Book: Flash Boys: A Wall Street Revolt
A cliche I’ve heard many times is “Wall Street Always Wins.” The first week of 2016 in the public markets has been an entertaining reminder of this. In 1998, when
A cliche I’ve heard many times is “Wall Street Always Wins.” The first week of 2016 in the public markets has been an entertaining reminder of this. In 1998, when
Let’s start with my bias. I love Twitter, use it all the time (a lot more than Facebook), and will continue to love and root for Twitter. I’ve been a Twitter for Mac user for a long time. I know it’s out of favor with all the cool kids, but it works for me. It sits quietly on the left side of my giant screen and whenever a little dot shows up next to the second icon (I think it’s a tilted bell) I know I have something that has @bfeld in it that I should look at or respond to. And, when I feel like tweeting something, the app is right there on the left side of my screen.
After two years of a dedicated experiment, we’ve decided to stop making new investments via our FG Angels Syndicate. We’ve learned a lot, achieved some of our goals, but ultimately have decided that the effort required to maintain our investment pace on AngelList is too great for us, at least for now. More on that in a bit, but let’s start with some history. The Monday after AngelList announced their Syndicate product in September 2013 we decided to to jump in with both feet and start FG Angels. As a result, we were one of the very first syndicates and the first VC firm to create a syndicate.
Welcome to 2016. We’ve already heard lots of predictions about the late stage financing market, tech IPOs, and what is going to happen to unicorns this year. And it’s only Monday, January 4th. Remember that these are predictions. No one really has a clue. And a year is a long time. My simple advice for 2016 is “control your destiny.” There are lots of different ways to control your destiny. It’s dependent on the stage you are at, the size of your company, and the configuration of your investor base.
The first time I experienced someone accidentally wiped out a full set of data was on an IBM PC with a Tallgrass Hard Drive and Tape Backup. I was at PetCom Systems, my first real job. It was a Friday evening and I was the only person around. The phone rang and I answered it, “PetCom Systems, how can I help you?” It was a user from somewhere who was trying to back up for the weekend and didn’t know what to do next. I asked her what she had done. She walked me through what was on her screen, which basically said “Are you sure you want to delete all the files on your disk.” She had already pressed Enter in a panic, it had finished whatever it was trying to do, and her PetCom software (and nothing else) worked anymore. She had somehow, from within Tallgrass, wiped out all the files (except for DOS) on her drive when she was trying to make a backup.
Amy and I watched The Big Short on Tuesday with my partner Jason and his wife Jenn. We were electrified as we walked out of the theater – all four of us loved it. Jason commented that it was a particularly impressive movie given the subject matter. I couldn’t stop saying “that’s the best explanation of what created the financial crisis that I’ve ever seen.” I remember reading The Big Short in 2010 when it came out. I’m a huge Michael Lewis fan and gobbled it down in a day or two. As we walked to the parking lot, I commented that the big four actors (Gosling, Carell, Bale, and Pitt) in the movie totally nailed their roles. I particularly identified with Pitt’s character Ben Rickert (based on Ben Hockett) who lives in Boulder in the movie.
Amy and I take an annual one month sabbatical completely off the grid. This is something that each of my partners and their families also do – we rotate throughout the year and the other partners completely cover for whomever is on sabbatical. Based on the experience of the past two years, this has had a dramatic positive impact on our lives, our relationship with our families, our mental health, and our longevity in our business. It also is a powerful reinforcing dynamic in our partnership – we talk regularly about how we all work on everything together, but when one person is gone for a month and the other three have to cover everything he’s working on, there’s nowhere to hide and the trust dynamic that evolves is remarkably deep.
From the comments, tweets, and emails I got on yesterday’s post My Travels In Digital Photo Organizing Hell it appears I have a common problem. Basically, the existing photo approaches – in general – have created a massive mess. Apple and Google have just made this worse by continuously changing their underlying tools and approaches. Buried deep in the comments was one from Darla DeMorrow. And it’s a gem.
I’m three days into trying to figure out the best way to deal with our large collection of digital photos that have accumulated since 2000. When I started (on Christmas Day – I figured it was a one day project) Picasa said we had around 35,000 photos. After several different clean up approaches, we now have about 15,000. That’s the power of Duplicate Photos Fixer Pro which has been probably the cleanest and most straightforward part of this whole exercise.
When I played tennis as a teenager, I remember reading The Inner Game of Tennis: The Classic Guide to the Mental Side of Peak Performance by Tim Gallwey. Near the end of my recent sabbatical + birthday vacation, after almost seven weeks of tennis where I played at least five days a week, I decided to read it again. It held up. Written in 1974, Gallwey uses the concept of Self 1 (the thinking part) and Self 2 (the feeling / doing part). Self 1 is constantly critiquing, analyzing, and telling Self 2 what to do. Self 2 – when it ignores Self 1 – just does. This leads to the idea of the inner and outer game, which is beautifully summarized in the Wikipedia article about Tim Gallwey.