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15 September
Economics professor at the University of California, Berkeley and a former Deputy Assistant Secretary of the US Treasury. Author of Slouching Towards Utopia and writer of the Grasping Reality newsletter.
Equity investors sell the dream; bond investors price the funeral. Here’s what they’re charging those undertaking the now debt-financed DataCenter Rush: **Debt & DataCenters: CHART OF THE DAY** FaceBook bankrupt in one scenario in fifteen in five years? SpaceX & Oracle one in six? That appears to be what those willing to lend to FaceBook right now are thinking... https://braddelong.substack.com/p/hyperscaler-debt-default-risk > 2026-09-15 data centers Related
14 September
Writes The Diff, a newsletter on inflections in finance and tech read by hedge fund managers, founders and VCs. Previously worked in finance at SAC Capital/Point72.
Astra on the performance of rare-earths equities before/after Trump admin equity stakes. The admin is really good at predicting which equities’ short-term outperformance will persist. Related
10 September
Writes The Pragmatic Engineer, the software-engineering newsletter, and wrote The Software Engineer's Guidebook. Formerly an engineering manager at Uber, and at Microsoft/Skype and Skyscanner before that.
Their words
I'm sorry for employees who got equity issued at the $17B or $11B valuation - the dangers of too high valuations!
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@GergelyOrosz on X x.com
5 September
Co-founder and CEO of Linear; previously principal designer at Airbnb, where he led the Design Language System, and founding designer at Coinbase.
Important for employees to ask some of these questions about equity before joining. Sometimes founders just don’t have their own experience these things so they don’t prioritize the employee equity. At Linear we tried to make it friendly as possible since the beginning: early exercise, 10y exercise window, reminding people about their 83b election, pushing back on 409a valuations, keeping company valuation in check and increasing over time, informing people about qsbs, and now running employee liquidity programs for all past and current employees. Quoting @deedydas Many startup employees do not recognize the sheer litany of ways that a founder can screw you over without you even knowing. Founder trust is one of the most important things to look at when you’re joining a startup. From cutting you out of M&A, screwing your retention pool, overdiluting your equit… startups Related
2 September
Professor of finance at NYU's Stern School of Business, known for his work on valuation. He publishes his data, spreadsheets and classes free at Damodaran Online and writes the Musings on Markets blog.
1 September
Professor of finance at NYU's Stern School of Business, known for his work on valuation. He publishes his data, spreadsheets and classes free at Damodaran Online and writes the Musings on Markets blog.
The spotlight was on US treasuries, in August 2026, as 10-year and 30-year rates edged towards highs not seen since 2008. US equities still had a good month, with the S&P up 2.6%, pushing the equity risk premium down to 4.09%. Related
15 August
Founder and CEO of Valar Atomics, a nuclear-reactor company founded in 2023.
startups America
Their words
And the type of risk that we are asking investors to take is um, we know the physics works. We know that there's infinite demand and how we go from here to there is technology execution. And guess what? Venture capital in the United States is the best at underwriting tech risk of anywhere in the world.
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14 August
Writes The Pragmatic Engineer, the software-engineering newsletter, and wrote The Software Engineer's Guidebook. Formerly an engineering manager at Uber, and at Microsoft/Skype and Skyscanner before that.
6 August
Security engineer; founder of Matasano Security and Latacora.
Their words
Progressive slopulism really fucked us with this "Private equity is buying up all the houses" argument. It's a fractally stupid concern AND an excuse for deferring zoning reform.
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@tqbf on X x.com
15 July
Investment researcher and engineer who runs Lyn Alden Investment Strategy, writing on macroeconomics, currency systems and equity analysis.
From one piece
An Alternative to Private Equity: Introducing ORANGE JUICE
2 beliefs, in the piece's order there
Their words
Businesses that emerge out of PE funds have higher failure rates than average, thanks to being saddled with a lot of leverage.
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lynalden.com
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PE funds optimize for a 4-7 flip and typically resort to aggressive cost-cutting and near-term optimization at the cost of the "soul" of the business or what made it successful in the first place.
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lynalden.com
2 July
Professor of finance at NYU's Stern School of Business, known for his work on valuation. He publishes his data, spreadsheets and classes free at Damodaran Online and writes the Musings on Markets blog.
The S&P 500 capped off a middling month in June 2026, but had a stunning 2nd quarter, up 14.87%. Rising earnings helped, and the equity risk premium for the index stood at 4.17% over the 10-year treasury rate. Related
28 May
Staff writer at The New Yorker, where he writes the Infinite Scroll column, and author of Filterworld and The Longing for Less.
16 March
Professor of finance at NYU's Stern School of Business, known for his work on valuation. He publishes his data, spreadsheets and classes free at Damodaran Online and writes the Musings on Markets blog.
The equity risk premium (ERP) is an essential ingredient in hurdle rates in corporate finance, discount rates in valuation and expected returns in financial planning. In 2009, I pulled together everything I know about the ERP, in a paper that I have updated every year since. My 2026 update is now available to download and it is written for practitioners. papers.ssrn.com
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28 February
Software engineer and writer; former CTO of Wave, now at Anthropic. Blogs at benkuhn.net on attention, engineering management and doing hard things well.
One thing I love about Anthropic is that our hiring process often includes a disclaimer that we will absolutely do something that zeros our equity if we think it's the best thing for the world. We are not anywhere close to that here—DOW can only block us from DOW contracts—but Quoting @AnthropicAI A statement on the comments from Secretary of War Pete Hegseth. Anthropic Related
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