Tremendous

An angel investor's take on life and business

  • The End of Human Drivers: 7 Million Jobs at Risk

    Around 7 million Americans drive for a living. What happens when they all suddenly lose their jobs?

    The End of Human Drivers

    Waymo’s robotaxis are in 5 markets and counting. Tesla Robotaxis are in Austin and SF. Self-driving semi trucks can’t be far behind.

    Millions of Americans drive a truck for their primary living. Another roughly 1.4 million make their living primarily from driving for gig platforms. Hundreds of thousands more drive buses, ambulances, and traditional taxis.

    Technological progress is often sudden.

    One or two Waymos trundling around. Then dozens. Now over a thousand.

    Those 7 million Americans are in serious trouble. Within the next decade, most may lose their jobs.

    These are not people with tons of skills. If they had that, they’d do something else.

    After all, driving usually doesn’t pay much.

    What will they do? How will they eat?

    “But We’ll Create New Jobs!”

    I can hear you saying it now. I used to say that too.

    And it’s true. But those drivers won’t be qualified for the new jobs.

    Imagine this future: driving jobs go away, more jobs as TikTokers are created. Do you think these truckers will become TikTokers?

    Or perhaps those truckers could become nurses.

    But nursing generally requires a bachelor’s degree. Most truckers don’t have one.

    Desperate Workers Mean Lower Wages

    And there’s another thing…

    Whatever new jobs are created, millions of unemployed drivers will be trying like hell to get them. That will make jobs harder to find and push down wages.

    And this is just for drivers!

    Countless other jobs are under threat from AI too. Software engineers. Accountants. Customer service agents.

    White collar and blue, educated and not, AI is about to gobsmack American workers.

    The Rich Get Richer

    An unfolding disaster for workers is a gold mine for corporations and investors.

    Full-time employment in America has been flat for 2 years. Meanwhile, the S&P 500 is up over 40% in the same period.

    Companies just don’t need to hire like they used to. And the money they save goes to the bottom line.

    Picturing 2035

    It’s 2035. Millions of Americans have lost their jobs. Unemployment is high.

    Meanwhile, San Francisco and New York are glittering. Electric Ferraris ply the streets. VC’s and hedge funders sip coffee made by robots.

    Some have struck it rich. But across the nation as a whole, far more people have lost their jobs.

    And in America in 2035, majority still rules.

    Imagine the political fallout…

    Sky high tax rates. Expropriation of property. And surely some racism and xenophobia thrown in, even though the robots are the real culprits.

    Can’t Stop, Won’t Stop

    I’m not sure how we deal with this world. No one has ever successfully stopped a technology.

    Consider the technology we’ve tried hardest to contain: nuclear weapons.

    Nuclear weapons have spread anyway. 9 countries have them. That number is sure to grow.

    If we can’t stop nukes, we can’t stop AI and robots either.

    What’s more, AI and robotics will make wonderful things possible! Safer cars, easier deliveries, a maid for everyone.

    Even if we could stop it, I’m not sure I’d want to.

    Wrap-Up

    Here’s my best guess on how we’ll deal with AI hammering the labor market…

    Universal Basic Income. Massive public works programs, including expanding the military. Job retraining programs — which, if they’re anything like today’s programs, probably won’t work.

    By the way, when I wanted some scenarios on what the government would do, guess what I did? I asked AI.

    That tells you a lot.

    AI will eliminate millions of jobs, soon. What to do with those displaced workers will be one of the key questions of our time.

    Do you think AI will be a disaster for jobs?

    More on tech:

    Meet BMW’s New Factory Workers

    The End of Human Food Delivery

    The Iron Monster: China’s Massive Bridge Building Robot

    Save Money on Stuff I Use:

    Fundrise

    This platform lets me diversify my real estate investments so I’m not too exposed to any one market. I’ve invested since 2018 with great returns.

    More on Fundrise in this post.

    If you decide to invest in Fundrise, you can use this link to get $100 in free bonus shares!

    Misfits Market

    I’ve used Misfits for years, and it never disappoints! Every fruit and vegetable is organic, super fresh, and packed with flavor!

    I wrote a detailed review of Misfits here.

    Use this link to sign up and you’ll save $15 on your first order. 

  • Industrial Stocks: Free to a Good Home

    Note: This is NOT investment advice.

    I see Hyundai cars everywhere. But the stock has been left for dead. 4 PE. And it’s not alone…

    These days, everyone wants to own the Mag 7. And they don’t want to own much else.

    Let’s take a tour of some old economy stocks and see how the markets are treating them.

    Autos: Priced for Extinction

    It doesn’t get more classically industrial than this. And unless you’re Tesla, in 2025 your car company is worth bupkus.

    The long term average PE for the S&P 500 as a whole is 16. But most car makers are trading far below that.

    General Motors is trading at a 6 PE. GM has just 1/75th the market cap of NVIDIA, the most valuable company in the world. This despite GM having slightly more revenue!

    I’m not saying GM should be worth what NVIDIA is. NVIDIA’s business has much higher margins and more growth potential.

    But does a 6 PE make sense?

    Just about every other auto stock shares GM’s malaise. Kia is at a 4 PE. VW is at 6. Even Toyota gets just an 8.

    The market is pricing auto makers as if they have a few more years to make money before they disappear.

    Auto technology is changing, to be sure. But is the picture really that dire?

    Mining: The Foundation of Tech

    Okay, maybe old school auto makers are a special case. Let’s try another industry. Something totally different.

    How about mining?

    Surely there are some bright prospects there! Everyone’s talking about how minerals are so important to electronics.

    And yet, many major mining stocks are in the toilet.

    Take Vale in Brazil. It’s the 14th largest miner in the world by market cap. And it sells at a mere 5 times earnings.

    Political risk in Brazil, I know, I know. But then how do you explain Fortescue, a major miner from Australia? It’s selling at just 6 times earnings.

    The picture for miners is slightly better than for automakers. But these stocks are still largely ignored.

    Communications: The Overlooked Backbone

    Let’s move a bit outside industrials. How about telecoms, one of the backbones of a modern economy?

    Comcast provides TV and internet across much of America. And if Comcast isn’t in your area, Charter probably is.

    Comcast and Charter have tens of millions of customers each. And they sell for PE ratios of 8 and 7 respectively.

    The Mag 7 and the S&P 493

    For any one of these old school companies, you could find risk factors.

    Risk of replacement by Tesla and BYD for Hyundai. Political risk for Vale. Starlink for Comcast.

    But look at the overall picture.

    The Magnificent 7 account for 34% of the value of the S&P 500. The remaining 493 stocks account for just 66%.

    The stock market is unusually lopsided. Any problems at giants like NVIDIA or Microsoft could send markets plummeting.

    At the same time, the S&P 493 have a lot of room to run.

    As we’ve seen, many of these stocks are solid, old school companies. And they’re trading at prices well below long term market averages.

    Investors have given up on the old school stocks. But for some of us, that could be an opportunity.

    Wrap-Up

    At some point, the AI fever will break.

    “Was it all just a fad? Am I about to lose my shirt?”

    Everyone will start selling.

    Let them! I’ll be holding steady.

    And as I do, those 493 forgotten stocks will function as a stabilizer. John Bogle nailed it:

    “Reversion to the mean is the iron rule of financial markets.”

    Note: This is NOT investment advice. I have 0 qualifications to advise anyone on their finances and I don’t seek to do so. I’m only offering opinion and a narrative about what I’m doing with my own portfolio. Please do your own research and make your own decisions.

    More on markets:

    Using Grok 3 to Manage My Stock Portfolio

    Markets Are Overreacting to Tariffs

    Hetty Green: The Witch of Wall Street

    Save Money on Stuff I Use:

    Fundrise

    This platform lets me diversify my real estate investments so I’m not too exposed to any one market. I’ve invested since 2018 with great returns.

    More on Fundrise in this post.

    If you decide to invest in Fundrise, you can use this link to get $100 in free bonus shares!

    Misfits Market

    I’ve used Misfits for years, and it never disappoints! Every fruit and vegetable is organic, super fresh, and packed with flavor!

    I wrote a detailed review of Misfits here.

    Use this link to sign up and you’ll save $15 on your first order. 

  • Your Deck Probably Sucks. Here’s How to Fix It.

    Most decks suck. Here’s how to get it right and raise millions of dollars…

    Bad decks all have the same problems.

    They’re vague. They’re wordy. Or both.

    Do the opposite. Be clear. Be brief.

    Here are some Do’s and Don’ts to follow…

    Do:

    • State in one, clear sentence exactly what you do. No jargon. No agentic. No democratizing. What do you actually do?
    • Present just 1 idea per slide.
    • Cover key points: Vision (one sentence), Team, Traction (revenue, etc.), Ask (how much you’re raising).
    • Watch the pitch that Dan Siroker used to raise $12 million. His pitch for Rewind AI (now Limitless) is one of the best I’ve ever seen. Make your deck and pitch like his.
    • Use YC’s deck template. It’s clear, clean, and simple. There’s a reason YC is the best in the business. You’ll see a lot of similarities to what Dan did — both are clear and concise.

    Don’t:

    • Go above 12 slides. 8-12 will do nicely.
    • Present more than 1 thought per slide. If you’re pitching Uber, “Taxis suck” could be a single slide.
    • Use tiny text. Instead, make the text huge. I like 100 pt or higher (seriously). Since you’re sticking to 1 thought per slide, you can go big on font. This makes it easy to flip through, which is what investors do.
    • Crowd slides with text or graphics. Again, one thought, one slide.
    • Use fancy designs. Simple and minimal works great. I’m a fan of white text on a black background.
    • Try to convey everything about your company in a deck. A deck is useful for two things: 1) Helping you get a meeting 2) Guiding you during the meeting. A few brief slides is all you need to accomplish these goals.

    Wrap-Up

    This post may sound a little harsh. I don’t mean to be a jerk.

    I just want you to raise more money!

    Happy talk from me won’t get you there. Clear, blunt instruction will.

    If you struggle with wordiness, I feel ya! I was an English major…how could I not be wordy?

    But I’m determined to improve. And you can improve too.

    Make your deck clear and concise. Then, message me and tell me how many millions you raised!

    More on tech:

    The Perfect Pitch

    How to Run a Pitch Meeting

    How to Tell If Investors Are Really Interested

    Save Money on Stuff I Use:

    Fundrise

    This platform lets me diversify my real estate investments so I’m not too exposed to any one market. I’ve invested since 2018 with great returns.

    More on Fundrise in this post.

    If you decide to invest in Fundrise, you can use this link to get $100 in free bonus shares!

    Misfits Market

    I’ve used Misfits for years, and it never disappoints! Every fruit and vegetable is organic, super fresh, and packed with flavor!

    I wrote a detailed review of Misfits here.

    Use this link to sign up and you’ll save $15 on your first order. 

  • The Seed Valuations Are Too Damn High!

    The median Seed stage startup is raising at $20 million pre-money. That’s too high for investors to make a decent return.

    High Prices at the Startup Store

    AngelList just came out with its wonderful The State of Venture Report H1 2025. It shows that the median Seed valuation is at an eye-watering $20 million pre-money.

    Add in a raise of perhaps $4 million, and we’re looking at $24 million post-money. Wow.

    One bright spot: at least the valuations didn’t go up. Last year saw the same Seed valuations, although Series A and B did increase this year.

    Why Investors Will Struggle to Make Money In This Environment

    A portfolio with a median post-money valuation of $24 million will have a very hard time making money. Here’s why…

    To make investing in early stage venture worth the risk and illiquidity, you need to hit some serious returns. With the NASDAQ returning 10% a year historically, early stage venture needs to return around 15% in order to be worthwhile.

    Over a 10 year fund life, that’s a 4x fund.

    In any early stage portfolio, all or nearly all your gains tend to come from a single startup. Let’s say your fund has 35 names in it. To get a 4x fund from one of those 35 startups, you need that one winning startup’s valuation to increase by 140x.

    It Gets Worse

    But wait…even 140x isn’t enough.

    You’ll probably be diluted by 50-60% as the company grows and raises more money. So in reality, you need a 280x return on that top startup in order to get a 4x fund.

    So, you’re $24 million post-money Seed stage startup has to hit a valuation of $6.7 billion. And it only has 10 years to do so.

    That is incredibly difficult. If the startup is valued at 10x ARR, it would need to hit $670 million ARR. Even if investors give it a rich, 20x revenue multiple, you still need $335 million ARR to hit the target valuation.

    No wonder that there are only 295 public tech companies valued at $6.7 billion or higher, according to Companiesmarketcap. In the entire world.

    That $6.7 billion is a very rare outcome. We can’t underwrite to that.

    What I’m Paying in 2025

    My median pre-money valuation so far this year is much lower than the AngelList data. Counting the deal I’m wiring for today, my median pre-money valuation is $13 million. My median post-money is $15 million.

    That’s 35% lower than the AngelList median.

    Of the 6 deals I’m including, 1 is pre-seed, which slightly throws my numbers off. But suffice it to say, my entry price is significantly lower than most people’s. Another Seed deal I’m planning to do this fall should drive those figures even lower.

    At my entry price, I just need a single startup to hit a $4.2 billion valuation. If I can get that, I have a 4x fund even if everything else goes to zero.

    And even a $4.2 billion outcome isn’t easy to find! But I like my odds a lot better than if I needed a nearly $7 billion exit.

    I’m In a New York State of Mind 🍎

    One way I’ve kept prices down: invest at home!

    Of my 5 deals so far in 2025, 3 are in the NYC area. The other two are in SF. This is despite SF being a much larger market for startups.

    I’m not just investing in New York out of hometown pride. The NYC area is producing incredibly good startups and charging very little to invest in them.

    “Please don’t forget us!” I can almost hear NYC founders saying. “We’re making good stuff too.”

    And they really are! What’s more, the valuations are roughly half what you’d see in SF.

    The market is telling investors to spend less time in SF and more in New York. I’m happy to oblige.

    Wrap-Up

    We angels aren’t value investors. But we can’t afford to ignore entry price either.

    Every now and then, I grab a pricey SF startup or two.

    But those expensive deals are exceptions. And if I fill my portfolio with high priced startups with minimal traction, they’re no longer exceptions. They’re the rule.

    That’s a game we just can’t win.

    Have a great weekend everyone!

    More on tech:

    My New Investment Strategy

    Meet My Latest Investment: Mozi

    3 Ridiculously Easy Things Every Investor Should Be Doing

    Save Money on Stuff I Use:

    Fundrise

    This platform lets me diversify my real estate investments so I’m not too exposed to any one market. I’ve invested since 2018 with great returns.

    More on Fundrise in this post.

    If you decide to invest in Fundrise, you can use this link to get $100 in free bonus shares!

    Misfits Market

    I’ve used Misfits for years, and it never disappoints! Every fruit and vegetable is organic, super fresh, and packed with flavor!

    I wrote a detailed review of Misfits here.

    Use this link to sign up and you’ll save $15 on your first order. 

  • Stopping Mass Shootings with Technology

    Two more kids killed. I’ve had it. Nothing done politically. Can technology stop this?

    We all know about the school shooting yesterday in Minneapolis. As usual, our political system seems unable or unwilling to do anything about it.

    I’m tired of waiting for these idiots. Let’s do something ourselves.

    Cover: The Best Anti-Shooting Tech I’ve Seen Yet

    The most promising technology I’ve seen for stopping mass shootings is a startup called Cover. The founder is Brett Adcock, the genius behind Archer Aviation and the Figure robots.

    Cover is a device that scans crowds for weapons.

    The device looks like a chest-high barrel. It emits terahertz waves that should be no more dangerous to a human than WiFi signals.

    Different materials interact with terahertz waves differently. The waves pass through clothing but are absorbed by metal.

    This means that the image of a gun will stand out clearly when you scan a crowd.

    Why Cover Beats Other Scanners

    We’ve seen scanners before in airports. But Cover’s technology appears to be far more advanced.

    Cover claims to see 10-15 feet from the unit, as opposed to just 1-2 feet for the airport scanners. What’s more, there’s no need for conveyor belts or human operators.

    You just set up the Cover units anywhere and they scan the space continuously for weapons.

    Is that a miracle, or what?

    It may be a violation of civil liberties to put these on every street corner. But on private property like a school, office or sports stadium, there’s nothing wrong with it.

    I’d feel a darn sight better about being in a crowd if there were a few Covers nearby.

    Now, Can I Get a Check In?

    Like most startups, Cover will probably need to raise money to make its vision a reality. I’d love to help them there, even in a very small way.

    Today, I contacted several top angel syndicates to see if we can scare up some shares.

    Cover doesn’t appear to have raised any money thus far. Brett may have funded it himself up until now, like he did with Figure.

    Getting my hands on some shares won’t be easy. But it’s worth a try.

    Other Ways to Stop Mass Shootings, From Software to Pepper Gel

    Cover isn’t the only startup trying to stop mass shootings.

    A couple of months ago, I met with a promising software company that scans the internet to find people who may be about to commit an act of violence.

    I’ve also seen devices that can shoot pepper gel at attackers. Next week, I’m meeting with a startup working on that.

    Wrap-Up

    Business is how we solve problems in this country. In fact, it seems to be the only way we know how.

    Some really brave founders are attacking the problem of mass shootings with everything they’ve got. I want to support them.

    I think there’s money to be made in solving this problem. But frankly, I’d be fine if I didn’t make a cent, so long as the shootings stopped.

    If you’re building tech to stop mass shootings, leave a comment below.

    We WILL solve this problem. Whatever it takes.

    More on tech:

    My New Investment Strategy

    How to Get Started Angel Investing

    Did China Just Drop The World’s Best AI Model?

    Save Money on Stuff I Use:

    Fundrise

    This platform lets me diversify my real estate investments so I’m not too exposed to any one market. I’ve invested since 2018 with great returns.

    More on Fundrise in this post.

    If you decide to invest in Fundrise, you can use this link to get $100 in free bonus shares!

    Misfits Market

    I’ve used Misfits for years, and it never disappoints! Every fruit and vegetable is organic, super fresh, and packed with flavor!

    I wrote a detailed review of Misfits here.

    Use this link to sign up and you’ll save $15 on your first order. 

  • 3 Ridiculously Easy Things Every Investor Should Be Doing

    The level of accepted laziness in this business is just pathetic. I’m no Harry Stebbings. I don’t do 996. But day after day, I find myself shocked at the total lack of standards investors have for themselves.

    This laziness hurts startups. It also hurts investors, whose net worth (and reputation) is tied to those startups.

    Let’s go through what I consider to be the absolute bare minimum for an investor…

    1) Answer Your Messages. Respond to founder and investor messages within a reasonable period of time, preferably 24 hours or less.

    Founders are out there busting their butts. They can’t wait a week for you to get back from Italy and maybe, possibly respond to their e-mail.

    Can I say I’ve never missed a message? Of course not.

    But I try my best to get back with everyone, especially if we know each other. I can usually manage that in 12 hours or less.

    If I get a cold message that doesn’t give me any useful detail or seem compelling in any way, sometimes I don’t respond. And even then, I probably should be, even if just to decline.

    That’s something for me to work on.

    2) Reply to Investor Updates. Can you believe that many investors don’t do this?

    An incredibly busy founder took the time to write you an update. You backed him, and you should be his biggest supporter.

    But you couldn’t see your way clear to write “Great growth, keep it up!”?

    Come on, people.

    You don’t need to write them a novel. One friendly, positive line is enough.

    But say something, just so they know they’re not screaming into the abyss.

    Many founders report never getting a single reply to their updates! No wonder they stop sending them.

    3) Boost Them on Socials. Yesterday, I screamed at my computer “WHAT THE @#%$!”

    The reason: yet again, I’m the one and only person commenting on one of my startup’s LinkedIn posts.

    Folks, we all know how these algos work. Like, comment, follow, and their posts reach more people.

    LinkedIn is a critical sales channel for many startups. We should all be boosting our companies every chance we get.

    The same goes for X and other social platforms as well. Pick a platform or two and boost your companies regularly.

    It’s easy, anyone can do it, and it really does help!

    It also lets founders know you notice them and you give a crap. Sometimes, that alone is enough.

    Wrap-Up

    Think of everything founders do for us.

    Sleepless nights. Low pay. Lost relationships. Crippling stress.

    And we can’t reply to an e-mail? Give me a break.

    I’ve kept quiet about this for a long time. But I’m finally fed up.

    For those of you out there doing the right thing, I see you and I appreciate you. And founders do too.

    For those of you slacking, this is your wake up call. Step it up.

    More on tech:

    My New Investment Strategy

    Meet My Latest Investment: Mozi

    How to Tell If Investors Are Really Interested

    Save Money on Stuff I Use:

    Fundrise

    This platform lets me diversify my real estate investments so I’m not too exposed to any one market. I’ve invested since 2018 with great returns.

    More on Fundrise in this post.

    If you decide to invest in Fundrise, you can use this link to get $100 in free bonus shares!

    Misfits Market

    I’ve used Misfits for years, and it never disappoints! Every fruit and vegetable is organic, super fresh, and packed with flavor!

    I wrote a detailed review of Misfits here.

    Use this link to sign up and you’ll save $15 on your first order. 

  • My New Investment Strategy

    Adapt or die. That’s why I’m changing my investment strategy. Check size doubling to $10k, no reserves. I’ve written 2 of them this week and hope to write many more.

    Here’s why I’m making this change…

    A Wake-Up Call

    Up until now, I’ve written $5,000 first checks and reserved $25,000 more to go into the most successful companies. I’ve been writing those $25,000 checks to roughly the top 15% of my portfolio.

    In total, my portfolio was allocated 50% to primary bets and 50% for follow-on.

    But recently, something happened that made me question everything.

    One of my startups rapidly jumped out to tens of millions in revenue. We should have a chance to re-invest, but the price will be 5-10 times higher than I expected.

    That price will be 100% worth it, justified by a mountain of revenue. It just all happened much faster than I expected.

    Growth So Fast Your Head Spins

    I am seeing this over and over, in my companies and across the market.

    Another startup of mine, a 2022 investment, also grew way faster than I ever could’ve predicted. On top of that, its capital needs were so minimal I haven’t been able to re-invest yet, and may never get the opportunity.

    That’s $25,000 I can’t put to work in a really awesome company.

    Or take Lovable. They grew from 0 to $100 million ARR in just 8 months.

    That is the fastest in history. Getting to $100 million might have taken 10 years before generative AI, best case scenario.

    How Reserves Used to Work

    In a slower growth world before generative AI, reserves made tons of sense.

    We watched companies develop slowly. We gathered information as we worked with the founder, much of it proprietary.

    If revenue did the classic triple-triple-triple-double-double-double, that was a big winner!

    Then a year or two after the Seed, you got a chance to re-invest in the Series A.

    The price was around 3x higher, generally. Getting in a second, larger bet in the winners was a chance to dramatically increase your returns.

    Why Reserves Are Outmoded

    It doesn’t happen like that today.

    The next chance to invest comes at 30, 40, or 50x the last price, not 3x. That 2nd bet won’t do nearly as much for you. The entry price is too high to give you much upside.

    Today, you generally have one chance to invest early, in the pre-seed or seed.

    Once the company hits product-market fit, it jumps out to tens or hundreds of millions in revenue in a matter of months. The next chance to invest will be at a price that looks more like a Series C or D, not the Series A of yore.

    How I’m Investing Today: All or Nothing

    Today, we get one chance to buy in before the train leaves the station. So I’m buying all my ownership upfront.

    No more “$5k now and $25k maybe”. Instead, it’s “$10k now and that’s probably it.”

    Occasionally, I may still put a follow-on check into an exceptional company. If I do, that check likely won’t exceed $35,000, based on the amount of money I’m comfortable allocating to any single startup.

    So, my check sizes are now $10k to $35k. Expect the $10k.

    Wrap-Up

    Founding and investing in tech startups is the fastest changing business there is. If I don’t adapt, I will be a dinosaur. 🦖

    So I’ve retooled my strategy for a world of much faster growth. And I gotta tell ya, not worrying about whether I’ll get space in the A is a load off my mind anyhow. 😂

    If you’re building something special, tell me about it in the comments below. Perhaps I’ll have $10,000 for you!

    More on tech:

    Meet My Latest Investment: Mozi

    Meet My Latest Investment: Zeon Systems

    How to Get Started Angel Investing

    Save Money on Stuff I Use:

    Fundrise

    This platform lets me diversify my real estate investments so I’m not too exposed to any one market. I’ve invested since 2018 with great returns.

    More on Fundrise in this post.

    If you decide to invest in Fundrise, you can use this link to get $100 in free bonus shares!

    Misfits Market

    I’ve used Misfits for years, and it never disappoints! Every fruit and vegetable is organic, super fresh, and packed with flavor!

    I wrote a detailed review of Misfits here.

    Use this link to sign up and you’ll save $15 on your first order. 

  • Meet My Latest Investment: Mozi

    The thesis for my latest investment is simple: Ev Williams is one of the founders. End of thesis.

    Ev co-founded Twitter with Jack Dorsey back in 2006. Now, he’s working on a new startup called Mozi.

    Mozi helps you connect with your actual friends in the real world. It makes social media actually social again, as opposed to a mad dash for followers.

    When I go on X, I don’t see any of my close friends. None of them use it!

    Increasingly, I don’t even see people I follow. X, like all social apps, is going the way of TikTok – showing you the most engaging content, regardless of where it came from.

    Mozi is different. You only see your actual friends.

    Let’s say my old friend Tim is up from Virginia for the day. He could easily forget to tell me. Mozi could alert us right away so we don’t miss that special moment to be together.

    This is exactly the kind of social app I’ve been looking for. In fact, right before I got the deal memo for Mozi in my inbox, I was thinking to myself, “No one is authentic on social media anymore. It’s all about clout and followers.”

    It’s funny isn’t it, life’s coincidences?

    Mozi is the direction I want to see technology go in: real life connection, not clout chasing or AI girlfriends. We should be bringing people together, not further isolating them.

    Together with his co-founder Molly, Ev is going to change the way we relate to technology. We’ll be happier for it.

    Check out Mozi and reconnect with the folks who matter most!

    Sorry for the lack of posts last week, guys! I got sick, but I’m 100% now and delighted to be back!

    More on tech:

    Meet My Latest Investment: Zeon Systems

    Never Invest What You Can’t Afford to Lose

    How to Get Started Angel Investing

    Save Money on Stuff I Use:

    Fundrise

    This platform lets me diversify my real estate investments so I’m not too exposed to any one market. I’ve invested since 2018 with great returns.

    More on Fundrise in this post.

    If you decide to invest in Fundrise, you can use this link to get $100 in free bonus shares!

    Misfits Market

    I’ve used Misfits for years, and it never disappoints! Every fruit and vegetable is organic, super fresh, and packed with flavor!

    I wrote a detailed review of Misfits here.

    Use this link to sign up and you’ll save $15 on your first order. 


  • Never Invest What You Can’t Afford to Lose

    Everyone tells angels not to invest more than they can afford to lose. I obey. Here’s why…

    “You no need-uh money? You no like-uh eat?” – Junior Soprano.

    What a Startup Is Worth

    Most startups aren’t worth a nickel.

    Sound harsh? Sure.

    But it’s true.

    The terminal value for most of these companies is 0. They will not make it. They will be failed experiments.

    And that’s okay! That’s what we do.

    But that’s why you can’t invest money you can’t afford to lose. Because no matter how good you are, lose you will.

    So why do it? Well, financially speaking, it’s because you might hit an Uber.

    One of those makes up for an awful lot of mistakes.

    In fact, it should make up for all of them. And a whole lot more besides.

    “Who’s Roelof?”

    “But I won’t lose money, I’m really smart!” you might say.

    I’m sure you are. But what about Roelof Botha?

    Don’t know who he is? He works at Sequoia, the best venture capital firm in the history of the friggin’ planet.

    And not only does he work there. He runs the whole darn place!

    You think you’re better than him?

    I certainly don’t. And if you do, then I don’t think you’re as smart as you think you are.

    Roelof has lost money. In fact, he’s lost the whole investment, every cent.

    15 times.

    What Happens If You Invest Money You Can’t Afford to Lose

    If you can invest in startups, you’re rich.

    I know, you’re not Bill Gates. Neither am I.

    But you’re well ahead of most humans. You’re not scratching to survive.

    Do you like this comfortable life?

    Do you like not having to work for anyone else? Or at least being able to withstand some time unemployed?

    Do you like not having to worry about money, or whether you’ll eat?

    I’d wager you do. So do I.

    So don’t risk it. Not for anything.

    Warren Buffett said it better than I can:

    “It’s insane to risk what you have and need for what you don’t have and don’t need.”

    Wrap-Up

    Why do people invest in startups?

    I’ll tell you why I do it.

    It’s interesting. Simple as that.

    And no, I’m not insensitive to money. If I make a bunch, I might buy something. Why not?

    But I didn’t need money when I started this. If I did, how could I even do this full time?

    So I have my fun. But I’m not going to imperil this free and secure existence.

    That would be silly.

    And I suggest you don’t either.

    Note: I am not an investment advisor and this is not investment advice. It is merely my opinion derived from research and experience. Take it with a grain of salt.

    More on tech:

    Big Opportunities

    Are Hackers After Your Brain? — The Rise of CogSec

    How to Get Started Angel Investing

    Save Money on Stuff I Use:

    Fundrise

    This platform lets me diversify my real estate investments so I’m not too exposed to any one market. I’ve invested since 2018 with great returns.

    More on Fundrise in this post.

    If you decide to invest in Fundrise, you can use this link to get $100 in free bonus shares!

    Misfits Market

    I’ve used Misfits for years, and it never disappoints! Every fruit and vegetable is organic, super fresh, and packed with flavor!

    I wrote a detailed review of Misfits here.

    Use this link to sign up and you’ll save $15 on your first order. 

  • The Tech Podcasts That Taught Me the Most

    “All the greats in business studied the greats in business.” Podcasts are a wonderful way to do it. Here are my favorites…

    This Week in Startups — My #1 most listened to podcast for several years running. If you’re a founder or investor, TWIST will tell you everything you need to know.

    You can stop reading the tech news. TWIST is the place.

    I’ve learned so much from this show. Half my investment strategy comes from it!

    A great episode to start with is their recent VC Roundtable, which prompted many hours of thinking, writing and strategy changes on my part.

    All In — Any part of my investment strategy that didn’t come from TWIST or Jason’s book Angel probably came from All In.

    It’s a rollicking tour through tech, politics and more. I look forward to it every week!

    My favorite episode of the year was their show with the Collisons. If you’re new to All In, it’s a wonderful place to start!

    Founders — This is the most underrated tech and business podcast in the world. The host, David Senra, is the source for the quote above.

    This guy is a maniac.

    He finds books on European founders that are only in Italian or French and has them translated just for him! Then he tells you about it.

    This is unique content you can’t get anywhere else. I only wish I’d found out about it sooner!

    20VC — Harry Stebbings might be the hardest working man in venture capital. I’m just glad he’s over there in Europe so I at least have a chance. 🙂

    Harry has these awesome, unique interviews you won’t hear anywhere else. One I loved recently was with Edwin Chen, founder of Surge.

    Edwin had never been on a podcast, as far as I know. I’d never even heard of the company.

    And yeah, it’s at $1 billion a year in revenue with no funding. Wow.

    If you don’t listen to 20VC, you’re missing out.

    Wrap-Up

    Podcasts are such a wonderful way to learn. You can listen while you do housework, get your steps in, you name it!

    With shows as good as these, I find myself stopping frequently to rewind and take notes. That’s how you know you’re really getting something out of it.

    I’m so grateful that all these folks produce free, insanely high quality content that I can learn from and enjoy.

    Check them out!

    What are you favorite tech podcasts? Leave a comment and maybe I’ll try them!

    More on tech:

    Top Investor Cyan Banister’s Surprising Way to Find Big Opportunities

    Are Hackers After Your Brain? — The Rise of CogSec

    How to Get Started Angel Investing

    Save Money on Stuff I Use:

    Fundrise

    This platform lets me diversify my real estate investments so I’m not too exposed to any one market. I’ve invested since 2018 with great returns.

    More on Fundrise in this post.

    If you decide to invest in Fundrise, you can use this link to get $100 in free bonus shares!

    Misfits Market

    I’ve used Misfits for years, and it never disappoints! Every fruit and vegetable is organic, super fresh, and packed with flavor!

    I wrote a detailed review of Misfits here.

    Use this link to sign up and you’ll save $15 on your first order.