SWL Week in Review - WTFVC 2025, Anti-Trust, and Ruck Rock
The State of VC in 2025 (an updated opus)
In 2023 I did this version -- updated (finally) 2 years later. The biggest points / TLDR is here -- but the really really short version is that the capital 'factory' model of VC is broken forever, ‘zombicorns’ abound, there is no longer one capital market, there are several that operate independently with different goals and very limited interoperability. Capital, like everything else - is ‘deglobalizing’ - not geographically, but based on communities of LP demand / what they are really in it for, etc. The right way to play it is all about 'honesty' about what you do, and what you deliver as an investor and operator -- look for SFD (story, founder, deal) over commoditizing tech, and memes you can invest in.
More or Less - Kangaroo Courts & Babies
For the first time in weeks all four of us were on (which was fun!) -- debate was around the kangaroo-ness of some of the trials in DC, the real way to incentivize US babies - tax breaks for mothers to make up for monetizing (and then taxing) work… (except nah, the roman empire had the same problem, people are just too rich and life is too fun!) and the extent to which AI will make Onlyfans models the new Uber drivers.
Hot Takes:
- TBPN is so fun - it too me until just recently to realize the riff on ESPN — but man, these guys are crushing it in the quotient of fun “venture capitalist yaps about venture capital” slaps…
- Bitcoin Stability? fun to watch equity values swing wildly and bitcoin offer a source of stability… For the last decade BTC has been the extreme risk on asset, but with the dollar in question (at least on the margin)… this week it actually is the most stable thing in the average tech-bro’s portfolio — is it fulfilling its destiny?
- Harvard — go Alan. Very happy to see recent communiques to the community include calls to BOTH resist the FORM of the government pressure (which truly does not seem well thought through / and or MAGA extreme folks were more interested in blowing up a deal and grandstanding vs. actually productive policy wins) && actually addressing core issues are how the university functions governance wise, mission drift away form academic excellence, speech issues on campus - and - yes - antisemitism on campus (which is real, and which just got worse with the false narrative of ‘the jews ate our funding’).
- Jelly-my-Jelly — you might remember the memecoin that we launched as the in-app-currency for the new form of social media / Jelly-Jelly app? Still early, but this thing is working app is getting fun, coin price climbing back up to $25M, etc. Still very early but fun to see this coming together & the emotional successor to the ‘fun’ part of Venmo payments.
- Plot Twist- GLP-1s are gonna cure internet additions (not regulation) — this was not my insight — but it hit me as the most interesting ‘new idea’ I heard this week. Easier to hack our own brains than limit tech / regulate things.
- The Methaphone — this was so fun / from Eric Antonow … fun using one of the first devices in the wild at dinner this week — it is a beautiful piece of hardware.
- Introducing The Ruck Rock by Chiseled: Carry Your Streignth — sneak peek at my new favorite product… The founder's bundle is lit.
Best,
Sam
P.S. wish lion luck in the healthy heart 5K this weekend... others may be showing up to support a good cause... we go for the competition ;)
sam lessin | @lessin | want to talk | podcast | stop | to get added to the mailing list email sl@wlessin.com
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