Topic dossier
Essays, research notes, and operating frameworks filed under Macro Trends.
PitchBook's Q2 2026 Global VC First Look shows a market splitting in two: record capital deployed and record exit value at the top, and fundraising at a decade low underneath, all while early-stage investing is growing.
AngelList just published the most comprehensive fund performance data available for emerging managers. The numbers confirm what many of us have been talking about for years, and they point toward something better.
The venture capital industry has built an extraordinarily sophisticated machine for deploying capital into private markets. It has built almost nothing to get that capital back out.
Misdiagnosis or Misdirection? Peter Thiel is right that we're in an economic war, but wrong about who's fighting it. The conflict is
The Contrarian Investment Thesis The AI venture capital bubble will inevitably unwind over the next several years, creating an unprecedented opportunity for value capture in the
President Trump is preparing to sign an executive order that would open $12.5 trillion in American 401(k) retirement savings to Silicon Valley venture capitalists—
Remove mega-funds from VC data: $368B→$50B. That's an epic collapse hidden by Venture Banks. The good news? The exodus sparked a funding revolution—venture studios, revenue financing, corporate VC. The old guard killed VC. The vanguard doesn't need it.
This multi-part essay explores Silicon Valley’s meteoric rise in influence over public infrastructure, the monopolization of autonomous systems, and what can be done to prevent a new era of digital feudalism in the wake of the current regime’s ambition to run America like a private corporation.
