What I read this week…
The rise and fall of peer review (Experimental History)
Venture Firms’ Strategy of Holding Stocks for Longer Backfires During Market Rout (WSJ)
Why TikTok’s future has never been so cloudy (Platformer)
DEA Pressed ADHD-Drug Makers About Impact of Telehealth Firms on Surging Demand (WSJ)
Here’s how the Kevin McCarthy speaker debacle could actually end (Vox)
Facebook Wanted Out of Politics. It Was Messier Than Anyone Expected. (WSJ)
How you can take advantage of tax breaks in the Inflation Reduction Act (Vox)
A New Age Dawns for Oil Markets (Barron’s Opinion)
The Fed Has A Shotgun, Not A Sniper Rifle (The Pomp Letter)
On Twitter…
sequoia could have turned a $240 million profit on robinhood had it exited shares in december
instead it's down $83 million
another instance of how holding public stocks has backfired for VCs
wsj.com/articles/ventu…
WSJ reporting that OpenAI is in talks for tender offer at a valuation of $29B. That would make it the 6th most valuable unicorn in the US:
1. SpaceX ($137B)
2. Stripe ($74B)
3. Epic Games ($32B)
4. Databricks ($31B)
5. Fanatics ($31B)
6. OpenAI ($29B) https://t.co/5WIevTIJi3
“Entrepreneurship has deep cultural roots”
Second-generation immigrants whose parents come from places where entrepreneurship is common are much more likely to be founders, even controlling for other factors. The paper argues it is culturally transmitted. pubsonline.informs.org/doi/full/10.12…
Creator-based businesses are no joke
Ipsy by Michelle Phan - $500M rev/yr
Kylie Cosmetics by Kylie Jenner - $375M rev/yr
Huda Beauty by Huda Kattan - $250M rev/yr
Mr. Beast Burger by Mr. Beast - $100M rev/yr
Sweat by Kayla Itsines - $100M rev/yr
Wild.
This one is interesting https://www.bloomberg.com/news/features/2023-01-04/us-public-pension-plans-run-by-investing-novices-are-on-the-edge-of-a-crisis
What about tweeting in a mocking tone?