1/ Some thoughts on financial storms I seeing brewing ahead. I expect 6000 point drop in aggregate in months ahead. Here's why.

A mob doesn’t change its mind, but a market does it all the time. twitter.com/naval/status/1…

It’s easier to build a new financial system than it is to reform the existing one.

My conversation with @BrentBeshore on the state of private equity markets: - lack of skilled labor - inflation - surprisingly strong pandemic performance - stages of deal funnel - how to structure incentives - a new initiative called DealTeam Enjoy! joincolossus.com/episodes/29595… pic.twitter.com/LDM1hNoJOu

It’s crazy how correlated startup valuations, public stock valuations and crypto are. One would think all 3 are a completely uncorrelated asset, but fed fulled asset bubble has made them linked at least in the short term.

There is now a strong selection bias in how companies go public: Direct listing - the best companies IPO - good companies SPAC - the rest Obviously exceptions in all 3 buckets but that’s the trend.