Wherever Is Your Heart
w.199 | Druckenmiller, AngelList on Markups, ESAs & Education Spending, Solopreneurs, Austin
This is my first official week as a resident of Austin, Texas, and it’s going GREAT.
A couple of initial observations:
Austin is the podcasting & solopreneur capital of America. You know, the big ones like Tim Ferris and Joe Rogan, but there are way more. Examples? This week, I met a guy who makes short videos about existential whimsy (his words) and has 2.7 million TikTok followers. And, friends, I’m obsessed. Like I don't exist and Coming of Age.
But, seriously, many people are life optimizers. Practical. Smart. Entrepreneurial. Switched on. Friendly. Building businesses using the latest technology but not consumed by tech or media talk. More grounded in the reality of the average American.
I’ve become a locavore with a steady diet of tacos & smoothies. Exclusively. It’s a health-conscious city, and both are low-cost, quick, and real food. Highly recommend.
Good Reads: Sensible Investing
Song of the Week: Wherever Is Your Heart
Good Reads: Sensible Investing
Sohn 2023 | Stanley Druckenmiller. Here is the transcript of his remarks at USC.
He’s short the dollar, predicts a hard landing, is concerned about entitlements and debt, and expects more bodies across the regional banks. His comments include:
"Reckless fiscal behavior and an asset bubble of historic proportions."
“AI is very, very real and could be as big if not bigger than the internet going forward.”
“It is amazing how America has this culture that always seems to respond and come back. Maybe with a hard landing and a terrible recession that brings back the values and the culture we've all had, we come out of this on the other side, but I mean, it's a scary cocktail that we're being presented.”
After 18 Months, Your Investment Probably Isn’t Getting Marked Up.
Many people in venture have been talking about this data from AngelList. My take is that the data is highly skewed given the behavior of the last three years, and the funds in their study are highly momentum-based and small tickets. Additionally, AngelList only has data on priced movements. We all know that most early-stage financings are done in SAFEs and Convertibles, which are used liberally even after an initial priced round. So, it’s tough to tell.
Venture capital is all about the outliers. The ungeneralizable. These aggregate data points are good to reflect on but not necessarily instructive on any given situation.
What Is an Education Savings Account, and Why Does It Matter? The accounts may be a huge deal, but we’re not there yet.
Great article about an alternative education trend I’m excited about. As you know from reading this newsletter, I believe ESAs, if implemented well, can be a huge unlock for innovation, outcomes, and efficiency in education. Money for the system isn’t the primary problem — we can use our resources more efficiently.
As John Arnold shared on Twitter, this year, the NYC Dept. of Ed will spend more than $37k per K-12 student with an average classroom size of 24. That's $888k per classroom. Source here.
Song of the Week: Where Is Your Heart
Official Video on YouTube.
I love Brandi Carlile. She’s just the best, and this song about finding a home is excellent.
I’ve noticed that it’s harder to move when you’re old. Not because you have more stuff physically; it’s the mental overhead.
Research shows that students learn more if they sit in different chairs or places in the room each day. I feel that way about moving around. Staring clean makes you stay fresh. Does it come at the cost of a community? I’ve found that those of us who move around a lot tend to build a different sort of community: a community on our phones, an on-call community when we need it, a community that can grow and evolve over time.
Within the US, I’ve lived in North Carolina, New York, California, the Pacific Northwest, and Minnesota. I often wondered if I’d make a tour through the Southwest. I’m excited to call Texas home. It is a different vibe. But the best part has to be that my dad can no longer accuse me of being a coastal elite!
“Wherever Is Your Heart” by Brandi Carlile
Even when you're high, you can get low
Even with your friends you love, you're still alone
We always find the darkest place to go
God forgive our minds, we were born to roam
Wherever is your heart I call home
Though your feet may take you far from me, I know
Selfie of the Week
I love assembling furniture, but it has to be solo. Some tasks aren’t team sports.
Thanks for reading, friends. Please always be in touch.
had a similar content diet this week!