Venture Capital
Carta's Latest Founder Data Says What Carta Can't
Wasserman's Data Has Not Improved
Visual companion — John Cowan, Next Wave Partners
Founder Dilution Trajectory
Exit Waterfall Comparison
Venture Capital
Venture Capital
You Can't Reindustrialise with Casino Money
Dan Gray diagnosed the disease. Here's why the cure requires new financial architecture, not just new companies.
Macro Trends
Nineteen Cents on the Dollar: Breaking Down AngelList's Venture Fund Report
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.
Research
2026 Venture Capital Industry Forecast
Everything you need to know about the VC industry for 2026
Macro Trends
Exclusive Report: Family Office and Fund of Funds Market
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.
Macro Trends
Anatomy of Venture Capital Racketeering
Venture Capital
Breaking Down Goldman Sachs' Acquisition of Industry Ventures
There is blood on the streets, and Goldman just bought the mop company.
Its deal to acquire Industry Ventures is
Macro Trends
Analyzing the Startup Down Round Trend
Venture Capital
The Great LP Exodus: Why Institutional Capital Is Fleeing Venture Capital
Research Dossier for Emerging Managers and Venture Studio Operators
Macro Trends
Trump to Bail Out Failing Venture Capital Industry with America’s 401k Retirement Savings
President Trump is preparing to sign an executive order that would open $12.5 trillion in American 401(k) retirement
Venture Capital
Carta's Charts Don't Lie: The Series A Sprint Is a Cartel-Designed Death Trap
Venture Capital
2025 VC Forecast Mid-Year Update: The Accelerating Collapse and the $30 Billion Opportunity
Mid-Year 2025 Venture Capital Forecast Update
Six months into 2025, the venture capital landscape has evolved in ways that both
Research
Venture Capital Cause of Death
I turned a decade of venture capital data into a handy interactive chart to illustrate the moment the VC industry
Venture Capital
Dog Shit Wrapped in Cat Shit: Continuation Vehicles and the Great Venture Capital Liquidity Illusion
Founders
What Carta's Peter Walker Won't Say, But I Will
The Venture Model Isn't Broken Because Founders Raised Too Much—It's Broken Because 46% of Seed Rounds Are Now Bridge Rounds to Nowhere
Venture Capital
Bridge to Nowhere: How the Seed-Stage Loop Exposes Venture Capital’s Structural Crisis
Venture Studio
How Venture Studios Deliver What Corporate Investors and VCs Can’t
Venture Capital
Broligarchy Endgame: Total Monopoly Through Government-Backed Intelligent Infrastructure
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.