Memos

Like the knight’s sword, the firefighter’s hose, and the lumberjack’s ax, venture capitalists courageously wield the memo. For VCs, learning from mistakes is easy. In fact, we make so many that we’re experts on what not to do. What’s hard is to learn from success....

Amazon’s profits, AWS and advertising

People argue about Amazon a lot, and one of the most common and long-running arguments is about profits. The sales keep going up, and it takes a larger and larger share of US retail every year (7-8% in 2019), but it never seems to make any money. What’s going on?...