kobe Bryant Chills. Happy Birthday Bean 🐍🕊

“Always keep going. The storm eventually ends.” - Kobe Bryant

THE BARRELS AXIOM The number of meaningful initiatives a company can pursue in parallel is less than or equal to the number of barrels at the company.

The highest human act is to inspire. TMC.

UIAGENT INVESTMENT I'm excited to share that Marathon Management Partners has led uiagent’s seed round, and that my partner Chase Packard is joining their board. Enes Witwit is one of those rare founders who combines deep technical vision with relentless execution and an

The Marathon way. The greatest privilege of this moment is hand-selecting every last individual that we GET to spend our days with. Gokul Rajaram Alex Gorgoni Chase Packard

Alex hustles as hard as anyone I’ve seen. He will be a household name in our industry soon, awesome opportunity to be a part of it!

Extremely feet on the ground view of the world by someone who understands fintech maths. Agents won’t be jammed into every use case in the world the same at crypto wasn’t / hasn’t. As we like to say, we are 10% as excited as tech twitter on the trend.

Forget AI hype. Follow the money. a16z dug into Mercury spend across 200K startups to reveal the top 50 AI tools startups are paying for ⤵️

.Robinhood is the first example I’ve ever seen where a public fintech business gets religion and dramatically changes product velocity - market cap quickly followed. Encouraging signal from Square here. Whether or not it works they are testing new things to expand TAM where