Supply-side hurdles

It seems WeWork isn’t alone…


That isn’t unusual for a portfolio of optionality-based risk-return parameters.

(Though, truth be told, Softbank’s isn’t a venture portfolio. Tens, hundreds of billions, is not a venture model.)

If presented and managed as venture, however, a $1 billion investment requires, say, a $5 billion return, to put it mildly, and we pity the management team responsible.

For a diversified portfolio that can absorb the breaking of some and the speed of others, move fast and break things is a good format to promote.

(Though, to be fair, some venture capital is patient.)

And at times it is the capital that helps to do the breaking.


Some not altogether unrelated reading follows.