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The Coinbase Tax Center1


Our portfolio company Coinbase launched some much needed tax tools this week. I used them today to calculate our gains in 2017 and send the reports to our accountants. The Coinbase tax center is here. The tools look like this: I generated all of those reports just now and sent them to my accountant so we can report the 2017 gains on our returns. Sadly in 2015 and 2016, we had no gains. Some small losses which might offset a few of the 2017 gains, but not much. 2017, on the other hand, was a material year for us. The BCH fork generated real value and we sold some of that. We will be paying taxes on that shortly. I tell you all of this because gains and losses on crypto trading is taxable income and you should declare it and pay the taxes. That’s the law and it is important to comply. http://avc.com/2018/03/the-coinbase-tax-center/

Intensity over length


The most common response to added scope or work I’ve heard from myself or others is – “I’ll need to stay up late to get this done.” Optimizing length, it turns, out is just one way to solve the problem and is the most limited tool we have at our disposal. It is limited because we are capped – both in the short term and the long term. Even in the short term, there’s only 24 hours in a day, we need to get stuff done outside of work and we generally aren’t productive when we’re tired. In the long term, optimizing for length doesn’t work. Intensity, or how much we get done in a certain period of time, on the other hand, is harder to optimize for. To understand why, let’s examine a couple of truths about intensity. We work most intensely when we have clarity on why we we’re doing what we’re doing and what we’re looking to achieve. (focus) For maximum intensity work, we need to focus on one thing at a time. Our ability to sustain intensity is inversely proportional to length. There are times in our lives when we may sustain long periods of high intensity work because we’re consumed by a mission. But, more often than not, the biggest challenge with intensity is that it is inversely proportional to length. We focus better when we’ve gotten sleep and time away from the problems we’re trying to solve. The beauty about intensity is that it is a much larger multiplier on productivity than time. You can double your intensity with a bit of work – but, doubling your work day is generally not possible. When in doubt, optimize for intensity over length. PS: As a bonus, high levels of intensity flow from focus. Learning to work on the right things is the best productivity multiplier we have in our hands. But, solving for focus when you are still optimizing for length is a daunting jump. So, the first step is to switch tactics to focusing on intensity. Over time, we’ll inevitably move further upstream. Share this: Facebook Twitter LinkedIn Like this: Like Loading... Related https://alearningaday.com/2018/02/28/intensity-over-length/

Can you keep a secret_28


Source: http://theoatmeal.com/blog/crabs

Dick_#8217;s and Guns


Source: http://themusingsofthebigredcar.com/dicks-and-guns/ Big Red Car here on a lovely Texas SXSW day. Oh, how cute. You didn’t know 250,000 tech Illuminati had invaded Austin? Well, yes, they did. So, to the topic. Guns and Dick’s. Dick’s and guns? After the recent tragedy in Florida at Marjory Stoneman Douglas High School in Parkland, Dick’s decided to raise its age to purchase all weapons to twenty-one even though Federal law allowed one to buy a long rifle at age eighteen. Obviously, someone at Dick’s — a corporate Dick, perhaps — anticipated there might be a reaction for to every reaction there is an equal and opposite reaction. In this case, the Devil is in the details. Dick’s and Guns So, Dick’s Sporting Goods made their virtue signalling move and the anti-gun intelligentsia applauded them far and wide. [Let’s be clear. The Big Red Car is not taking a side here. Just providing a weather report. BRC finds a lot to not like on both sides of the gun debate.] The head Dick (CEO Edward W Stack), announced that hereafter Dick’s would not be selling assault rifles (OK, you probably realize they already did this back in 2012, right?), large capacity magazines, or selling to anyone younger than twenty-one. Dick’s was joined by Walmart and others. The Second Amendment/gun crowd condemned the move and lit up Twitter with a million tweets. Even the National Rifle Association got into the game. So what, Big Red Car? The so what, dear reader, is that the Second Amendment/gun crowd stopped shopping at Dick’s. Enough to show up in their retail sales numbers. But, the Second Amendment/gun crowd did not just stop buying guns and ammo; they stopped buying everything. Normally, there would be some compensating balances, but the anti-gun folks are not, apparently, sportspersons. The head Dick warned that earnings would be impacted. When earnings bump into causes, well, funny things can happen. Stay tuned. Anything else, Big Red Car? Yes, dear reader, there is. Actually, Dick’s had announced an assault weapons ban back in 2012 after the Sandy Hook tragedy, so their recent announced ban of assault weapons was — well, you will have to figure that one out for yourself. Bit phony? Pretentious? After the 2012 announcement — the ban before the ban — Dick’s slyly returned to selling the offending pieces of murder wizardry through its Field & Stream units. So, while they are virtuous, they limit their virtuousness to their flagship brand, apparently. Can you follow that logic? Oh, yeah, the shithead in Florida bought a shotgun at Dick’s. The shotgun was not used in the massacre. [Note that the Big Red Car refrains from mentioning the actual names of murderers preferring to simply call them shitheads.] Bottom line it, Big Red OK, the Big Red Car is fine with anybody not selling anything. Check. The Big Red Car is fine with raising the age limit to buy a weapon — rifle, pistol, tank, howitzer — to twenty-five, so, twenty-one is the low hurdles. Check. [Hell, I wouldn’t let kids drive the Big Red Car until they were thirty-six.] But, the Big Red Car is tired of the phony virtue signalling, the ban before the ban after the ban smoke and mirrors. Step up, step out, risk the consequences. Just stop blowing smoke up our collective skirts, please. The Big Red Car does think if you’re old enough to fight for your country you should be able to buy a long rifle and drink a beer. So, maybe a carve out for active duty military and veterans. OK, just the real Rangers, not the kids. But, hey, what the Hell do I really know anyway? I’m just a Big Red Car. Good day. Source: http://themusingsofthebigredcar.com/dicks-and-guns/

The VC/Company Relationship


When I got into the VC business in the early 80s, the VC/Company relationship was pretty different than it is now. Capital was hard to come by, VCs commanded terms that would be laughed at today, and once they had made the investment, VCs acted as if they owned the Company (they sometimes did). The VC/Company relationship was a lot more like the current PE business than the current VC business. Back then VCs thought their customers were their Limited Partners. They would put on lavish annual meetings, treating their investors to three day events at resorts and such. Capital was hard to come by for VCs too and so they worked hard to earn the favor of the capital suppliers. All of that changed, starting in the 90s, when capital became very easy to come by in the first Internet boom. When we started Flatiron Partners in the mid 90s, I told my colleagues that our customers would be the entrepreneurs and that I wanted to treat our investors as our shareholders. That was a novel idea at the time, but I have advocated for it ever since and I think it more properly captures the relationship that the best VCs have with their portfolio companies today. Our portfolio companies are our customers. At USV, we have a portfolio network of about seventy companies. This group spans 8,000+ employees across more than 10 countries and 20 cities. We have a dedicated team that services our portfolio and as we have built it, we have been guided by several principles which reflect this “customer” orientation. We put them up on our website yesterday, they are here. Go read them and you will see that they reflect the fact that we are here to support our portfolio, not the other way around, we view them as our customers, and their success is our success. I believe this is as it should be. http://avc.com/2018/03/the-vc-company-relationship/