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    The New Yorker | Nathan Heller | 1/20/20 | 24 min
    3 reads3 comments
    The New Yorker
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    • bill
      Top reader of all timeScoutScribe
      3 weeks ago

      “They tell you that their products aren’t just better; they are simplifying the whole deal, changing how stuff works across society, and not a moment too soon.”

      But what if it’s true!? That sentence really rocked me. The way it’s written (“They tell you that...”) is perfect. There is an art (which I need to master, quickly) of switching between reality and fantasy — quickly, honestly, and with candor. Not an easy thing to do.

      Like this:

      The dream is:_____.

      The current reality is:______.

      We must discuss both at once. Not easy. But hella fun. Especially when you don’t have to fake that you really (1) believe in the dream and (2) care about it. And that you don’t even think the dream is a dream. It’s a future to make real. And your life’s work to do it.

    • Alexa
      4 weeks ago

      Interesting read, especially the comparison to whaling and the historical bits.

      The most compelling piece to me was about the fee structure.

      ...if you’re a venture capitalist you know that you will not be the one to go broke. You might lose all your investors’ chips, but you still have fee money pooling in your pocket, and that’s more than most people involved in the deal get. Startup founders make big money only if their efforts succeed. End investors get rich—or richer—if the funds in which they have invested yield a good return. Venture capitalists, on the other hand, now make good money regardless, and some firms purporting to prosper through their “carries”—their share of returns—are swelling up mostly on fees.

      The most dangerous financial advisor for an individual is one who makes money per transaction, rather than just taking a percentage based on the growth.

      It incentivizes the wrong thing making trades (& the resulting fees they make) more appealing than wisely managing your investment for growth, and this reminds me of that.

      Is this the next bubble? Just trading the hope of a unicorn and never bothering to go public?

      • bill
        Top reader of all timeScoutScribe
        3 weeks ago

        Great comment, good article. I too loved the Moby Dick opener and the historical perspectives. I find it fascinating that the VC industry was, “tamed and coddled into being by the U.S. government.” The author does an excellent job of explaining and proving that point.