Every industry has its own Gravity Well of multiples - based on incumbents over decades

If you're a startup in that industry, it doesn't matter how 'tech enabled' you are, you'll be subject to the Gravity Well. And if the Gravity Well is deep, you might trade at 10x EBITDA

The juggernaut that is Taylor Swift. Global Top 100 streaming on Apple Music the day before her album dropped and the day after her album dropped. Incredible

tl;dr is nefarious. There's no replacement to spending TIME with ideas. 'Just give me the conclusions' is vastly inferior, especially for the best ideas

Curation matters a great deal (more content than ever). But for the high-quality curated stuff, avoid summaries

Not every disruptive company is a rocketship like Google and Facebook. Those narratives spoiled us

Most are built brick by brick over decades, in the face of a lot of skepticism and criticism. Amazon is the classic example. Uber is the new one. Gotta be patient

“Your Google calendar is not a gourd to be filled; it is a drum to be played. The emptier it is, the better it sounds”

- Ancient East African Proverb

Contrarian French Moms

Jane Street buying a piece of bankrupt FTX’s Anthropic stake is one of those amazing footnotes that Acquired Podcast would uncover with delight at the 3 hour mark

The story of technology, fundamentally, is a story about expanding markets. 'Tech' is shorthand for the way humans create new ways of doing things faster and cheaper, which expands the economic surface area

Which is why discussions about 'TAM' will always be wrong

Imagine what might be possible if Boeing hired a younger, hungrier, entrepreneurial leader and technologist to Make Boeing Great Again, rather than these career executives (with all due respect)?

ARR is more distorted than EBITDA - it's confusing as hell and means almost nothing at this point

'ARR multiples' across a variety of companies with different business models and predictability of revenue (even with similar gm%) are a really poor way to understand valuation

Jensen: “I wish upon you ample doses of pain and suffering”

LatAm founders: “Welcome to our world!”

Not sure you could concoct a more beautiful conference venue than this. Caricaco’s inaugural summit in Costa Rica. Pura Vida!

Very excited to be in Costa Rica talking about tech in LatAm. We live in an amazing time when anyone, anywhere, can build a world-class company. The enthusiasm in Central America is infectious!

Really interesting demand-curve optimization

I have so much respect for Hyundai’s multi-decade come-up from cringe to cool. Steady vision and execution compound into greatness

Sad day everywhere, very sad in Mexico!!

Who wouldn’t want to see the results of the following experiment: SpaceX’s best engineers, with hands-on leadership by Musk and his leave-everything-on-the-field management style, enter Formula 1 from a standing start and build a car that wins the championship within 2 seasons

One of the reasons LatAm teams (and emerging market teams in general) will win in a culture-war world is there’s no “bring your whole self to work.” There’s “bring your work self to work.” Deliver results or you’re out - there’s a long line of folks who want your job

Name of the gym chain: “Zone 2”

Niche business idea: as interest in endurance sports has exploded, build a new network of “endurance gyms” with high quality treadmills, proper indoor training bikes (eg Wahoo KICKR), infinity pools and recovery rooms, in major business cities. High ticket global membership model