It’s been a rough few weeks in the market, and I don’t believe it’s getting better for a while longer. I hate to join many others in sharing my pessimism about the near-term, but all the indicators I follow point toward a meaningful pullback. But while the timbre of other commentary is laced with fear […]
Our views have remained consistent throughout the year, and we reiterate them today. We started our January 2022 letter saying: It’s been a rocky start to the year, and while some believe we’ve hit the bottom already, we feel the potential for a downside move is not yet over. In our March 2022 letter, we […]
To me, there are two business models that work at-scale in consumer internet. The first is advertising and the second is payments. I was thinking recently about how many companies are starting to think actively about payments as both a business model and a way to provide convenience to their users. In this post, we […]
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