The California Billionaire Tax has a negative NPV of -$24.7B, meaning if it reaches the ballot and is approved in November the state would not only collect less than promised but actually lose money.

A new Hoover Institution study confirms earlier warnings.

Another week, another set of improvements. The slow and steady work to build something good marches forward.

The difficulty explains why Google Docs never built a true, agent-driven editor: it's extremely hard. Such an editor has now been shipped.

Specs are often stored as Markdown in Git repos, but that isn’t a collaborative environment — PMs don't live in IDEs or PRs. Software Factory brings a Cursor-like agent experience into a multiplayer document

As coding agents start compiling English into code, defining WHAT to build becomes the highest-leverage work. That makes deep collaboration on requirements essential.

Young people thus act as an early warning system for the future, which becomes another form of learning

Spending more time with younger people reveals that current knowledge is anchored to a moment and will lose relevance; eventually beliefs about how things should work can be diametrically opposed to how

It's common to assume enough has been learned and that being told one is wrong isn't necessary; in reality the opposite tends to be true

Surrounding oneself with younger people offers another way to learn: their worldview, biases, and frameworks are often completely different

True

A lot of people saw earlier replies, so a clarification: they admit they fucked up. They accept any losses as their responsibility and aren’t seeking pity. Those investments were made and they’ll have

A man clapped; the clap was returned and a conversation followed. Two daughters’ college accounts were funded. Hopefully the kids become better investors than their dad — he seemed very mature in how he

But instead there are these boring, sanitized conversations about whether SaaS is dead Topics no one gives a shit about

No one cares what Keith Rabois has to say about Miami, they want to hear about what happened at OpenDoor No one cares what Sam Altman thinks about AGI, they want to hear about why he was fired from YC

No one cares what Bill Gurley thinks about AI, they want to hear about why he fucked over TK at Uber No one cares what Chamath thinks about politics, they want to hear about what happened at Social Capital

Most tech podcasts are so fucking boring The host is either someone who couldn't cut it in an operating role (VC, engineer, founder, etc.) or a VC doing it just to get deal flow

The personal and professional situation is much improved. Only personal capital is being invested now, and results so far are positive Long live Social Capital

The approach aimed for home runs in an environment where raising new funds pushes teams toward singles and doubles, which produced suboptimal portfolio choices made to return capital and keep raising

Returns were sporadic but enormous and didn’t fit a classic fund with LPs.