It has declined by $137 from its peak a year ago. Many stocks are down well over 50%.
But then there is my private company portfolio. I have shares in several venture-backed companies. InFarm
raised $200m at a valuation well over $1 billion recently. Miles
closed an A round and will soon do a B. Around
is prospering. Millicast
grew revenue by over 300% in 2021. Kadence
is booming as is Nodes & Links
The gloom surrounding public market stocks - for me - is offset by the fact that I bought them early, and that I have private stocks doing very well.
But my 3 sons in their Robinhood accounts, are not so sanguine. And they are part of the vast majority of ordinary investors who are experiencing the re-pricing of tech stocks. Because they are not “qualified investors” they do not have the luxury I have to participate in the fast growth being experienced in the private venture-backed asset class.
Some of the readers of this newsletter are like me, and others are like my sons. This week’s curated articles focus on the discussion about venture capital and attempt to assess the impact of Wall Street on Silicon Valley. Hint, there really is not a major impact until a company approaches a public offering. Tomasz Tunguz has the lead article below.
We also re-engage the Web 3 discussion re-ignited by Prof Scott Galloway and Packy McCormack but now widely discussed in the mainstream media.
I have spent most of the week working on SignalRank
- trying to build a way that will allow regular investors to participate in the growth of private companies. That work seems more important than ever this week. More in the Video.