Mary Meeker

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Wall Street Meat by Andy Kessler

accounting loophole / creative accounting, Alan Greenspan, Andy Kessler, automated trading system, banking crisis, Bob Noyce, George Gilder, index fund, Jeff Bezos, John Bogle, junk bonds, market bubble, Mary Meeker, Menlo Park, Michael Milken, Pepto Bismol, pets.com, Robert Metcalfe, rolodex, Salesforce, Sand Hill Road, Silicon Valley, Small Order Execution System, Steve Jobs, technology bubble, undersea cable, Y2K

Hmmmm, I wonder what’s going on. The next Monday morning, this same woman poked her head into my office and Something about Mary said, “Hi, I’m Mary Meeker. I’m just starting today. How do you get a PC around here?” My response: “Welcome aboard.” For some reason, that was the official greeting for anyone new at Morgan Stanley. People say “Welcome aboard” non-stop, and you can’t wait for someone else new to start so you can start saying it instead of having it pounded in your ears. Mary Meeker came from Cowen, a so-so boutique that had a decent technology presence. She was an assistant to Michele Preston, the somewhat outdated computer analyst that I’d first met at the Apple analyst meeting on my first trip with Bob Cornell.

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But, Frankie said never again, and beat up his bankers to dig deep to find problems at companies and then run away at the hint of any improprieties. Mary Meeker had an analytical crew she could count on to wade through due diligence and analysis of banking clients, but I don’t think she ever felt comfortable with her own analysis. The bankers were her filters. Bad move. · · · Just after the Institutional Investor poll had come out, I stopped into Mary Meeker’s office with some advice about how it was all a marketing game and how she could use the sales force to her advantage. Her head barely came above her desk and she was at a strange angle, sort of kneeling on her chair.

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He knew the only reason they were paying homage is that they hoped to get an allocation of shares in what was clearly going to be a hot, hot, hot IPO, sure to pop soon after trading began. Near Frank, you would have also observed Mary Meeker, chatting with a small clique of clients who were badgering her for earning estimates, growth prospects and, I suppose, how she really felt about the company. The Netscape IPO scared the hell out of me. Not because it made Jim Clark a billionaire, not because I had had a shot at being involved (man, I could write a book about that), and not because Frank Quattrone and Mary Meeker were involved. It scared me because it was worth so damn much. The market was valuing Netscape at $2.2 billion.

Googled: The End of the World as We Know It by Ken Auletta

"World Economic Forum" Davos, 23andMe, AltaVista, An Inconvenient Truth, Andy Rubin, Anne Wojcicki, AOL-Time Warner, Apple's 1984 Super Bowl advert, Ben Horowitz, bioinformatics, Burning Man, carbon footprint, citizen journalism, Clayton Christensen, cloud computing, Colonization of Mars, commoditize, company town, corporate social responsibility, creative destruction, death of newspapers, digital rights, disintermediation, don't be evil, facts on the ground, Firefox, Frank Gehry, Google Earth, hypertext link, Innovator's Dilemma, Internet Archive, invention of the telephone, Jeff Bezos, jimmy wales, John Markoff, Kevin Kelly, knowledge worker, Larry Ellison, Long Term Capital Management, Marc Andreessen, Mark Zuckerberg, Marshall McLuhan, Mary Meeker, Menlo Park, Network effects, new economy, Nicholas Carr, PageRank, Paul Buchheit, Peter Thiel, Ralph Waldo Emerson, Richard Feynman, Sand Hill Road, Saturday Night Live, semantic web, sharing economy, Sheryl Sandberg, Silicon Valley, Skype, slashdot, social graph, spectrum auction, stealth mode startup, Stephen Hawking, Steve Ballmer, Steve Jobs, strikebreaker, Susan Wojcicki, systems thinking, telemarketer, the Cathedral and the Bazaar, the long tail, the scientific method, The Wisdom of Crowds, Tipper Gore, Upton Sinclair, vertical integration, X Prize, yield management, zero-sum game

Myhrvold, “Impact of the Internet,” November 15, 1994, gathered by the author for a May 12, 1997, profile of Myhrvold in The New Yorker. 36 Myhrvold presciently warned: Nathan P. Myhrvold, “No More Middleman: The Broad Impact of the Internet,” November 27, 1995. 36 Bill Gates galvanized his troops: “The Internet Tidal Wave,” May 25, 1995, and available via a Google search. 36 “In this report”: Mary Meeker and Chris DePuy, The Internet Report, HarperBusiness, 1996. 37 “He had a dial-up Web connection”: author interview with Mary Meeker, January 23, 2009. 37 twenty-two billion dollars on wireless services: Mark Landler, “An Aerial Assault on the Wired Nation,” in the New York Times, February 26, 1996. 37 he drew a distinction between incremental changes: Nathan P.

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Guth, “Google Tackles Microsoft in Launch of Browser,” Wall Street Journal, September 2, 2008. 265 “ten thousand iPhone applications: reproduced in Mary Meeker’s Morgan Stanley report, ”Economy/Internet Trends,“ December 19, 2008. 265 1.6 billion text messages: Schmidt speaks at annual Google shareholders meeting, May 8, 2008 and viewed on Google.com. 265 ”Because his customers use so many more services“: author interview with Ivan Seidenberg, October 30, 2008. 266 ”almost a third of all Google searches“: Brin, ”Letter from the Founders,“ Google 2008 annual report, April 2009. 266 ”I would love to argue“: author interview with Eric Schmidt, September 15, 2008. 266 ”We’re watching it“: author interview with Ivan Seidenberg, October 30, 2008. 266 ”Privacy is a much noisier issue“: author interview with Barry Diller, January 10, 2008. 267 A March 2008 poll: TRUSTe privacy survey from Stephanie Clifford, ”Many See Privacy on Web as Big Issue, Survey Said,“ New York Times, March 16, 2009. 267 Huxley more relevant than Orwell : Neil Postman, Amusing Ourselves to Death: Public Discourse in the Age of Show Business, Viking Penguin, 1985. 268 ”It’s a totally different kind of advertising“: author interview with Irwin Gotlieb, February 11, 2008. 269 the November 2008 Web 2.0 Summit: attended by author, November 5-7, 2008. 269 The gloom extended to Silicon Valley : the recession’s impact on the valley from a spate of reports, including: Ashlee Vance, ”Tech Companies, Long Insulated, Now Feel Slump,“ New York Times, November 15, 2008; Richard Waters and Chris Nuttall, ”Optimism Fades as Silicon Valley Suffers Job Losses,“ Financial Times, October 20, 2008; Daniel Lyons, ”Down in the Valley,“ Newsweek, October 20, 2008. 271 He wrote a blog in January 2009: Michael Arrington, ”Some Things Need to Change,“ TechCrunch.com, January 28, 2009. 271 ”travel“ no longer a top search word: Eric Schmidt, in a speech at Bloomberg headquarters in New York attended by the author, October 20, 2008. 271 searches for ”bankruptcy“ had jumped 52 percent: Jonathan Rosenberg at Google’s first quarter earnings call on April 16, 2009. 271 ”most significant thing that happened at Google“: author interview with Bill Campbell, November 6, 2008. 272 ”While Google’s success is hard to dispute“: author interview with Mary Meeker, January 23, 2009. 272 ”When everything runs well“: author interview with Patrick Pichette, April 1, 2009. 272 ”Patrick is particularly good“: Eric Schmidt interviewed by Mary Meeker March 3, 2009, at the Morgan Stanley conference in San Francisco. 272 a bonus for 2008 of $1.2 million: Form 8-K, filed with the SEC February 26, 2009. 273 For the first time, Coogle was contracting: Jessica E.

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Helps Out Future of 3-D,” Advertising Age, March 13, 2009. 300 page one of the Los Angeles Times : Stephanie Clifford, “Front of Los Angeles Times Has an NBC Article,”’ New York Times, April 10, 2009. 301 “Wrestling had bigger audiences”: author interview with Robert Pittman, February 29, 2008. 301 “I think people are getting”: author interview with Marc Andreessen, June 9, 2008. 301 Each of the 40,000: author interview with Scott Heiferman, January 25, 2008. 301 “one quarter of CBS‘s”: author interview with Quincy Smith, September 16, 2008. 302 The online dating service: author interview with Barry Diller, March 3, 2009. 302 Mary Meeker predicts: author interview with Mary Meeker, January 23, 2009. 302 By mid-2008 China: “China’s Internet Cafes Still Crucial to Online Game Growth,” VentureBeat.com, August 17, 2008. 302 “PiperJaffray projected”: Matt Richtel and Bob Tedeschi in the New York Times, April 6, 2009. 302 “we want to get credit card numbers”: author interview with MarcAndreessen, March 27, 2008. 302 “the stealth device”: author interview with Ivan Seidenberg, October 30, 2008. 302 “social network traffic”: author interview with Eric Schmidt, June 11, 2008. 303 “We made one really big mistake”: author interview with Dr.

The Accidental Investment Banker: Inside the Decade That Transformed Wall Street by Jonathan A. Knee

AOL-Time Warner, barriers to entry, Bear Stearns, book value, Boycotts of Israel, business logic, call centre, cognitive dissonance, commoditize, corporate governance, Corrections Corporation of America, deal flow, discounted cash flows, fear of failure, fixed income, Glass-Steagall Act, greed is good, if you build it, they will come, iterative process, junk bonds, low interest rates, market bubble, market clearing, Mary Meeker, Menlo Park, Michael Milken, new economy, Ponzi scheme, pre–internet, proprietary trading, risk/return, Ronald Reagan, shareholder value, Silicon Valley, SoftBank, technology bubble, young professional, éminence grise

So Joe told me everything and made me promise to act surprised as Sine magnanimously handed over the reins of the Thomson account. All of the cultural phenomena described here relating to the boom’s impact on investment banking and investment bankers generally sometimes took outsized shape at Morgan Stanley because of a single individual: Mary Meeker, Queen of the Net.12 Mary Meeker had been a fairly undistinguished PC and computer software research analyst in the early 1990s, slaving away on reports covering companies like Microsoft and Compaq. She had joined the equity research division of Morgan Stanley in 1991, and prior to the Internet boom had never appeared in the rankings of the Institutional Investor magazine’s prestigious survey of analysts.

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Nina Munk’s Fools Rush In: Steve Case, Jerry Levin and the Unmaking of AOL Time Warner (New York: Harper Business, 2004), 123–129, is devastating in its depiction of how Case and his advisors schemed as to the most effective use of their overvalued stock and ultimately settled on the hapless Time Warner and the emotionally fragile Jerry Levin. 12 Mary was so dubbed by Barron’s in an influential December 21, 1998, article by Andrew Barry titled “Net Queen: How Mary Meeker Came to Rule the Internet.” 13 De Baubigny later founded a high-end wine storage business in San Francisco, where he continues to work today. 14 This and other similar pages are reproduced in Appendix IX of The European Internet Report from June 1999, one of a series of follow-on volumes to the original Internet Report. None of these subsequent equity research reports managed to be published commercially. 15 Peter Elkind, “Where Mary Meeker Went Wrong,” Fortune, May 14, 2001. 16 E.g., Randall Smith, “High Tech Banker Scores Deals With Mule and ‘Rocky Raccoon,’” Wall Street Journal, September 24, 1999. 17 Equity Ownership in America, 2002, Investment Company Institute and the Securities Industry Association. 18 Susan Pulliam and Randall Smith, “Silicon Touch: For Frank Quattrone, With a Fief at CSFB, Tech Was a Gold Mine—Both Banker and Investor, He Made the Most of IPOs and Venture-Capital Ties—Getting in On the Ground Floor,” Wall Street Journal, May 3, 2001. 19 Andrew P.

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Other investment banks belatedly tried with varying degrees of success to establish their own ready-for-prime-time celebrity Internet analysts, but Mary had an insurmountable first mover advantage during a boom that would only last a few short years. Ironically, these jealous competitors probably never suspected the extent to which at Morgan Stanley many not so secretly wished they could give her away. The problem was that having Mary Meeker at Morgan Stanley created client expectations that simply could not be fulfilled. This was partly a function of the overwhelming demand for all things Meeker. But it was exacerbated by Meeker’s stubborn insistence that she be consulted on any decision touching on her “space.” And her celebrity was such that Morgan Stanley acceded to a very broad definition of the realm within which Meeker had unchallenged authority.

Nothing But Net by Mark Mahaney

Airbnb, AltaVista, Amazon Web Services, AOL-Time Warner, augmented reality, autonomous vehicles, Big Tech, Black Swan, Burning Man, buy and hold, Cambridge Analytica, Chuck Templeton: OpenTable:, cloud computing, COVID-19, cryptocurrency, discounted cash flows, disintermediation, diversification, don't be evil, Donald Trump, Elon Musk, financial engineering, gamification, gig economy, global pandemic, Google Glasses, Jeff Bezos, John Zimmer (Lyft cofounder), knowledge economy, lockdown, low interest rates, Lyft, Marc Andreessen, Mark Zuckerberg, Mary Meeker, medical malpractice, meme stock, Network effects, PageRank, pets.com, ride hailing / ride sharing, Salesforce, Saturday Night Live, shareholder value, short squeeze, Silicon Valley, Skype, Snapchat, social graph, Steve Jobs, stocks for the long run, subscription business, super pumped, the rule of 72, TikTok, Travis Kalanick, Uber and Lyft, uber lyft

Yes, he was kind enough to meet me in the lobby of Morgan Stanley, where he worked, to hand me some of Mary Meeker’s research reports. But he was also kind enough to inform me that one of Meeker’s two associates was soon to be leaving and Meeker was on the lookout for a new hire. Was I interested? Was I! So if there’s one person I am most in debt to for launching my Internet Wall Street career, it’s Chris Boova. Thank you, Chris! What then followed was a six-month interview process that ended with me joining the Morgan Stanley equity research department as an associate to Mary Meeker. That process involved me meeting several times with the associate who was leaving—a guy named Russ Grandinetti, who was leaving for what turned out to be a fantastic career with a tiny little online retail company called Amazon.com, where he helped launch the Kindle product line, among many other achievements.

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Those four stocks helped create one of the most lucrative investment portfolios (FANG as in Facebook, Amazon, Netflix, and Google) of the past several years. And I’ve been with them every step of the way. Lots of skill. And lots of luck. I have also been unlucky. I was laid off by Morgan Stanley in 2003 in the wake of the dot-com bust, after working there for five years as the top associate to legendary analyst Mary Meeker. I was also fired by infamous hedge fund manager Raj Rajaratnam at Galleon for “not getting enough edge” after grinding it out in that trading snake pit for a year. (That firing turned out to be a blessing, in hindsight. Still, firings are never fun.) And I was “terminated” by Citibank for a violation of that company’s media disclosure policies—a highly painful experience on both a professional and personal level—after working extremely hard there for seven years building the leading Internet research franchise on Wall Street.

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And showing up to analyze the Internet sector in 1998 was exactly the right place at the right time. Like I said, I have been very, very lucky. My luck occurred because in 1998, a Wharton Business School classmate and friend of mine, Chris Boova, was kind enough to give me some of the research reports published by one Mary Meeker, who for over a decade was the Internet analyst at Morgan Stanley. She was also the lead author of The Internet Report, a 150-page primer on the Internet sector published by Harper Business in 1997. I vividly remember that report because a Wall Street Journal article on it sent me scurrying down to the Barnes & Noble in downtown Philadelphia looking to buy it.

Confessions of a Wall Street Analyst: A True Story of Inside Information and Corruption in the Stock Market by Daniel Reingold, Jennifer Reingold

Alan Greenspan, AOL-Time Warner, barriers to entry, Bear Stearns, Berlin Wall, corporate governance, deal flow, estate planning, Fall of the Berlin Wall, fixed income, George Gilder, high net worth, informal economy, junk bonds, margin call, Mary Meeker, mass immigration, Michael Milken, new economy, pets.com, Robert Metcalfe, rolodex, Saturday Night Live, shareholder value, short selling, Silicon Valley, stem cell, Telecommunications Act of 1996, thinkpad, traveling salesman, undersea cable, UUNET

I was mystified. Although telecommunications and the Internet would later become as linked as Siamese twins, I didn’t quite see the connection between the two. I made a mental note to someday figure out exactly what he was talking about. Most people credit Mary Meeker with first educating Wall Street about the Internet. I sat next to Mary Meeker at Morgan Stanley for several years, but she hadn’t yet discovered it when I departed for Merrill Lynch in early 1993. So, for me, Jim Crowe was the person who first alerted me to the Internet’s potential impact on the telecom industry. But at the time, I was more concerned with surviving the next deal announcement and fending off Jack’s attacks than I was with the largest technological shift of the past several decades.

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First to fall had been the Internet analysts, the most famous of whom were Henry Blodget of Merrill Lynch and Mary Meeker of Morgan Stanley. In March of 2001, Henry Blodget’s role as analyst-cum-banker was highlighted in a series of articles in The Wall Street Journal, and subsequently an investor brought a suit against him, claiming Blodget had recommended stocks that he thought were dogs. Merrill would settle the suit a few months later for $400,000, unleashing a tidal wave of similar lawsuits. In May 2001, Fortune ran a cover story, “Can We Ever Trust Wall Street Again?” featuring a very unflattering, sinister-looking picture of Mary Meeker.7 I didn’t know either of them very well.

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., Chief Financial Officer Daniel Akerson, Chief Financial Officer, later President Doug Maine, Chief Financial Officer Jim Hayter, Vice President of Investor Relations Connie Weaver, Director of Investor Relations MORGAN STANLEY (1989–1993) Research Department Ed Greenberg, senior telecom analyst Rick Klugman, my associate Mary Meeker, software analyst and later, Internet analyst Mayree Clark, head of global equity research Jack Curley, head of global equity research Jay Cushman, head of domestic equity research Peter Dale, head of domestic equity research Executives and Investment Bankers Robert Greenhill, President until March 1993 John Mack, President, March 1993–March 2001 Bob Murray, telecom banker Joe Perella, head of investment banking Frank Quattrone, head of technology banking Clay Rohrbach III, investment banker Paul Taubman, telecom and media mergers and acquisitions banker Jeff Williams, head telecom banker MERRILL LYNCH (1993–1999) Research Department (Management) Ray Abbott, attorney for research compliance department Rosemary Berkery, co-director of global research, then General Counsel Jack Lavery, head of global equity research Andy Melnick, co-director of global research My Research Team Julia Belladonna Ehud Gelblum Mark Kastan Rick Klugman Megan Kulick Connie Marotta, my executive assistant Dick Toole Research Colleagues Neil Barton, telecom analyst in London, covering BT and European telecom stocks Henry Blodget, Internet analyst Chris McFadden, replaced Barton in 1995, covering European telecom stocks Jessica Reif-Cohen, cable, media, and entertainment analyst Executives Dan Tully, CEO and Chairman David Komansky, President and CEO Herb Allison, head of investment banking and later President Jerry Kenney, Executive Vice President, strategy and research Tom Davis, head of investment banking Investment Bankers Matt Bowman, Executive Vice President of investment banking, internal banker to Merrill Lynch, banker to MCI and other major companies Michael Costa, telecom mergers and acquisitions specialist Tom Middleton, co-head of telecom investment banking Rob Kramer, telecom banker Frank Maturo, banker to Level 3 Mark Maybell, head of telecom and media banking Mark Vander Ploeg, banker to the Anschutz Corporation Sean Wallace, telecom banker CREDIT SUISSE FIRST BOSTON (1999–2003) Research Department (Management) Al Jackson, global research director My Research Team Julia Belladonna I do Cohen Ehud Gelblum Mark Kastan Connie Marotta Research Colleagues Cindy Motz, U.S. wireless telecom analyst Executives John Mack, CEO, beginning in August 2001, replacing Allen Wheat Allen Wheat, CEO through August 2001 Chuck Ward, head of investment banking, later President Brady Dougan, head of equities, now CEO of CSFB Frank Quattrone, head of technology investment banking COMPETITOR TELECOM ANALYSTS Blake Bath, Lehman Brothers Stephanie Comfort, Salomon Brothers and Morgan Stanley Frank Governali, CSFB and Goldman Sachs Joel Gross, Donaldson, Lufkin & Jenrette (DLJ) Jack Grubman, PaineWebber, Salomon Brothers, and Salomon Smith Barney (Citigroup) Rick Klugman, PaineWebber, Goldman Sachs, and DLJ Robert Morris, Goldman Sachs Adam Quinton, Merrill Lynch Tim Weller, Donaldson, Lufkin & Jenrette “BUY-SIDE” CLIENTS (MUTUAL FUNDS, PENSION FUNDS, HEDGE FUNDS, ETC.)

How to Build a Billion Dollar App: Discover the Secrets of the Most Successful Entrepreneurs of Our Time by George Berkowski

Airbnb, Amazon Web Services, Andy Rubin, barriers to entry, Black Swan, business intelligence, call centre, crowdsourcing, deal flow, Dennis Tito, disruptive innovation, Dunbar number, en.wikipedia.org, game design, Google Glasses, Google Hangouts, Google X / Alphabet X, growth hacking, iterative process, Jeff Bezos, Jony Ive, Kickstarter, knowledge worker, Lean Startup, loose coupling, Marc Andreessen, Mark Zuckerberg, Mary Meeker, minimum viable product, MITM: man-in-the-middle, move fast and break things, Network effects, Oculus Rift, Paul Graham, QR code, Ruby on Rails, Salesforce, self-driving car, Sheryl Sandberg, Silicon Valley, Silicon Valley startup, Skype, Snapchat, social graph, SoftBank, software as a service, software is eating the world, Steve Jobs, Steven Levy, subscription business, TechCrunch disrupt, Travis Kalanick, two-pizza team, ubercab, Y Combinator

Chapter 2: Mobile Genetics 1 ‘ITU Releases Latest Global Technology Development Figures’, press release on ITU.int, 27 February 2013, www.itu.int/net/pressoffice/press_releases/2013/05.aspx#.UwypjeN_tAo. 2 Flurry Analytics, 2013 and Mary Meeker and Liang Wu, KPCB Annual Internet Trends Report 2013, published May 2013, slide 40, www.kpcb.com/insights/2013-internet-trends. 3 Jessica E. Lessin and Spencer E. Ante, ‘Apps Rocket Toward $25 Billion in Sales’, article on WSJ.com, 4 March 2013, online.wsj.com/article/SB10001424127887323293704578334401534217878.html. 4 Mike Croucher, ‘Supercomputers vs. Mobile Phones’, 2 June 2010, www.walkingrandomly.com/?p=2684. 5 Mary Meeker and Liang Wu, May 2013, slide 109, op. cit. 6 Mary Meeker and Liang Wu, May 2013, slide 33, op. cit. 7 Data retrieved from www.cnnic.net.cn/hlwfzyj/hlwxzbg/hlwtjbg/201401/P020140116395418429515.pdf 8 Ibid. 9 StatCounter Global Stats, ‘Comparison from November 2013 to January 2014’, gs.statcounter.com/#desktop+mobile-comparison-ww-monthly-201311-201401-bar. 10 ‘Smartphone Users Worldwide Will Total 1.75 Billion in 2014’, article on eMarketer.com, 16 January 2014, www.emarketer.com/Article/Smartphone-Users-Worldwide-Will-Total-175-Billion-2014/1010536. 11 Tomi Ahonen, ‘The Annual Mobile Industry Numbers and Stats Blog – Yep, this year we will hit the mobile moment’, blog post on CommunitiesDominate.blogs.com, 6 March 2013, communitiesdominate.blogs.com/brands/2013/03/the-annual-mobile-industry-numbers-and-stats-blog-yep-this-year-we-will-hit-the-mobile-moment.html. 12 The average American aged 15 and over sleeps for 8.7 hours, as reported in ‘Charts from the American Time Use Survey’, 23 October 2013, www.bls.gov/tus/charts/. 13 Ingrid Lunden, ‘Gartner: 102B App Store Downloads Globally in 2013, $26B In Sales, 17% From In-App Purchases’, article on TechCrunch.com, 19 September 2013, TechCrunch.com/2013/09/19/gartner-102bapp-store-downloads-globally-in-2013-26b-in-sales-17-from-in-app-purchases/. 14 ‘Gartner Says Mobile App Stores Will See Annual Downloads Reach 102 Billion in 2013’, article on Gartner.com, 19 September 2013, www.gartner.com/newsroom/id/2592315. 15 Kevin Bostic, ‘Apple Refunds $6,131 iTunes Bill for 8-year-old’s Unauthorized In-App Purchases’, article on AppleInsider.com, 22 July 2013, appleinsider.com/articles/13/07/22/apple-refunds-6131-itunes-bill-for-8-year-olds-unauthorized-in-app-purchases. 16 Sven Grundberg and Juhana Rossi, ‘Earnings Soar at Finnish Game Maker Supercell’, article on WSJ.com, 12 February 2014, online.wsj.com/news/articles/SB10001424052702304703804579378272705325260?

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mg= reno64-wsj. 17 ‘Small Retailers Reap the Benefits of Selling on Amazon, but Challenges Remain’, article on InternetRetailer.com, 14 February 2014, www.internetretailer.com/mobile500/. 18 Bill Siwicki, ‘It’s Official: Mobile Devices Surpass PCs in Online Retail’, article on InternetRetailer.com, 1 October 2013, www.internetretailer.com/2013/10/01/its-official-mobile-devices-surpass-pcs-online-retail. 19 ‘Mobile Commerce Comes of Age’, article on InternetRetailer.com, 24 September 2013, www.internetretailer.com/2013/09/24/mobile-commerce-comes-age. 20 ‘Gartner Says Worldwide PC Shipments Declined 6.9 Percent in Fourth Quarter of 2013’, article on Gartner.com, 9 January 2014, www.gartner.com/newsroom/id/2647517. 21 Mary Meeker and Liang Wu, May 2013, slide 31, op. cit. 21 In-Soo Nam, ‘A Rising Addiction Among Youths: Smartphones’, article on WSJ.com, 23 July 2013, online.wsj.com/article/SB10001424127887324263404578615162292157222.html. 23 ‘Americans Can’t Put Down Their SmartPhones, Even During Sex’, article on Jumio.com, 11 July 2013, www.jumio.com/2013/07/americans-cant-put-down-their-smartphones-even-during-sex/. 24 Drew Olanoff, ‘Mark Zuckerberg: Our Biggest Mistake was Betting Too Much on HTML5’, article on TechCrunch.com, 11 September 2012, TechCrunch.com/2012/09/11/mark-zuckerberg-our-biggest-mistake-with-mobile-was-betting-too-much-on-html5/. 25 Walter Isaacson, Steve Jobs, Little, Brown: London, 2012, p. 501. 26 ‘Standish Newsroom – Open Source’, press release, Boston, April 2008, blog.standishgroup.com/pmresearch. 27 Richard Rothwell, ‘Creating Wealth with Free Software’, article on FreeSoftwareMagazine.com, 8 May 2012, www.freesoftwaremagazine.com/articles/creating_wealth_free_software. 28 ‘Samsung Elec Says Gear Smartwatch Sales Hit 800,000 in 2 Months’, article on Reuters.com, 19 November 2013, www.reuters.com/article/2013/11/19/samsung-gear-idUSL4N0J41VR20131119. 29 Jay Yarow, ‘Meet the Team of Experts Apple Assembled To Create The iWatch, Its Next Industry-Defining Product’, article on BusinessInsider.com. 18 July 2013, www.BusinessInsider.com/iwatch-sensors-2013-7. 30 Macelo Ballve, ‘Wearable Gadgets Are Still Not Getting The Attention They Deserve – Here’s Why They Will Create A Massive New Market’, article on BusinessInsider.com, 29 August 2013, www.BusinessInsider.com/wearable-devices-create-a-new-market-2013-8.

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Rusli and Douglas MacMillan, ‘Snapchat Spurned $3 Billion Acquisitions Offer from Facebook’, blog post on WSJ.com, 13 November 2013, blogs.wsj.com/digits/2013/11/13/snapchat-spurned-3-billion-acquisition-offer-from-facebook/. 4 ‘Human Universals’, entry on Wikipedia.org, en.wikipedia.org/wiki/Human_Universals. 5 Find out more about the app at www.bible.com. 6 Alyson Shontell, ‘With 100 Million Downloads, YouVersion Bible Is A Massive App That No VC Can Touch’, article on BusinessInsider.com, 29 July 2013, www.BusinessInsider.com/youversion-bible-app-has-100-million-downloads-2013-7. 7 Tomi Ahonen, ‘The Annual Industry Numbers and Stats Blog – Yep, this year we will hit the mobile moment’, blog post on Communities Dominate.blogs.com, 6 March 2013, communitiesdominate.blogs.com/brands/2013/03/the-annual-mobile-industry-numbers-and-stats-blogyep-this-year-we-will-hit-the-mobile-moment.html. 8 Mayumi Negishi, ‘Rakuten to Buy Voice-Call App Maker Viber’, article on WSJ.com, 14 February 2014, online.wsj.com/news/articles/SB10001424052702304315004579382014046629596. 9 Sven Grundberg and Juhana Rossi, ‘Earnings Soar at Finnish Game Maker Supercell’, article on WSJ.com, 12 February 2014, online.wsj.com/news/articles/sb10001424052702304703804579378272705325260?mg=reno 4-wsj. 10 Mary Meeker and Liang Wu, KPCB Annual Internet Trends Report 2013, published May 2013, slide 14, www.kpcb.com/insights/2013-internet-trends. 11 Spinvox, profile on CrunchBase.com, www.crunchbase.com/company/spinvox. 12 ‘A Voicemail Transcription Scandal in Britain’, blog post on WSJ.com, 24 July 2009, blogs.wsj.com/digits/2009/07/24/a-voicemail-transcription-scandal-in-britain/. 13 Andrew Orlowski, ‘Spinvox: The Inside Story’, article on TheRegister.co.uk, 28 July 2009, www.theregister.co.uk/2009/07/29/spinvox_mechanical_turk/. 14 Diana I.

The Power Law: Venture Capital and the Making of the New Future by Sebastian Mallaby

"Susan Fowler" uber, 23andMe, 90 percent rule, Adam Neumann (WeWork), adjacent possible, Airbnb, Apple II, barriers to entry, Ben Horowitz, Benchmark Capital, Big Tech, bike sharing, Black Lives Matter, Blitzscaling, Bob Noyce, book value, business process, charter city, Chuck Templeton: OpenTable:, Clayton Christensen, clean tech, cloud computing, cognitive bias, collapse of Lehman Brothers, Colonization of Mars, computer vision, coronavirus, corporate governance, COVID-19, cryptocurrency, deal flow, Didi Chuxing, digital map, discounted cash flows, disruptive innovation, Donald Trump, Douglas Engelbart, driverless car, Dutch auction, Dynabook, Elon Musk, Fairchild Semiconductor, fake news, family office, financial engineering, future of work, game design, George Gilder, Greyball, guns versus butter model, Hacker Ethic, Henry Singleton, hiring and firing, Hyperloop, income inequality, industrial cluster, intangible asset, iterative process, Jeff Bezos, John Markoff, junk bonds, Kickstarter, knowledge economy, lateral thinking, liberal capitalism, Louis Pasteur, low interest rates, Lyft, Marc Andreessen, Mark Zuckerberg, market bubble, Marshall McLuhan, Mary Meeker, Masayoshi Son, Max Levchin, Metcalfe’s law, Michael Milken, microdosing, military-industrial complex, Mitch Kapor, mortgage debt, move fast and break things, Network effects, oil shock, PalmPilot, pattern recognition, Paul Graham, paypal mafia, Peter Thiel, plant based meat, plutocrats, power law, pre–internet, price mechanism, price stability, proprietary trading, prudent man rule, quantitative easing, radical decentralization, Recombinant DNA, remote working, ride hailing / ride sharing, risk tolerance, risk/return, Robert Metcalfe, ROLM, rolodex, Ronald Coase, Salesforce, Sam Altman, Sand Hill Road, self-driving car, shareholder value, side project, Silicon Valley, Silicon Valley startup, Skype, smart grid, SoftBank, software is eating the world, sovereign wealth fund, Startup school, Steve Jobs, Steve Wozniak, Steven Levy, super pumped, superconnector, survivorship bias, tech worker, Teledyne, the long tail, the new new thing, the strength of weak ties, TikTok, Travis Kalanick, two and twenty, Uber and Lyft, Uber for X, uber lyft, urban decay, UUNET, vertical integration, Vilfredo Pareto, Vision Fund, wealth creators, WeWork, William Shockley: the traitorous eight, Y Combinator, Zenefits

Likewise, Kleiner failed to make up for the cleantech losses with traditional IT venture bets. Perhaps because it was too heavy with mature stars who lacked the hustle to connect with young founders, its venture team missed the home runs of the era: Uber, Dropbox, LinkedIn, WhatsApp, Stripe, and so on. The one standout Kleiner success in this period involved the hiring of Mary Meeker, the former Morgan Stanley analyst who had pioneered the evaluation of digital businesses. Unlike the other established fifty-somethings who arrived at the partnership around this time, Meeker had grown up in the investment world. She proceeded to run a series of growth funds, profiting from late-stage bets on companies that the venture team had missed and partially redeeming Kleiner’s performance.

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The 1980s takeover artists—Henry Kravis, Ronald Perelman, Michael Milken—were among his heroes.[28] After returning to Russia and losing his banking job in the financial crisis of 1998, Milner had read a pile of investment bank studies, seeking career inspiration. Among them was an internet report by Mary Meeker, then Morgan Stanley’s star tech analyst. At the time, nobody in Russia was talking about the internet, and Milner himself did not even use email. But Meeker laid out how internet penetration was spreading everywhere and how certain online business models would catch the wave, like exquisitely designed surfboards.

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Rowe Price, Fidelity, and Capital Group joined his syndicate. So did the private-equity group Silver Lake, a hedge fund named Maverick Capital, and Morgan Stanley. Silicon Valley venture firms such as Kleiner Perkins joined too; Kleiner had recently signaled its enthusiasm for growth deals by hiring Mary Meeker. In June 2011, shortly after posing for the cover of the annual Forbes edition listing the world’s billionaires, Milner led a round for the music-streaming service Spotify. This time Accel, which was just closing an $875 million growth fund, was among the firms that invested with him.[35] In a remarkably short time, Milner lent shape and momentum to a new form of technology investing.

After the New Economy: The Binge . . . And the Hangover That Won't Go Away by Doug Henwood

"World Economic Forum" Davos, accounting loophole / creative accounting, affirmative action, Alan Greenspan, AOL-Time Warner, Asian financial crisis, barriers to entry, Benchmark Capital, book value, borderless world, Branko Milanovic, Bretton Woods, business cycle, California energy crisis, capital controls, corporate governance, corporate raider, correlation coefficient, credit crunch, deindustrialization, dematerialisation, deskilling, digital divide, electricity market, emotional labour, ending welfare as we know it, feminist movement, fulfillment center, full employment, gender pay gap, George Gilder, glass ceiling, Glass-Steagall Act, Gordon Gekko, government statistician, greed is good, half of the world's population has never made a phone call, income inequality, indoor plumbing, intangible asset, Internet Archive, job satisfaction, joint-stock company, Kevin Kelly, labor-force participation, Larry Ellison, liquidationism / Banker’s doctrine / the Treasury view, low interest rates, manufacturing employment, Mary Meeker, means of production, Michael Milken, minimum wage unemployment, Naomi Klein, new economy, occupational segregation, PalmPilot, pets.com, post-work, profit maximization, purchasing power parity, race to the bottom, Ralph Nader, rewilding, Robert Gordon, Robert Shiller, Robert Solow, rolling blackouts, Ronald Reagan, shareholder value, Silicon Valley, Simon Kuznets, statistical model, stock buybacks, structural adjustment programs, tech worker, Telecommunications Act of 1996, telemarketer, The Bell Curve by Richard Herrnstein and Charles Murray, The Wealth of Nations by Adam Smith, total factor productivity, union organizing, War on Poverty, warehouse automation, women in the workforce, working poor, zero-sum game

But it's impossible to resist the temptation to savor some memories, like the guy in the 2001 ad that ran on C'NBC' who was watching videotapes of the network's coverage of the bull market. C^NBC] was central to stoking the madness, rhe 19H0s had FNN, which was amateurish and obscure, and was eventually absorbed by the better-financed GE subsidiary in 1991. Not only did (^NBC; deliver fresh stock prices and the latest news on Mary Meeker, it also created financial TV's first sex symbol, Maria Bartiromo, "the Money Honey," as the New York Post's Page Six dubbed her. Pre-Maria, the typical female talking head on financial TV was attractive but not overdy sexy. Typically blond, WASPy, and sporting pearls, she evoked old money Not Bartiromo, with her Italian name, generous mouth, Brooklyn accent, and often unpearled toughness.

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One of his synergistic innovations, which once might have been considered a conflict of interest, was that he also ran a venture-capital frind; Quattrone's shop would invest in startups, then take them pubhc in an IPO. But not many people asked the question, obvious both in theory and in hindsight, "If this is such a great investment, why are you selling it to me?" At the peak, Quattrone made as much as $100 miUion a year (Pulliam and Smith 2001). A third great synergist was Morgan Stanley's Mary Meeker, who cheered her stocks as tirelessly on the way up as the did as they were losing 90% of their value. She defended her multiple roles as banker, promoter, consultant, and analyst as not conflicting, but as a kind of "stewardship" and a "responsibility." In 1995, she helped bring Netscape pubHc, an event that many consider the originary moment of the Internet bubble.

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"Personal Traits and 'Success' in Schooling and Work," Educational and Psychological Measurement 37, pp. 125—38 Ehrenreich, Barbara (2000). "Maid To Order: The Politics of Other Women s Work," Harper's (April), pp. 59-70. Eichenwald, Kurt (2003). "Company Man to the End, After All," NewYork Times, February 9. Elkind, Peter (2001). "Where Mary Meeker Went Wrong," Fortune, May 14. Ellis, Richard (2000). "The IT Labor Shortage: Fact or Fiction," Dr. Dobb's Journal (April) <www.ddj.com/articles/2000/0004/0004k/0004k.htm>. Elmstrom, Peter (2000)."Jack Grubman:The Power Broker," Business Week, May 15. Engardio, Pete, Aaron Bernstein, and Manjeet Kripalani (2003).

The Code: Silicon Valley and the Remaking of America by Margaret O'Mara

A Declaration of the Independence of Cyberspace, accounting loophole / creative accounting, affirmative action, Airbnb, Alan Greenspan, AltaVista, Alvin Toffler, Amazon Web Services, An Inconvenient Truth, AOL-Time Warner, Apple II, Apple's 1984 Super Bowl advert, autonomous vehicles, back-to-the-land, barriers to entry, Ben Horowitz, Berlin Wall, Big Tech, Black Lives Matter, Bob Noyce, Buckminster Fuller, Burning Man, business climate, Byte Shop, California gold rush, Californian Ideology, carried interest, clean tech, clean water, cloud computing, cognitive dissonance, commoditize, company town, Compatible Time-Sharing System, computer age, Computer Lib, continuous integration, cuban missile crisis, Danny Hillis, DARPA: Urban Challenge, deindustrialization, different worldview, digital divide, Do you want to sell sugared water for the rest of your life?, don't be evil, Donald Trump, Doomsday Clock, Douglas Engelbart, driverless car, Dynabook, Edward Snowden, El Camino Real, Elon Musk, en.wikipedia.org, Erik Brynjolfsson, Fairchild Semiconductor, Frank Gehry, Future Shock, Gary Kildall, General Magic , George Gilder, gig economy, Googley, Hacker Ethic, Hacker News, high net worth, hockey-stick growth, Hush-A-Phone, immigration reform, income inequality, industrial research laboratory, informal economy, information retrieval, invention of movable type, invisible hand, Isaac Newton, It's morning again in America, Jeff Bezos, Joan Didion, job automation, job-hopping, John Gilmore, John Markoff, John Perry Barlow, Julian Assange, Kitchen Debate, knowledge economy, knowledge worker, Larry Ellison, Laura Poitras, Lyft, Marc Andreessen, Mark Zuckerberg, market bubble, Mary Meeker, mass immigration, means of production, mega-rich, Menlo Park, Mikhail Gorbachev, military-industrial complex, millennium bug, Mitch Kapor, Mother of all demos, move fast and break things, mutually assured destruction, Neil Armstrong, new economy, Norbert Wiener, old-boy network, Palm Treo, pattern recognition, Paul Graham, Paul Terrell, paypal mafia, Peter Thiel, pets.com, pirate software, popular electronics, pre–internet, prudent man rule, Ralph Nader, RAND corporation, Richard Florida, ride hailing / ride sharing, risk tolerance, Robert Metcalfe, ROLM, Ronald Reagan, Salesforce, Sand Hill Road, Second Machine Age, self-driving car, shareholder value, Sheryl Sandberg, side hustle, side project, Silicon Valley, Silicon Valley ideology, Silicon Valley startup, skunkworks, Snapchat, social graph, software is eating the world, Solyndra, speech recognition, Steve Ballmer, Steve Jobs, Steve Wozniak, Steven Levy, Stewart Brand, Strategic Defense Initiative, supercomputer in your pocket, Susan Wojcicki, tacit knowledge, tech billionaire, tech worker, technoutopianism, Ted Nelson, TED Talk, the Cathedral and the Bazaar, the market place, the new new thing, The Soul of a New Machine, There's no reason for any individual to have a computer in his home - Ken Olsen, Thomas L Friedman, Tim Cook: Apple, Timothy McVeigh, transcontinental railway, Twitter Arab Spring, Uber and Lyft, uber lyft, Unsafe at Any Speed, upwardly mobile, Vannevar Bush, War on Poverty, Wargames Reagan, WarGames: Global Thermonuclear War, We wanted flying cars, instead we got 140 characters, Whole Earth Catalog, WikiLeaks, William Shockley: the traitorous eight, work culture , Y Combinator, Y2K

In September 2018, after reported infighting within Kleiner, Meeker abruptly quit, bringing along several other of its senior late-stage investors to start a new venture firm under her own leadership. Theodore Schleifer, “Mary Meeker, the Legendary Internet Analyst, Is Leaving Kleiner Perkins,” Recode, September 14, 2018, https://www.recode.net/2018/9/14/17858582/kleiner-perkins-mary-meeker-split, archived at https://perma.cc/FJ8S-DVUM. 11. Jesse Drucker, “Kremlin Cash Behind Billionaire’s Twitter and Facebook Investments,” The New York Times, November 5, 2017; Michael Wolff, “How Russian Tycoon Yuri Milner Bought His Way into Silicon Valley,” Wired, October 21, 2011. 12.

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“What the IPO did was give anarchy credibility.”25 It also gave credibility, and celebrity, to a new generation of tech-industry analysts. The leader of the pack—the woman whose unerring instinct for Internet picks gave her the title “Queen of the Net”—was a thirty-five-year-old Morgan Stanley analyst named Mary Meeker. Just like Ben Rosen and his microcomputers one generation earlier, the Indiana native had been doing deep-dive research on the Internet while no one on Wall Street was paying much attention, and she was bullish about what she saw. She also had forged connections with key people in the Valley’s Internet revolution, including Doerr, whom she had met as Morgan Stanley took business and financial software maker Intuit public in 1993, and worked with again as the firm took Netscape public two years later.

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The market had gone cold, investors were holding their money close, and the last thing you wanted to be was a young company with dot-com at the end of your name.1 Wall Street’s tech analysts had been brought low as well, accused of pumping up the market to an overheated state by staying so bullish for so long. “The Age of the Analyst is dead,” announced The New Yorker in 2001, less than two years after it had published a long and adulatory profile of Mary Meeker. Although the Queen of the Net had started modulating her excitement as the millennium approached, many of her big picks plunged by more than 90 percent. As evidence of how irrational Meeker’s exuberance seemed by September 2001, her favorite “buy,” Amazon, had fallen by 94 percent and now hovered at under $6 per share.

Trillion Dollar Coach: The Leadership Playbook of Silicon Valley's Bill Campbell by Eric Schmidt, Jonathan Rosenberg, Alan Eagle

Apple's 1984 Super Bowl advert, augmented reality, Ben Horowitz, cloud computing, El Camino Real, Erik Brynjolfsson, fear of failure, Jeff Bezos, longitudinal study, Marc Andreessen, Marc Benioff, Mark Zuckerberg, Mary Meeker, Menlo Park, meta-analysis, PalmPilot, Sand Hill Road, shareholder value, Sheryl Sandberg, Silicon Valley, speech recognition, Steve Ballmer, Steve Jobs, Susan Wojcicki, Tim Cook: Apple

Bill had been a transcendent figure in the technology business since moving west in 1983, playing a critical role in the success of Apple, Google, Intuit, and numerous other companies. To say he was tremendously respected would be a gross understatement—loved is more like it. Among the audience that day were dozens of technology leaders—Larry Page. Sergey Brin. Mark Zuckerberg. Sheryl Sandberg. Tim Cook. Jeff Bezos. Mary Meeker. John Doerr. Ruth Porat. Scott Cook. Brad Smith. Ben Horowitz. Marc Andreessen. Such a concentration of industry pioneers and power is rarely seen, at least not in Silicon Valley. We—Jonathan Rosenberg and Eric Schmidt—sat among the audience, making subdued small talk, soft sunshine contrasting with the somber mood.

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Bollinger Todd Bradley Sergey Brin Shona Brown Eve Burton Al Butts Derek Butts Bruce Chizen Jared Cohen Scott Cook Dick Costolo Eddy Cue John Doerr John Donahoe Mickey Drexler David Drummond Donna Dubinsky Joe Ducar Brad Ehikian Alan Eustace Bruno Fortozo Pat Gallagher Dean Gilbert Alan Gleicher Al Gore Diane Greene Bill Gurley John Hennessy Ben Horowitz Bradley Horowitz Mark Human Chad Hurley Jim Husson Bob Iger Eric Johnson Andrea Jung Salar Kamangar Vinod Khosla Dave Kinser Omid Kordestani Scotty Kramer Adam Lashinsky Ronnie Lott Marissa Mayer Marc Mazur Mike McCue Mary Meeker Shishir Mehrotra Emil Michael Michael Moe Larry Page Sundar Pichai Patrick Pichette Peter Pilling Ruth Porat Jeff Reynolds Jesse Rogers Dan Rosensweig Wayne Rosing Jim Rudgers Sheryl Sandberg Philip Schiller Philipp Schindler Chadé Severin Danny Shader Ram Shriram Brad Smith Esta Stecher Dr.

Pound Foolish: Exposing the Dark Side of the Personal Finance Industry by Helaine Olen

Alan Greenspan, American ideology, asset allocation, Bear Stearns, behavioural economics, Bernie Madoff, buy and hold, Cass Sunstein, Credit Default Swap, David Brooks, delayed gratification, diversification, diversified portfolio, Donald Trump, Elliott wave, en.wikipedia.org, estate planning, financial engineering, financial innovation, Flash crash, game design, greed is good, high net worth, impulse control, income inequality, index fund, John Bogle, Kevin Roose, London Whale, longitudinal study, low interest rates, Mark Zuckerberg, Mary Meeker, money market fund, mortgage debt, multilevel marketing, oil shock, payday loans, pension reform, Ponzi scheme, post-work, prosperity theology / prosperity gospel / gospel of success, quantitative easing, Ralph Nader, RAND corporation, random walk, Richard Thaler, Ronald Reagan, Saturday Night Live, Stanford marshmallow experiment, stocks for the long run, The 4% rule, too big to fail, transaction costs, Unsafe at Any Speed, upwardly mobile, Vanguard fund, wage slave, women in the workforce, working poor, éminence grise

As Financial Finesse CEO: Liz Davidson, “Nice Girls Talk About Estate Planning,” Forbes.com, http://www.forbes.com/northwesternmutual/3-reasons-why-men.html; “Financial Finesse Special Report: The Gender Gap in Financial Literacy,” June 15, 2011. In 2009, the researchers behind this theory: Sheelah Kolhatkar, “What if Women Ran Wall Street?” New York Magazine, March 21, 2010, http://nymag.com/news/businessfinance/64950. John Coates, please meet: John Cassidy, “Mary Meeker Moves On,” Rational Irrationality, New Yorker, November 29, 2010, http://www.newyorker.com/online/blogs/johncassidy/2010/11/mary-meeker-moves-on.html According to Hearts & Wallets: “Are Women Investors Hard-Hearted: Why Women Expect More than Men From Financial Services Firms and What They Want,” Hearts & Wallets.com, February 7, 2012, http://heartsandwallets.com/are-women-investors-hard-hearted/news/2012/02.

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We might not have money, but we would never get into a mess like this! But embracing this theory means ignoring many inconvenient facts. John Coates, for one, said he got interested in the differences between men and women investors because “I noticed that women did not buy into the dot-com bubble at all.” John Coates, please meet Mary Meeker, the Morgan Stanley banker who was dubbed “the Queen of the Net” for her role in the dot-com bubble and was recently described by John Cassidy, who profiled her in the New Yorker, as “a true believer.” Moreover, much is made of the fact that the chief whistleblower in the Iceland fiscal fiasco was a woman, leaving one to wonder if whistleblowers such as Bernard Madoff–nemesis Harry Markopolos and Lehman Brothers’ practically forgotten Matthew Lee (who lost his job for his troubles) should be considered chopped liver.

The Inevitable: Understanding the 12 Technological Forces That Will Shape Our Future by Kevin Kelly

A Declaration of the Independence of Cyberspace, Aaron Swartz, AI winter, Airbnb, Albert Einstein, Alvin Toffler, Amazon Web Services, augmented reality, bank run, barriers to entry, Baxter: Rethink Robotics, bitcoin, blockchain, book scanning, Brewster Kahle, Burning Man, cloud computing, commoditize, computer age, Computer Lib, connected car, crowdsourcing, dark matter, data science, deep learning, DeepMind, dematerialisation, Downton Abbey, driverless car, Edward Snowden, Elon Musk, Filter Bubble, Freestyle chess, Gabriella Coleman, game design, Geoffrey Hinton, Google Glasses, hive mind, Howard Rheingold, index card, indoor plumbing, industrial robot, Internet Archive, Internet of things, invention of movable type, invisible hand, Jaron Lanier, Jeff Bezos, job automation, John Markoff, John Perry Barlow, Kevin Kelly, Kickstarter, lifelogging, linked data, Lyft, M-Pesa, machine readable, machine translation, Marc Andreessen, Marshall McLuhan, Mary Meeker, means of production, megacity, Minecraft, Mitch Kapor, multi-sided market, natural language processing, Netflix Prize, Network effects, new economy, Nicholas Carr, off-the-grid, old-boy network, peer-to-peer, peer-to-peer lending, personalized medicine, placebo effect, planetary scale, postindustrial economy, Project Xanadu, recommendation engine, RFID, ride hailing / ride sharing, robo advisor, Rodney Brooks, self-driving car, sharing economy, Silicon Valley, slashdot, Snapchat, social graph, social web, software is eating the world, speech recognition, Stephen Hawking, Steven Levy, Ted Nelson, TED Talk, The future is already here, the long tail, the scientific method, transport as a service, two-sided market, Uber for X, uber lyft, value engineering, Watson beat the top human players on Jeopardy!, WeWork, Whole Earth Review, Yochai Benkler, yottabyte, zero-sum game

“All Time Box Office,” Box Office Mojo, accessed August 7, 2015. 100 million short video clips: Mary Meeker, “Internet Trends 2014—Code Conference,” Kleiner Perkins Caufield & Byers, 2014. Iron Editor challenge: “Sakura-Con 2015 Results (and Info),” Iron Editor, April 7, 2015; and Neda Ulaby, “‘Iron Editors’ Test Anime Music-Video Skills,” NPR, August 2, 2007. than with traditional cinematography: Michael Rubin, Droidmaker: George Lucas and the Digital Revolution (Gainesville, FL: Triad Publishing, 2005). 1.5 trillion photos posted: Mary Meeker, “Internet Trends 2014—Code Conference,” Kleiner Perkins Caufield & Byers, 2014.

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“composed entirely of free agents”: Roshni Jayakar, “Interview: John Perry Barlow, Founder of the Electronic Frontier Foundation,” Business Today, December 6, 2000, accessed July 30, 2015, via Internet Archive, April 24, 2006. ranked by the increasing degree of coordination: Clay Shirky, Here Comes Everybody: The Power of Organizing Without Organizations (New York: Penguin Press, 2008). 1.8 billion per day: Mary Meeker, “Internet Trends 2014—Code Conference,” Kleiner Perkins Caufield & Byers, 2014. billions of videos served by YouTube: “Statistics,” YouTube, accessed June 24, 2015. millions of fan-created stories: Piotr Kowalczyk, “15 Most Popular Fanfiction Websites,” Ebook Friendly, January 13, 2015.

Frenemies: The Epic Disruption of the Ad Business by Ken Auletta

"World Economic Forum" Davos, Airbnb, Alvin Toffler, AOL-Time Warner, barriers to entry, Bernie Sanders, bike sharing, Boris Johnson, Build a better mousetrap, Burning Man, call centre, Cambridge Analytica, capitalist realism, carbon footprint, cloud computing, commoditize, connected car, content marketing, corporate raider, crossover SUV, data science, digital rights, disintermediation, Donald Trump, driverless car, Elon Musk, fake news, financial engineering, forensic accounting, Future Shock, Google Glasses, Internet of things, Jeff Bezos, Kevin Roose, Khan Academy, Lyft, Mark Zuckerberg, market design, Mary Meeker, Max Levchin, Menlo Park, move fast and break things, Naomi Klein, NetJets, Network effects, pattern recognition, pets.com, race to the bottom, Richard Feynman, ride hailing / ride sharing, Salesforce, Saturday Night Live, self-driving car, sharing economy, Sheryl Sandberg, Shoshana Zuboff, Silicon Valley, Snapchat, Steve Ballmer, Steve Jobs, surveillance capitalism, Susan Wojcicki, The Theory of the Leisure Class by Thorstein Veblen, three-martini lunch, Tim Cook: Apple, transaction costs, Uber and Lyft, uber lyft, Upton Sinclair, éminence grise

By 2015, Facebook’s size as translated by its market cap or worth was equal to General Electric’s; by 2016, its market cap zoomed past the world’s fourth most-valued corporation, ExxonMobil. By the end of 2016, Facebook collected $27 billion from ads, and basked in profits of $10 billion. Facebook and Google’s size advantage was revealed in the first quarter of 2016 when Mary Meeker of Kleiner Perkins Caufield Byers reported that of every new digital ad dollar, eighty-five cents went to Facebook and Google. Their digital dominance increasingly mattered because digital advertising by 2017 was expected to surpass the $70 billion spent on the number one U.S. ad platform, television.

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Mobile is not just “an extension of digital, just a way to reach consumers,” he said. It is perhaps the most important channel to consumers “that has been developed, and it changes the way you live your life, by virtue of the fact that it is always on, it’s 24/7, and we’ve never had this.” In her much-anticipated annual presentation on “The State of the Web,” Mary Meeker of Kleiner Perkins Caufield Byers reported that mobile phone users had rocketed from 80 million worldwide in 1995 to 5.2 billion in 2014, or three quarters of the earth’s population. “We have never in history adopted a technology faster,” Carolyn Everson told a CES audience in January 2016, noting that it took radio thirty-eight years to reach 50 million people and television only thirteen years.

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* Shoshana Zuboff, “The Secrets of Surveillance Capitalism,” Frankfurter Allgemeine, March 5, 2016. * Sandy Parakilas, “Facebook Won’t Protect Your Privacy,” New York Times op-ed page, November 20, 2017. * As we see, data on the size of the ad-blocking community vary wildly. * The disparity between Mary Meeker’s figure of 5.2 billion mobile phones and Carolyn Everson’s figure of 7.2 billion is a reminder that gathering global data involves some guesswork. * Again, not an exact science; Nielsen defines millennials as age eighteen to thirty-four. * Michael Schudson, Advertising, The Uneasy Persuasion: Its Dubious Impact on American Society (New York: Basic Books, 1984)

A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing by Burton G. Malkiel

accounting loophole / creative accounting, Alan Greenspan, Albert Einstein, asset allocation, asset-backed security, backtesting, Bear Stearns, beat the dealer, Bernie Madoff, book value, BRICs, butter production in bangladesh, buy and hold, capital asset pricing model, compound rate of return, correlation coefficient, Credit Default Swap, Daniel Kahneman / Amos Tversky, diversification, diversified portfolio, dogs of the Dow, Edward Thorp, Elliott wave, Eugene Fama: efficient market hypothesis, experimental subject, feminist movement, financial engineering, financial innovation, fixed income, framing effect, hindsight bias, Home mortgage interest deduction, index fund, invisible hand, Isaac Newton, Japanese asset price bubble, John Bogle, junk bonds, Long Term Capital Management, loss aversion, low interest rates, margin call, market bubble, Mary Meeker, money market fund, mortgage tax deduction, new economy, Own Your Own Home, PalmPilot, passive investing, Paul Samuelson, pets.com, Ponzi scheme, price stability, profit maximization, publish or perish, purchasing power parity, RAND corporation, random walk, Richard Thaler, risk free rate, risk tolerance, risk-adjusted returns, risk/return, Robert Shiller, short selling, Silicon Valley, South Sea Bubble, stock buybacks, stocks for the long run, sugar pill, survivorship bias, The Myth of the Rational Market, the rule of 72, The Wisdom of Crowds, transaction costs, Vanguard fund, zero-coupon bond

In 2002, he neglected to write that it was also the greatest legal destruction of wealth on the planet. Source: Doonesbury © 1998 G. B. Trudeau. Reprinted by permission of Universal Uclick. All rights reserved. Security Analysts $peak Up Wall Street’s high-profile securities analysts provided much of the hot air floating the Internet bubble. Mary Meeker of Morgan Stanley, Henry Blodgett of Merrill Lynch, and Jack Grubman of Salomon Smith Barney became household names and were accorded superstar status. Meeker was dubbed by Barron’s the “Queen of the ’Net.” Blodgett was known as “King Henry,” while Grubman acquired the sobriquet “Telecom Guru.” Like sports heroes, each of them was earning a multimillion-dollar salary.

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Grubman was ridiculed before a congressional committee for his continuous touting of WorldCom stock and investigated by Attorney General Spitzer for changing his stock ratings to help obtain investment banking business. Both Blodgett and Grubman left their firms. Fortune magazine summed it all up with a picture of Mary Meeker on the cover and the caption “Can We Ever Trust Wall Street Again?” New Valuation Metrics In order to justify ever higher prices for Internet-related companies, security analysts began to use a variety of “new metrics” that could be used to value the stocks. After all, the New Economy stocks were a breed apart—they should certainly not be held to the fuddy-duddy old-fashioned standards such as price-earnings multiples that had been used to value traditional old-economy companies.

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Somehow, in the brave new Internet world, sales, revenues, and profits were irrelevant. In order to value Internet companies, analysts looked instead at “eyeballs”—the number of people viewing a Web page or “visiting” a Web site. Particularly important were numbers of “engaged shoppers”—those who spent at least three minutes on a Web site. Mary Meeker gushed enthusiastically about Drugstore.com because 48 percent of the eyeballs viewing the site were “engaged shoppers.” No one cared whether the engaged shopper ever forked over any greenbacks. Sales were so old-fashioned. Drugstore.com hit $67.50 during the height of the bubble of 2000. A year later, when eyeballs started looking at profits, it was a “penny” stock.

How We Got Here: A Slightly Irreverent History of Technology and Markets by Andy Kessler

Albert Einstein, Andy Kessler, animal electricity, automated trading system, bank run, Big bang: deregulation of the City of London, Black Monday: stock market crash in 1987, Bletchley Park, Bob Noyce, Bretton Woods, British Empire, buttonwood tree, Charles Babbage, Claude Shannon: information theory, Corn Laws, cotton gin, Dennis Ritchie, Douglas Engelbart, Edward Lloyd's coffeehouse, Fairchild Semiconductor, fiat currency, fixed income, floating exchange rates, flying shuttle, Fractional reserve banking, full employment, GPS: selective availability, Grace Hopper, invention of the steam engine, invention of the telephone, invisible hand, Isaac Newton, Jacquard loom, James Hargreaves, James Watt: steam engine, John von Neumann, joint-stock company, joint-stock limited liability company, Joseph-Marie Jacquard, Ken Thompson, Kickstarter, Leonard Kleinrock, Marc Andreessen, Mary Meeker, Maui Hawaii, Menlo Park, Metcalfe's law, Metcalfe’s law, military-industrial complex, Mitch Kapor, Multics, packet switching, pneumatic tube, price mechanism, probability theory / Blaise Pascal / Pierre de Fermat, profit motive, proprietary trading, railway mania, RAND corporation, Robert Metcalfe, Silicon Valley, Small Order Execution System, South Sea Bubble, spice trade, spinning jenny, Steve Jobs, Suez canal 1869, supply-chain management, supply-chain management software, systems thinking, three-martini lunch, trade route, transatlantic slave trade, tulip mania, Turing machine, Turing test, undersea cable, UUNET, Wayback Machine, William Shockley: the traitorous eight

HOW WE G O T H ER E A Slightly Irreverent History of Technology and Markets A Silicon Valley and Wall Street Primer To order a copy of this book, click: http://rcm.amazon.com/e/cm?t=andykessler20&o=1&p=8&l=as1&asins=0060840978&fc1=000000&=1&lc1=00 00ff&bc1=000000&lt1=_blank&IS2=1&f=ifr&bg1=ffffff&f=ifr ALSO BY ANDY KESSLER Wall Street Meat: Jack Grubman, Frank Quattrone, Mary Meeker, Henry Blodget and me Running Money: Hedge Fund Honchos, Monster Markets and My Hunt for the Big Score Coming in 2006: The End of Medicine: Tales of Naked Mice, 3D Guts and Rebooting Doctors How We Got Here A Silicon Valley and Wall Street Primer . A Slightly Irreverent History of Technology And Markets Andy Kessler Copyright © 2005 by Andy Kessler All rights reserved, including the right of reproduction in whole or in part in any form.

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Standage, Tom, 1998, The Victorian Internet – The Remarkable Story of the Telegraph and the Nineteenth Century On-Line Pioneers, Berkeley Sylla, Richard, 1998, The First Great IPO, Financial History Magazine Issue, 64 Thurston, Robert, 1878, A History of the Growth of the Steam-Engine Weightman, Gavin, 2003, Signor Marconi’s Magic Box – The Most Remarkable Invention of the 19th Century and the Amateur Inventor Whose Genius Sparked a Revolution, Da Capo Press About the Author Andy Kessler is a former electrical engineer turned Wall Street analyst turned investment banker turned venture capitalist turned hedge fund manager turned writer and author. His book Wall Street Meat: Jack Grubman, Frank Quattrone, Mary Meeker, Henry Blodget and me was published in March of 2003. The follow on, Running Money: Hedge Fund Honchos, Monster Markets and My Hunt for the Big Score, was published by HarperCollins in September of 2004. Andy is a frequent contributor to the Wall Street Journal op-ed page and has written for Forbes Magazine, Wired, the LA Times, and The American Spectator magazine as well as techcentralstation.com and thestreet.com websites.

A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing (Eleventh Edition) by Burton G. Malkiel

accounting loophole / creative accounting, Alan Greenspan, Albert Einstein, asset allocation, asset-backed security, beat the dealer, Bernie Madoff, bitcoin, book value, butter production in bangladesh, buttonwood tree, buy and hold, capital asset pricing model, compound rate of return, correlation coefficient, Credit Default Swap, Daniel Kahneman / Amos Tversky, Detroit bankruptcy, diversification, diversified portfolio, dogs of the Dow, Edward Thorp, Elliott wave, equity risk premium, Eugene Fama: efficient market hypothesis, experimental subject, feminist movement, financial engineering, financial innovation, financial repression, fixed income, framing effect, George Santayana, hindsight bias, Home mortgage interest deduction, index fund, invisible hand, Isaac Newton, Japanese asset price bubble, John Bogle, junk bonds, Long Term Capital Management, loss aversion, low interest rates, margin call, market bubble, Mary Meeker, money market fund, mortgage tax deduction, new economy, Own Your Own Home, PalmPilot, passive investing, Paul Samuelson, pets.com, Ponzi scheme, price stability, profit maximization, publish or perish, purchasing power parity, RAND corporation, random walk, Richard Thaler, risk free rate, risk tolerance, risk-adjusted returns, risk/return, Robert Shiller, Salesforce, short selling, Silicon Valley, South Sea Bubble, stock buybacks, stocks for the long run, sugar pill, survivorship bias, Teledyne, the rule of 72, The Wisdom of Crowds, transaction costs, Vanguard fund, zero-coupon bond, zero-sum game

In 2002, he neglected to write that it was also the greatest legal destruction of wealth on the planet. Source: Doonesbury © 1998 G. B. Trudeau. Reprinted with permission of UNIVERSAL UCLICK. All rights reserved. Security Analysts $peak Up Wall Street’s high-profile securities analysts provided much of the hot air floating the Internet bubble. Mary Meeker of Morgan Stanley, Henry Blodgett of Merrill Lynch, and Jack Grubman of Salomon Smith Barney became household names and were accorded superstar status. Meeker was dubbed by Barron’s the “Queen of the ’Net.” Blodgett was known as “King Henry,” while Grubman acquired the sobriquet “Telecom Guru.” Like sports heroes, each of them was earning a multimillion-dollar salary.

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Blodgett was renamed the “clown prince” of the Internet bubble by the New York Post. Grubman was ridiculed before a congressional committee for his continuous touting of WorldCom stock and investigated for changing his stock ratings to help obtain investment banking business. Both Blodgett and Grubman left their firms. Fortune magazine summed it all up with a picture of Mary Meeker on the cover and the caption “Can We Ever Trust Wall Street Again?” New Valuation Metrics In order to justify ever higher prices for Internet-related companies, security analysts began to use a variety of “new metrics” that could be used to value the stocks. After all, the New Economy stocks were a breed apart—they should certainly not be held to the fuddy-duddy old-fashioned standards such as price-earnings multiples that had been used to value traditional old-economy companies.

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Somehow, in the brave new Internet world, sales, revenues, and profits were irrelevant. In order to value Internet companies, analysts looked instead at “eyeballs”—the number of people viewing a web page or “visiting” a website. Particularly important were numbers of “engaged shoppers”—those who spent at least three minutes on a website. Mary Meeker gushed enthusiastically about Drugstore.com because 48 percent of the eyeballs viewing the site were “engaged shoppers.” No one cared whether the engaged shopper ever forked over any greenbacks. Sales were so old-fashioned. Drugstore.com hit $67.50 during the height of the bubble of 2000. A year later, when eyeballs started looking at profits, it was a “penny” stock.

Panderer to Power by Frederick Sheehan

Alan Greenspan, Asian financial crisis, asset-backed security, bank run, banking crisis, Bear Stearns, book value, Bretton Woods, British Empire, business cycle, buy and hold, California energy crisis, call centre, central bank independence, collateralized debt obligation, corporate governance, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, crony capitalism, deindustrialization, diversification, financial deregulation, financial innovation, full employment, Glass-Steagall Act, Greenspan put, guns versus butter model, inflation targeting, interest rate swap, inventory management, Isaac Newton, John Meriwether, junk bonds, low interest rates, margin call, market bubble, Mary Meeker, McMansion, Menlo Park, Michael Milken, money market fund, mortgage debt, Myron Scholes, new economy, Nixon triggered the end of the Bretton Woods system, Norman Mailer, Northern Rock, oil shock, Paul Samuelson, place-making, Ponzi scheme, price stability, reserve currency, rising living standards, Robert Solow, rolodex, Ronald Reagan, Sand Hill Road, Savings and loan crisis, savings glut, shareholder value, Silicon Valley, Silicon Valley startup, South Sea Bubble, stock buybacks, stocks for the long run, supply-chain management, supply-chain management software, The Great Moderation, too big to fail, transaction costs, trickle-down economics, VA Linux, Y2K, Yom Kippur War, zero-sum game

This was in January 2001. 21 Jonathan Fuerbringer, “Nasdaq in Comeback, Surging Almost 8%,” New York Times, October 14, 2000, p. C1. 22 FOMC meeting transcript, October 3, 2000, p. 76. In late 1998, a cheery Mary Meeker, star technology analyst at Morgan Stanley, graced the front cover of Barron’s with the title: “Queen of the ’Net.” In December 1999, a Wall Street Journal editorial chastised her: “When Web companies openly admit they gave their IPO business to Morgan Stanley hoping to get a favorable tout from Mary Meeker, you have to wonder whom the analysts are really working for.”23 The Journal was not thrilled with how other analysts composed their “Buy” lists: “The news last week, moreover, wasn’t that Jack Grubman, Salomon [Smith Barney]’s top-rated telecom analyst, had become a believer in AT&T’s cable strategy.24 The news was that his change of heart came just as Salomon was pitching for work as an underwriter of AT&T’s wireless tracking stock.”25 In May 2000, Grubman told BusinessWeek the conflict of interest that so disturbed the Journal had been resolved: “What used to be a conflict is now a synergy.”26 At the November 15, 2000, meeting, Greenspan cited analysts, with reservations: “If we take the I/B/E/S data, which is really the best we have on profit expectations, real or crazy, those numbers have not changed.”

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Greenspan wondered if “the SEC’s financial disclosure requirement … may have had a major inhibiting effect on the ability of corporate executives to communicate to security analysts.”25 This was the least of the analysts’ limitations. The March 20, 2001, Financial Times had published an article with the title “Shoot All the Analysts.” In May 2001, Barron’s illustrated its cover with a drawing of Mary Meeker accompanied by the title: “How to Fix Wall Street’s Research Problem.”26 The March 8, 2001, Wall Street Journal reported that Morgan Stanley had received $479.6 million of investment banking fees for underwriting IPOs and follow-on offerings in 1998–2000. Meeker told the Journal that “she wasn’t seduced by the fat fees she and her firm stood to earn on the deals she helped push.”27 Salomon Smith Barney technology analyst Jack Grubman did not seem to tire of degrading his profession, or at least himself, with such commendably honest comments as: “Let’s call a spade a spade.

Money Mavericks: Confessions of a Hedge Fund Manager by Lars Kroijer

activist fund / activist shareholder / activist investor, Bear Stearns, Bernie Madoff, book value, capital asset pricing model, corporate raider, diversification, diversified portfolio, equity risk premium, family office, fixed income, forensic accounting, Gordon Gekko, hiring and firing, implied volatility, index fund, intangible asset, Jeff Bezos, Just-in-time delivery, Long Term Capital Management, Mary Meeker, merger arbitrage, NetJets, new economy, Ponzi scheme, post-work, proprietary trading, risk free rate, risk-adjusted returns, risk/return, shareholder value, Silicon Valley, six sigma, statistical arbitrage, Vanguard fund, zero-coupon bond

Another thing that had appealed to me was the absence of boiler-room talk that I had encountered elsewhere. One guy had sat me down in his office and stared at me in silence for about a minute before saying: ‘Lars – do you wanna be rich? Like really rich? I have a collection of old cars and a $20-million Hamptons mansion down the road from Mary Meeker and I can make you rich’, before telling me about his day-trading scheme. By contrast, Peter seemed like a studious investor who loved the research process and matched his analysis with market savvy to make a lot of money for his investors. Another potential employer had walked into the interview room, thrown a packet of Marlboro cigarettes on the table, saying: ‘I’ll be back in five minutes – find me the number 76 on the package’ and left without a word (if you hold the lid of the package up against the light and look at it from the inside, the ‘a’ and ‘r’ in Marlboro look like a ‘76’).

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With higher assets under management and the promise of greater volume to trade, we were also able to reduce our commission rates. The commission dollars did not bring us into the big leagues of massive hot IPO (initial public offering) allocations or calls about the development of new technologies from Mary Meeker, but in our little world they made a big difference. We could now call analysts from all the research houses and expect to have them walk us through their analysis and discuss companies or industries for hours. Often you would hear the analyst looking you up on the internal system before committing to talk to you.

Dogfight: How Apple and Google Went to War and Started a Revolution by Fred Vogelstein

"World Economic Forum" Davos, Andy Rubin, AOL-Time Warner, Apple II, Ben Horowitz, Benchmark Capital, Big Tech, Bill Atkinson, cloud computing, commoditize, disintermediation, don't be evil, driverless car, Dynabook, Firefox, General Magic , Google Chrome, Google Glasses, Googley, Jeff Hawkins, John Markoff, Jony Ive, Larry Ellison, Marc Andreessen, Mark Zuckerberg, Mary Meeker, Neil Armstrong, Palm Treo, PalmPilot, Peter Thiel, pre–internet, Sheryl Sandberg, Silicon Valley, Silicon Valley startup, Skype, software patent, SpaceShipOne, spectrum auction, Steve Ballmer, Steve Jobs, Steve Wozniak, Steven Levy, stock buybacks, tech worker, Tim Cook: Apple, Tony Fadell, web application, zero-sum game

During the third quarter of 2012: Philip Elmer-DeWitt, “Chart of the Day: Apple iPhone vs. Samsung Galaxy Sales,” CNN Money, 3/16/2013. Apple has even begun replacing: Shira Ovide, “Apple Boots Google for Microsoft in Siri” (Digits blog), Wall Street Journal, 6/10/2013. Today, 1.8 billion cell phones: “Worldwide Mobile Phone Sales Fell in 2012: Gartner,” Reuters, 2/13/2013; Mary Meeker and Liang Wu, “Internet Trends: D11 Conference,” www.kpcb.com/insights/2013-internet-trends, 5/29/2013. Although most people don’t think: “iTunes Continues to Dominate Music Retailing, but Nearly 60 Percent of iTunes Music Buyers Also Use Pandora,” NPD Group press release, 9/18/2012; “As Digital Video Gets Increasing Attention, DVD and Blu-ray Earn the Lion’s Share of Revenue,” NPD Group press release, 1/30/2013; Colin Dixon, “How Valuable Is Apple to the Movie Business?

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Then, in 2008, it released Chrome: Steven Levy, “Inside Chrome: The Secret Project to Crush IE and Remake the Web,” Wired, 9/2/2008. 6. Android Everywhere “It [Android] is”: Brad Stone, “Google’s Andy Rubin on Everything Android” (Bits blog), New York Times, 4/27/2010. It was as if little else: This data comes from Google financial statements as well as from annual presentations by Mary Meeker, the former Wall Street technology analyst and current partner of venture capital firm Kleiner Perkins Caufield & Byers. An electronic poll: I witnessed this poll at the Fortune Brainstorm TECH conference in Aspen, July 2010. “We have a product that allows”: This is from a presentation I saw Schmidt give at the DLD annual technology conference in Munich in January 2011.

The Internet Is Not the Answer by Andrew Keen

"World Economic Forum" Davos, 3D printing, A Declaration of the Independence of Cyberspace, Airbnb, AltaVista, Andrew Keen, AOL-Time Warner, augmented reality, Bay Area Rapid Transit, Berlin Wall, Big Tech, bitcoin, Black Swan, Bob Geldof, Boston Dynamics, Burning Man, Cass Sunstein, Charles Babbage, citizen journalism, Clayton Christensen, clean water, cloud computing, collective bargaining, Colonization of Mars, computer age, connected car, creative destruction, cuban missile crisis, data science, David Brooks, decentralized internet, DeepMind, digital capitalism, disintermediation, disruptive innovation, Donald Davies, Downton Abbey, Dr. Strangelove, driverless car, Edward Snowden, Elon Musk, Erik Brynjolfsson, fail fast, Fall of the Berlin Wall, Filter Bubble, Francis Fukuyama: the end of history, Frank Gehry, Frederick Winslow Taylor, frictionless, fulfillment center, full employment, future of work, gentrification, gig economy, global village, Google bus, Google Glasses, Hacker Ethic, happiness index / gross national happiness, holacracy, income inequality, index card, informal economy, information trail, Innovator's Dilemma, Internet of things, Isaac Newton, Jaron Lanier, Jeff Bezos, job automation, John Perry Barlow, Joi Ito, Joseph Schumpeter, Julian Assange, Kevin Kelly, Kevin Roose, Kickstarter, Kiva Systems, Kodak vs Instagram, Lean Startup, libertarian paternalism, lifelogging, Lyft, Marc Andreessen, Mark Zuckerberg, Marshall McLuhan, Martin Wolf, Mary Meeker, Metcalfe’s law, military-industrial complex, move fast and break things, Nate Silver, Neil Armstrong, Nelson Mandela, Network effects, new economy, Nicholas Carr, nonsequential writing, Norbert Wiener, Norman Mailer, Occupy movement, packet switching, PageRank, Panopticon Jeremy Bentham, Patri Friedman, Paul Graham, peer-to-peer, peer-to-peer rental, Peter Thiel, plutocrats, Potemkin village, power law, precariat, pre–internet, printed gun, Project Xanadu, RAND corporation, Ray Kurzweil, reality distortion field, ride hailing / ride sharing, Robert Metcalfe, Robert Solow, San Francisco homelessness, scientific management, Second Machine Age, self-driving car, sharing economy, Sheryl Sandberg, Silicon Valley, Silicon Valley billionaire, Silicon Valley ideology, Skype, smart cities, Snapchat, social web, South of Market, San Francisco, Steve Jobs, Steve Wozniak, Steven Levy, Stewart Brand, subscription business, TaskRabbit, tech bro, tech worker, TechCrunch disrupt, Ted Nelson, telemarketer, The future is already here, The Future of Employment, the long tail, the medium is the message, the new new thing, Thomas L Friedman, Travis Kalanick, Twitter Arab Spring, Tyler Cowen, Tyler Cowen: Great Stagnation, Uber for X, uber lyft, urban planning, Vannevar Bush, warehouse robotics, Whole Earth Catalog, WikiLeaks, winner-take-all economy, work culture , working poor, Y Combinator

On November 5, 1999, the day of its IPO, Webvan was valued at almost $8 billion.33 A little over a year and a half later, on July 10, 2001, Webvan filed for bankruptcy protection and shut down. In spite of the Webvan disaster, the winner-take-all model had a particular resonance in the e-commerce sector, where the so-called Queen of the Net, the influential Morgan Stanley research analyst Mary Meeker (who is now a partner at KPCB), saw first-mover advantage as critical in dominating online marketplaces. And it was this winner-take-all thinking that led Jeff Bezos, in 1996, to accept an $8 million investment from John Doerr in exchange for 13% of Amazon, a deal that valued the year-old e-commerce startup at $60 million.34 “The cash from Kleiner Perkins hit the place like a dose of entrepreneurial steroids, making Jeff more determined than ever,” noted one early Amazon employee about the impact of the 1996 KPCB investment.35 “Get Big Fast” immediately became Bezos’s mantra.

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Which is exactly what he did, with Amazon’s value growing to over $150 billion by June 2014, making the Everything Store by far the dominant retailer on the Internet, crushing or acquiring its competitors, monopolizing the mental shelf space of online consumers, selling everything from books, baby gear, and beauty products to shoes, software, and sporting goods. Mary Meeker was right about first-mover advantage on the Internet and its consequence of a winner-take-all economy dominated by a coterie of massively powerful global companies. What Kevin Kelly incorrectly predicted as the Internet’s “decentralized ownership and equity” structure has, in fact, turned out to be a rigidly centralized economy controlled by what Fred Wilson, the New York City–based cofounder of Union Square Ventures and one of the smartest early-stage investors in the Internet economy, calls “dominant networks that are emerging all around us,” like “Google, Twitter, YouTube, SoundCloud [and] Uber.” 36 Wilson explains that “for all of its democratizing power, the Internet, in its current form, has simply replaced the old boss with a new boss and these new bosses have market power that, in time, will be vastly larger than that of the old boss.”37 The rules of this new economy are thus those of the old industrial economy—on steroids.

The Great Fragmentation: And Why the Future of All Business Is Small by Steve Sammartino

3D printing, additive manufacturing, Airbnb, augmented reality, barriers to entry, behavioural economics, Bill Gates: Altair 8800, bitcoin, BRICs, Buckminster Fuller, citizen journalism, collaborative consumption, cryptocurrency, data science, David Heinemeier Hansson, deep learning, disruptive innovation, driverless car, Dunbar number, Elon Musk, fiat currency, Frederick Winslow Taylor, game design, gamification, Google X / Alphabet X, haute couture, helicopter parent, hype cycle, illegal immigration, index fund, Jeff Bezos, jimmy wales, Kickstarter, knowledge economy, Law of Accelerating Returns, lifelogging, market design, Mary Meeker, Metcalfe's law, Minecraft, minimum viable product, Network effects, new economy, peer-to-peer, planned obsolescence, post scarcity, prediction markets, pre–internet, profit motive, race to the bottom, random walk, Ray Kurzweil, recommendation engine, remote working, RFID, Rubik’s Cube, scientific management, self-driving car, sharing economy, side project, Silicon Valley, Silicon Valley startup, skunkworks, Skype, social graph, social web, software is eating the world, Steve Jobs, subscription business, survivorship bias, The Home Computer Revolution, the long tail, too big to fail, US Airways Flight 1549, vertical integration, web application, zero-sum game

What it means for business Selling what was sold yesterday always leads to lower prices. Making connections between the seemingly disparate is where new revenue and margins now live. Notes 1 www.cameracuriosities.com/2012/02/dycam-model-1.html 2 ‘The Best of Mary Meeker’s 2013 Internet Trends Slides’, May 2013: http://allthingsd.com/20130529/the-best-of-mary-meekers-2013-internet-trends-slides 3 www.abs.gov.au CHAPTER 8 A zero-barrier world: how access to knowledge is breaking down barriers For most of the industrial era the only option for having goods and services was to own them. If we wanted to have anything, we had to buy it.

Mobile First by Luke Wroblewski

augmented reality, Benchmark Capital, en.wikipedia.org, Mary Meeker, RFID, Steve Jobs, web application

Perhaps she was the only one, which is why this book is lovingly dedicated to her. Resources More data, please Morgan Stanley’s Mobile Internet Report was a huge source of supporting facts and information for me. It’s filled with hundreds of slides with data about the biggest trends in mobile (http://bkaprt.com/mf/58). Mary Meeker was the primary author of the Mobile Internet Report and has gone on to publish more of her findings in her new role at Kleiner Perkins (http://bkaprt.com/mf/59). For ongoing mobile market information and data, keep up with Horace Dediu’s articles and pointers on Asymco (http://bkaprt.com/mf/60).

Hit Makers: The Science of Popularity in an Age of Distraction by Derek Thompson

Airbnb, Albert Einstein, Alexey Pajitnov wrote Tetris, always be closing, augmented reality, Clayton Christensen, data science, Donald Trump, Downton Abbey, Ford Model T, full employment, game design, Golden age of television, Gordon Gekko, hindsight bias, hype cycle, indoor plumbing, industrial cluster, information trail, invention of the printing press, invention of the telegraph, Jeff Bezos, John Snow's cholera map, Kevin Roose, Kodak vs Instagram, linear programming, lock screen, Lyft, Marc Andreessen, Mark Zuckerberg, Marshall McLuhan, Mary Meeker, Menlo Park, Metcalfe’s law, Minecraft, Nate Silver, Network effects, Nicholas Carr, out of africa, planned obsolescence, power law, prosperity theology / prosperity gospel / gospel of success, randomized controlled trial, recommendation engine, Robert Gordon, Ronald Reagan, Savings and loan crisis, Silicon Valley, Skype, Snapchat, social contagion, statistical model, Steve Ballmer, Steve Jobs, Steven Levy, Steven Pinker, subscription business, TED Talk, telemarketer, the medium is the message, The Rise and Fall of American Growth, Tyler Cowen, Uber and Lyft, Uber for X, uber lyft, Vilfredo Pareto, Vincenzo Peruggia: Mona Lisa, women in the workforce

., billions of people looking at social media feeds on their own glass-and-pixel displays every few minutes). As late as 2000, the media landscape was dominated by one-to-one-million productions, on movie screens, television screens, and car radios. But ours is a mobile world, where hits, like Angry Birds, and empires, like Facebook, thrive on tiny glassy plates. In 2015, the technology analyst Mary Meeker reported that one quarter of America’s media attention is devoted to mobile devices that did not exist a decade ago. Television is not dying so much as it is pollinating a billion video streams on a variety of screens, most of which people can carry in their hands. Television once freed “moving images” from the clutches of the cineplex; in the historical sequel, mobile technology is emancipating video from the living room.

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more profit from cable channels: Derek Thompson, “The Global Dominance of ESPN,” The Atlantic, September 2013. spent more time interacting: “2013 Internet Trends Report,” www.kpcb.com/blog/2013-internet-trends. eighty square inches for every living human: Benedict Evans Blog, http://ben-evans.com/benedictevans/2014/1/3/the-spread-of-glass. technology analyst Mary Meeker reported: “2016 Internet Trends Report,” www.kpcb.com/blog/2016-internet-trends-report. Part I: Popularity and the Mind Chapter 1: The Power of Exposure “the least known of the French impressionists”: “Gustave Caillebotte: The Painter’s Eye,” National Gallery of Art, www.nga.gov/content/ngaweb/exhibitions/2015/gustave-caillebotte.html.

file:///C:/Documents%20and%... by vpavan

accounting loophole / creative accounting, activist fund / activist shareholder / activist investor, Alan Greenspan, AOL-Time Warner, asset allocation, Bear Stearns, Berlin Wall, book value, business cycle, buttonwood tree, buy and hold, Carl Icahn, corporate governance, corporate raider, currency risk, disintermediation, diversification, diversified portfolio, Donald Trump, estate planning, financial engineering, fixed income, index fund, intangible asset, interest rate swap, John Bogle, junk bonds, Larry Ellison, margin call, Mary Meeker, money market fund, Myron Scholes, new economy, payment for order flow, price discovery process, profit motive, risk tolerance, shareholder value, short selling, Silicon Valley, Small Order Execution System, Steve Jobs, stocks for the long run, stocks for the long term, tech worker, technology bubble, transaction costs, Vanguard fund, women in the workforce, zero-coupon bond, éminence grise

Morgan Stanley's corporate finance director summed up the prevailing view as far back as 1990, when he wrote in a memo to the research department: "Our objective is . . . to adopt a policy, fully understood by the entire Firm, including the Research Department, that we do not make negative or controversial comments about our clients as a matter of sound business practice. . . ." Morgan Stanley has since disavowed the memo, saying it does not reflect company policy. But consider the case of Morgan's star Internet analyst, Mary Meeker, dubbed "Queen of the Net" by one financial magazine. Meeker wrote long, detailed reports on high-flying Internet companies such as eBay, Yahoo, and Amazon.com, and was highly sought after by tech companies because she had the stature to make their IPOs successful. According to NASD rules, analysts must have a sound basis for their recommendations.

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Such deals pay analysts far more than they could earn from research alone. Some unhappy investors are daring to make this very point in legal complaints about analysts' unbridled optimism. In one well-known case, pediatrician Debases Kanjilal filed an arbitration case against Merrill Lynch's Henry Blodget. Like Mary Meeker, Blodget epitomized the Internet frenzy. He was a frequent commentator on the CNBC and CNN cable news shows, appearing on TV at least seventy-seven times in 1999. Kanjilal claimed that Blodget misled him by maintaining bullish recommendations on InfoSpace Inc., a provider of information services over the Internet, throughout 2000, despite the stock's rapidly eroding price.

Free Speech: Ten Principles for a Connected World by Timothy Garton Ash

"World Economic Forum" Davos, A Declaration of the Independence of Cyberspace, Aaron Swartz, activist lawyer, Affordable Care Act / Obamacare, Andrew Keen, Apple II, Ayatollah Khomeini, battle of ideas, Berlin Wall, bitcoin, British Empire, Cass Sunstein, Chelsea Manning, citizen journalism, Citizen Lab, Clapham omnibus, colonial rule, critical race theory, crowdsourcing, data science, David Attenborough, digital divide, digital rights, don't be evil, Donald Davies, Douglas Engelbart, dual-use technology, Edward Snowden, Etonian, European colonialism, eurozone crisis, Evgeny Morozov, failed state, Fall of the Berlin Wall, Ferguson, Missouri, Filter Bubble, financial independence, Firefox, Galaxy Zoo, George Santayana, global village, Great Leap Forward, index card, Internet Archive, invention of movable type, invention of writing, Jaron Lanier, jimmy wales, John Markoff, John Perry Barlow, Julian Assange, Laura Poitras, machine readable, machine translation, Mark Zuckerberg, Marshall McLuhan, Mary Meeker, mass immigration, megacity, mutually assured destruction, national security letter, Nelson Mandela, Netflix Prize, Nicholas Carr, obamacare, Open Library, Parler "social media", Peace of Westphalia, Peter Thiel, power law, pre–internet, profit motive, public intellectual, RAND corporation, Ray Kurzweil, Ronald Reagan, semantic web, Sheryl Sandberg, Silicon Valley, Simon Singh, Snapchat, social graph, Stephen Fry, Stephen Hawking, Steve Jobs, Steve Wozniak, Streisand effect, technological determinism, TED Talk, The Death and Life of Great American Cities, The Wisdom of Crowds, Tipper Gore, trolley problem, Turing test, We are Anonymous. We are Legion, WikiLeaks, World Values Survey, Yochai Benkler, Yom Kippur War, yottabyte

POST-GUTENBERG 1. in the age of the ‘mobile internet’, increasingly accessed from smartphones, it is difficult to say precisely how many people have internet access. The International Telecommunication Union (ITU) gave an estimate of 3.2 billion for 2015; see ‘ICT Facts and Figures—The World in 2015’, ITU, http://perma.cc/K5QM-T3PC. Mary Meeker, in her influential annual Internet Trends presentation, gave a figure of 2.8 billion in May 2015; see Mary Meeker, ‘Internet Trends 2015—Code Conference’, KPCB, 27 May 2015, http://perma.cc/GB7E-NQMX. For a mesmerising although obviously not precise live counter see ‘Internet users in the world’, internet live stats, http://www.internetlivestats.com/watch/internet-users/ 2. in the second quarter of 2015, Facebook reported 1.49 billion active users (those who logged in at least once a month), while the population of China was estimated at 1.3 billion.

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Or if you prefer it another way, it may be a large screen in the corner of your living room, or a small device attached to your wrist or a chip implanted inside your skull. Figure 5 shows, in round figures, the main stages on this path to a connected world. Figure 5. More devices than people Source: Adapted from Mary Meeker, Internet Trends 2014. Since the satirical umlauts of Shteyngart’s äppäräti could begin to pall, I refer throughout this book to that universal communication device simply as your ‘box’. And I use the word ‘internet’, with a lowercase i, in a deliberately broad sense, to denote the whole of this worldwide information and communications network—its universality still seriously limited by political, legal, cultural and economic constraints, but not by technological ones.

Other People's Money: Masters of the Universe or Servants of the People? by John Kay

Affordable Care Act / Obamacare, Alan Greenspan, asset-backed security, bank run, banking crisis, Basel III, Bear Stearns, behavioural economics, Bernie Madoff, Big bang: deregulation of the City of London, bitcoin, Black Monday: stock market crash in 1987, Black Swan, Bonfire of the Vanities, bonus culture, book value, Bretton Woods, buy and hold, call centre, capital asset pricing model, Capital in the Twenty-First Century by Thomas Piketty, cognitive dissonance, Cornelius Vanderbilt, corporate governance, Credit Default Swap, cross-subsidies, currency risk, dematerialisation, disinformation, disruptive innovation, diversification, diversified portfolio, Edward Lloyd's coffeehouse, Elon Musk, Eugene Fama: efficient market hypothesis, eurozone crisis, financial engineering, financial innovation, financial intermediation, financial thriller, fixed income, Flash crash, forward guidance, Fractional reserve banking, full employment, George Akerlof, German hyperinflation, Glass-Steagall Act, Goldman Sachs: Vampire Squid, Greenspan put, Growth in a Time of Debt, Ida Tarbell, income inequality, index fund, inflation targeting, information asymmetry, intangible asset, interest rate derivative, interest rate swap, invention of the wheel, Irish property bubble, Isaac Newton, it is difficult to get a man to understand something, when his salary depends on his not understanding it, James Carville said: "I would like to be reincarnated as the bond market. You can intimidate everybody.", Jim Simons, John Meriwether, junk bonds, light touch regulation, London Whale, Long Term Capital Management, loose coupling, low cost airline, M-Pesa, market design, Mary Meeker, megaproject, Michael Milken, millennium bug, mittelstand, Money creation, money market fund, moral hazard, mortgage debt, Myron Scholes, NetJets, new economy, Nick Leeson, Northern Rock, obamacare, Occupy movement, offshore financial centre, oil shock, passive investing, Paul Samuelson, Paul Volcker talking about ATMs, peer-to-peer lending, performance metric, Peter Thiel, Piper Alpha, Ponzi scheme, price mechanism, proprietary trading, purchasing power parity, quantitative easing, quantitative trading / quantitative finance, railway mania, Ralph Waldo Emerson, random walk, reality distortion field, regulatory arbitrage, Renaissance Technologies, rent control, risk free rate, risk tolerance, road to serfdom, Robert Shiller, Ronald Reagan, Schrödinger's Cat, seminal paper, shareholder value, Silicon Valley, Simon Kuznets, South Sea Bubble, sovereign wealth fund, Spread Networks laid a new fibre optics cable between New York and Chicago, Steve Jobs, Steve Wozniak, The Great Moderation, The Market for Lemons, the market place, The Myth of the Rational Market, the payments system, The Wealth of Nations by Adam Smith, The Wisdom of Crowds, Tobin tax, too big to fail, transaction costs, tulip mania, Upton Sinclair, Vanguard fund, vertical integration, Washington Consensus, We are the 99%, Yom Kippur War

Privatisation and capital market liberalisation contributed to both national and international financialisation. The internet came to the educated public, and the financial community, in the 1990s. The dot.com boom began in 1995 with the publication of a research note pointing out the commercial opportunities of the internet from Mary Meeker of Morgan Stanley (who would become known as ‘the internet goddess’) and the flotation of Netscape (which devised the first accessible internet browser).23 By 1999 journalists, consultants and business people talked of a ‘new economy’. Businesses that had never made a penny of profit, and never would, were floated on world stock exchanges at fantastic valuations.

…

Since the funds financed start-up losses, the finance involved necessarily took the form of equity, and initially neither investment banks nor retail banks were involved. When the new economy bubble inflated in the 1990s, investment banks aggressively sought mandates to take Silicon Valley business public. Morgan Stanley’s ‘internet goddess’, Mary Meeker, was a pioneer, and Frank Quattrone of Crédit Suisse First Boston was another prominent figure. The ‘new economy’ bubble burst in 2000, and Quattrone would soon spend more time in court than in investor presentations. The operations of the ‘four horsemen’ were subsumed into other divisions of the banks that had acquired them.

The Wires of War: Technology and the Global Struggle for Power by Jacob Helberg

"World Economic Forum" Davos, 2021 United States Capitol attack, A Declaration of the Independence of Cyberspace, active measures, Affordable Care Act / Obamacare, air gap, Airbnb, algorithmic management, augmented reality, autonomous vehicles, Berlin Wall, Bernie Sanders, Big Tech, bike sharing, Black Lives Matter, blockchain, Boris Johnson, Brexit referendum, cable laying ship, call centre, Cambridge Analytica, Cass Sunstein, cloud computing, coronavirus, COVID-19, creative destruction, crisis actor, data is the new oil, data science, decentralized internet, deep learning, deepfake, deglobalization, deindustrialization, Deng Xiaoping, deplatforming, digital nomad, disinformation, don't be evil, Donald Trump, dual-use technology, Edward Snowden, Elon Musk, en.wikipedia.org, end-to-end encryption, fail fast, fake news, Filter Bubble, Francis Fukuyama: the end of history, geopolitical risk, glass ceiling, global pandemic, global supply chain, Google bus, Google Chrome, GPT-3, green new deal, information security, Internet of things, Jeff Bezos, Jeffrey Epstein, John Markoff, John Perry Barlow, knowledge economy, Larry Ellison, lockdown, Loma Prieta earthquake, low earth orbit, low skilled workers, Lyft, manufacturing employment, Marc Andreessen, Mark Zuckerberg, Mary Meeker, Mikhail Gorbachev, military-industrial complex, Mohammed Bouazizi, move fast and break things, Nate Silver, natural language processing, Network effects, new economy, one-China policy, open economy, OpenAI, Parler "social media", Peter Thiel, QAnon, QR code, race to the bottom, Ralph Nader, RAND corporation, reshoring, ride hailing / ride sharing, Ronald Reagan, Russian election interference, Salesforce, Sam Altman, satellite internet, self-driving car, Sheryl Sandberg, side project, Silicon Valley, Silicon Valley ideology, Silicon Valley startup, Skype, smart grid, SoftBank, Solyndra, South China Sea, SpaceX Starlink, Steve Jobs, Steven Levy, Stuxnet, supply-chain attack, Susan Wojcicki, tech worker, techlash, technoutopianism, TikTok, Tim Cook: Apple, trade route, TSMC, Twitter Arab Spring, uber lyft, undersea cable, Unsafe at Any Speed, Valery Gerasimov, vertical integration, Wargames Reagan, Westphalian system, white picket fence, WikiLeaks, Y Combinator, zero-sum game

., December 21, 2017, https://www.inc.com/glenn-leibowitz/apple-ceo-tim-cook-this-is-number-1-reason-we-make-iphones-in-china-its-not-what-you-think.html. 54 “Recommendations for Strengthening American Leadership in Industries of the Future.” 55 O’Mara, The Code, 389. 56 “The Global AI Talent Tracker,” MacroPolo, https://macropolo.org/digital-projects/the-global-ai-talent-tracker/. 57 Sara Salinas, “Mary Meeker just presented 294 slides on the future of the internet—read them here,” CNBC, May 30, 2018, https://www.cnbc.com/2018/05/30/mary-meekers-internet-trends-2018.html. 58 Ruchir Sharma, “The Comeback Nation,” Foreign Affairs, May 2020, https://www.foreignaffairs.com/articles/united-states/2020-03-31/comeback-nation. 59 Stuart Anderson, “Trump Cuts Legal Immigrants By Half and He’s Not Done Yet,” Forbes, July 21, 2020, https://www.forbes.com/sites/stuartanderson/2020/07/21/trump-cuts-legal-immigrants-by-half-and-hes-not-done-yet/#4446d3f46168. 60 “Suspension of Entry of Immigrants Who Present a Risk to the United States Labor Market During the Economic Recovery Following the 2019 Novel Coronavirus Outbreak,” The White House, April 22, 2020, https://www.federalregister.gov/documents/2020/04/27/2020-09068/suspension-of-entry-of-immigrants-who-present-a-risk-to-the-united-states-labor-market-during-the. 61 Laura Collins and Matthew Denhart, “Policy Recommendations: Modernizing Immigration for Today’s Realities,” George W.

The Driver in the Driverless Car: How Our Technology Choices Will Create the Future by Vivek Wadhwa, Alex Salkever

23andMe, 3D printing, Airbnb, AlphaGo, artificial general intelligence, augmented reality, autonomous vehicles, barriers to entry, benefit corporation, Bernie Sanders, bitcoin, blockchain, clean water, correlation does not imply causation, CRISPR, deep learning, DeepMind, distributed ledger, Donald Trump, double helix, driverless car, Elon Musk, en.wikipedia.org, epigenetics, Erik Brynjolfsson, gigafactory, Google bus, Hyperloop, income inequality, information security, Internet of things, job automation, Kevin Kelly, Khan Academy, Kickstarter, Law of Accelerating Returns, license plate recognition, life extension, longitudinal study, Lyft, M-Pesa, Mary Meeker, Menlo Park, microbiome, military-industrial complex, mobile money, new economy, off-the-grid, One Laptop per Child (OLPC), personalized medicine, phenotype, precision agriculture, radical life extension, RAND corporation, Ray Kurzweil, recommendation engine, Ronald Reagan, Second Machine Age, self-driving car, seminal paper, Silicon Valley, Skype, smart grid, stem cell, Stephen Hawking, Steve Wozniak, Stuxnet, supercomputer in your pocket, synthetic biology, Tesla Model S, The future is already here, The Future of Employment, Thomas Davenport, Travis Kalanick, Turing test, Uber and Lyft, Uber for X, uber lyft, uranium enrichment, Watson beat the top human players on Jeopardy!, zero day

Mat Honan, “How Apple and Amazon security flaws led to my epic hacking,” WIRED 6 August 2012, https://www.wired.com/2012/08/apple-amazon-mat-honan-hacking (accessed 21 October 2016). 6. Kevin Kelley, The Inevitable, Viking: New York, 2016. CHAPTER TEN 1. Jonathan Vanian, “7-Eleven Just Used a Drone to Deliver a Chicken Sandwich and Slurpees,” Fortune 22 July 2016, http://fortune.com/2016/07/22/7-eleven-drone-flirtey-slurpee (accessed 21 October 2016). 2. Mary Meeker, “Internet Trends 2015—Code Conference,” Kleiner Perkins Caulfield & Byers, http://www.kpcb.com/blog/2015-internet-trends. 3. Chris Anderson, “How I accidentally kickstarted the domestic drone boom,” WIRED 22 June 2012, http://www.wired.com/2012/06/ff_drones (accessed 21 October 2016). 4. “Malawi tests first unmanned aerial vehicle flights for HIV early infant diagnosis,” UNICEF 14 March 2016, http://www.unicef.org/media/media_90462.html (accessed 21 October 2016). 5.

The Network Imperative: How to Survive and Grow in the Age of Digital Business Models by Barry Libert, Megan Beck

active measures, Airbnb, Amazon Web Services, asset allocation, asset light, autonomous vehicles, big data - Walmart - Pop Tarts, business intelligence, call centre, Clayton Christensen, cloud computing, commoditize, crowdsourcing, data science, disintermediation, diversification, Douglas Engelbart, Douglas Engelbart, future of work, Google Glasses, Google X / Alphabet X, independent contractor, Infrastructure as a Service, intangible asset, Internet of things, invention of writing, inventory management, iterative process, Jeff Bezos, job satisfaction, John Zimmer (Lyft cofounder), Kevin Kelly, Kickstarter, Larry Ellison, late fees, Lyft, Mark Zuckerberg, Mary Meeker, Oculus Rift, pirate software, ride hailing / ride sharing, Salesforce, self-driving car, sharing economy, Silicon Valley, Silicon Valley startup, six sigma, software as a service, software patent, Steve Jobs, subscription business, systems thinking, TaskRabbit, Travis Kalanick, uber lyft, Wall-E, women in the workforce, Zipcar

Tammy Erickson, “The Rise of the New Contract Worker,” HBR.org, September 7, 2012, https://hbr.org/2012/09/the-rise-of-the-new-contract-worker/. 7. Mike Myatt, “10 Reasons Your Top Talent Will Leave You,” Forbes, December 13, 2012, http://www.forbes.com/sites/mikemyatt/2012/12/13/10-reasons-your-top-talent-will-leave-you/#39274873a149. 8. Mary Meeker, “Internet Trends 2015—Code Conference,” KPCB, May 27, 2015, http://www.kpcb.com/internet-trends. Principle 8, Measurement 1. Bernard Marr, “Big Data at Dickey’s Barbecue Pit: How Analytics Drives Restaurant Performance,” Forbes, June 2, 2015, http://www.forbes.com/sites/bernardmarr/2015/06/02/big-data-at-dickeys-barbecue-pit-how-analytics-drives-restaurant-performance/#34a989da3514. 2.

Millionaire Teacher: The Nine Rules of Wealth You Should Have Learned in School by Andrew Hallam

Albert Einstein, asset allocation, Bernie Madoff, buy and hold, diversified portfolio, financial independence, George Gilder, index fund, John Bogle, junk bonds, Long Term Capital Management, low interest rates, Mary Meeker, new economy, passive investing, Paul Samuelson, Ponzi scheme, pre–internet, price stability, random walk, risk tolerance, Silicon Valley, South China Sea, stocks for the long run, survivorship bias, transaction costs, Vanguard fund, yield curve

They probably didn’t know that it’s not realistic for businesses to grow their earnings by 150 percent a year—year after year, no matter what the business is. And if businesses can’t grow earnings by 150 percent on an annual basis, then their stocks can’t either. Some of the more famous promoters at the time were such high-profile financial analysts as Morgan Stanley’s Mary Meeker, Merrill Lynch’s Henry Blodgett, and Solomon Smith Barney’s Jack Grubman. But they might have a tough time showing their faces today. For all I know, the top Internet stock analysts of the 1990s are finding a safer, more peaceful existence in the jungles of Borneo. I can imagine a few people wanting their heads.

Manias, Panics and Crashes: A History of Financial Crises, Sixth Edition by Kindleberger, Charles P., Robert Z., Aliber

active measures, Alan Greenspan, Asian financial crisis, asset-backed security, bank run, banking crisis, Basel III, Bear Stearns, Bernie Madoff, Black Monday: stock market crash in 1987, Black Swan, Boeing 747, Bonfire of the Vanities, break the buck, Bretton Woods, British Empire, business cycle, buy and hold, Carmen Reinhart, central bank independence, cognitive dissonance, collapse of Lehman Brothers, collateralized debt obligation, Corn Laws, corporate governance, corporate raider, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, crony capitalism, cross-border payments, currency peg, currency risk, death of newspapers, debt deflation, Deng Xiaoping, disintermediation, diversification, diversified portfolio, edge city, financial deregulation, financial innovation, Financial Instability Hypothesis, financial repression, fixed income, floating exchange rates, George Akerlof, German hyperinflation, Glass-Steagall Act, Herman Kahn, Honoré de Balzac, Hyman Minsky, index fund, inflation targeting, information asymmetry, invisible hand, Isaac Newton, Japanese asset price bubble, joint-stock company, junk bonds, large denomination, law of one price, liquidity trap, London Interbank Offered Rate, Long Term Capital Management, low interest rates, margin call, market bubble, Mary Meeker, Michael Milken, money market fund, money: store of value / unit of account / medium of exchange, moral hazard, new economy, Nick Leeson, Northern Rock, offshore financial centre, Ponzi scheme, price stability, railway mania, Richard Thaler, riskless arbitrage, Robert Shiller, short selling, Silicon Valley, South Sea Bubble, special drawing rights, Suez canal 1869, telemarketer, The Chicago School, the market place, The Myth of the Rational Market, The Wealth of Nations by Adam Smith, too big to fail, transaction costs, tulip mania, very high income, Washington Consensus, Y2K, Yogi Berra, Yom Kippur War

Should the award of options to senior management and employees be considered a cost, like wages, or should the award be buried in a footnote so that costs and profits are not affected? The answer affects how rapidly profits increase and presumably how rapidly the stock prices will increase. Should Henry Blodgett and Mary Meeker and Jack Grubman, the gurus of the telecom firms and dot.coms in the 1990s, have been obliged to inform the investing public of the rationale for their forecasts for the increases in the prices of individual stocks, or was it sufficient for them to announce the price targets for each firm at the end of the next six and twelve months – more or less like touts at the racetrack?

…

If you are at the racetrack, you know that the touts that want to sell you their list of winners are not likely to pass the boy scouts’ code of honor when they describe how many winners they have picked in the last several days and the last week – somehow your intuition suggests that if they were half as successful as they claim they are, they would not be hustling their tip sheets. But what interpretation should you place on the statements of the touts for Merrill and Morgan Stanley and Credit Suisse when they indicate their price targets for the shares of individual firms? In a good year in the late 1990s Henry Blodgett earned $10 million, Mary Meeker $15 million and Jack Grubman $20 million. Henry, Mary and Jack were the apostles of the dot.coms and the telecommunications firms in the bubble years of the 1990s. They earned these rock-star incomes because they brought a lot of underwriting and trading business to their Wall Street employers.

Subscribed: Why the Subscription Model Will Be Your Company's Future - and What to Do About It by Tien Tzuo, Gabe Weisert

3D printing, Airbnb, airport security, Amazon Web Services, augmented reality, autonomous vehicles, Big Tech, bike sharing, blockchain, Brexit referendum, Build a better mousetrap, business cycle, business intelligence, business process, call centre, cloud computing, cognitive dissonance, connected car, data science, death of newspapers, digital nomad, digital rights, digital twin, double entry bookkeeping, Elon Musk, factory automation, fake news, fiat currency, Ford Model T, fulfillment center, growth hacking, hockey-stick growth, Internet of things, inventory management, iterative process, Jeff Bezos, John Zimmer (Lyft cofounder), Kevin Kelly, Lean Startup, Lyft, manufacturing employment, Marc Benioff, Mary Meeker, megaproject, minimum viable product, natural language processing, Network effects, Nicholas Carr, nuclear winter, pets.com, planned obsolescence, pneumatic tube, profit maximization, race to the bottom, ride hailing / ride sharing, Salesforce, Sand Hill Road, shareholder value, Silicon Valley, skunkworks, smart meter, social graph, software as a service, spice trade, Steve Ballmer, Steve Jobs, subscription business, systems thinking, tech worker, TED Talk, Tim Cook: Apple, transport as a service, Uber and Lyft, uber lyft, WeWork, Y2K, Zipcar

The iPhone is just over ten years old—think of the way that device has shaped how we use services. The cloud has profoundly reshaped the ways that companies think about IT infrastructure, professional services, and capex versus opex spending. This whole new world of connected devices definitely feels very new. And as Mary Meeker noted in her latest Internet Trends report, digital consumer subscriptions are exploding because of massive new improvements in digital user experiences, particularly for mobile phones. It feels like we’re at the beginning of something very big. So let’s explore some of the ways the subscription model is transforming every sector of the modern economy.

Measure What Matters: How Google, Bono, and the Gates Foundation Rock the World With OKRs by John Doerr

Abraham Maslow, Albert Einstein, Big Tech, Bob Noyce, cloud computing, collaborative editing, commoditize, crowdsourcing, data science, fail fast, Fairchild Semiconductor, Firefox, Frederick Winslow Taylor, Google Chrome, Google Earth, Google X / Alphabet X, Haight Ashbury, hockey-stick growth, intentional community, Jeff Bezos, job satisfaction, Khan Academy, knowledge worker, Mary Meeker, Menlo Park, meta-analysis, PageRank, Paul Buchheit, Ray Kurzweil, risk tolerance, Salesforce, scientific management, self-driving car, Sheryl Sandberg, side project, Silicon Valley, Silicon Valley startup, Skype, Steve Jobs, Steven Levy, subscription business, Susan Wojcicki, web application, Yogi Berra, éminence grise

And I thank Walter Isaacson, biographer extraordinaire, whose good counsel and advice were instrumental as Measure What Matters began to take shape. I’d also like to thank my partners at Kleiner Perkins, whose commitment to entrepreneurs lifts me up every day: Mike Abbott, Brook Byers, Eric Feng, Bing Gordon, Mamoon Hamid, Wen Hsieh, Noah Knauf, Randy Komisar, Mary Meeker, Mood Rowghani, Ted Schlein, and Beth Seidenberg. Also, thanks to Sue Biglieri, Alix Burns, Juliet deBaubigny, Amanda Duckworth, Rouz Jazayeri, and Scott Ryles. And a special thanks to Rae Nell Rhodes, Cindy Chang, and Noelle Miraglia for their unflagging support, and Tina Case, who found the photographs that brought this book to life.

Tech Titans of China: How China's Tech Sector Is Challenging the World by Innovating Faster, Working Harder, and Going Global by Rebecca Fannin

"World Economic Forum" Davos, Adam Neumann (WeWork), Airbnb, augmented reality, autonomous vehicles, Benchmark Capital, Big Tech, bike sharing, blockchain, call centre, cashless society, Chuck Templeton: OpenTable:, clean tech, cloud computing, computer vision, connected car, corporate governance, cryptocurrency, data is the new oil, data science, deep learning, Deng Xiaoping, Didi Chuxing, digital map, disruptive innovation, Donald Trump, El Camino Real, electricity market, Elon Musk, fake news, family office, fear of failure, fulfillment center, glass ceiling, global supply chain, Great Leap Forward, income inequality, industrial robot, information security, Internet of things, invention of movable type, Jeff Bezos, Kickstarter, knowledge worker, Lyft, Mark Zuckerberg, Mary Meeker, megacity, Menlo Park, money market fund, Network effects, new economy, peer-to-peer lending, personalized medicine, Peter Thiel, QR code, RFID, ride hailing / ride sharing, Sand Hill Road, self-driving car, sharing economy, Shenzhen was a fishing village, Silicon Valley, Silicon Valley startup, Skype, smart cities, smart transportation, Snapchat, social graph, SoftBank, software as a service, South China Sea, sovereign wealth fund, speech recognition, stealth mode startup, Steve Jobs, stock buybacks, supply-chain management, tech billionaire, TechCrunch disrupt, TikTok, Tim Cook: Apple, Travis Kalanick, Uber and Lyft, Uber for X, uber lyft, urban planning, Vision Fund, warehouse automation, WeWork, winner-take-all economy, Y Combinator, young professional

Kleiner Perkins wound down its China activities after a team of investors departed in 2017 to form the new early-stage technology investment firm China Creation Ventures, operated in China for China. Kleiner Perkins is left with a skeleton crew in Shanghai to work on past investments. The departure of venture capitalist Mary Meeker from Kleiner Perkins in 2018 was another blow for any further plans for China. Meeker’s annual tech trends report under the Kleiner banner was bullish on China. Meeker is now investing from a fund for growth investment at her new firm, Bond. Connecting in Chengdu Venture investing requires identifying, researching, and funding passionate founders who dream big, innovate huge, and compete to win with the right team, the right sector, and the right business model.

Curation Nation by Rosenbaum, Steven

Amazon Mechanical Turk, Andrew Keen, AOL-Time Warner, barriers to entry, citizen journalism, cognitive dissonance, commoditize, creative destruction, crowdsourcing, disintermediation, en.wikipedia.org, Ford Model T, future of journalism, independent contractor, Jason Scott: textfiles.com, Mary Meeker, means of production, off-the-grid, PageRank, pattern recognition, post-work, postindustrial economy, pre–internet, Sand Hill Road, Silicon Valley, Skype, social graph, social web, Steve Jobs, Tony Hsieh, Yogi Berra

It’s not a one-size-fits-all solution, and there are going to be some twists and turns along the way. LOOK AT THE BIG TRENDS In order to plan ahead and build a curation strategy that fits both your personal skills and the emerging billion-dollar opportunities, let’s set the trends in context. What Is Mobile? There may be no better analyst for Internet trends than Mary Meeker. She is currently a partner in the Silicon Valley venture capital firm of Kleiner Perkins Caulfield & Byers and formerly a managing director at Morgan Stanley, serving as head of the investment bank’s global technology research team. While at Morgan Stanley, her annual report on Web trends was carefully read and well respected.

The New Class Conflict by Joel Kotkin

2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, affirmative action, Affordable Care Act / Obamacare, Alvin Toffler, American Society of Civil Engineers: Report Card, back-to-the-city movement, Bob Noyce, Boston Dynamics, California gold rush, Californian Ideology, Capital in the Twenty-First Century by Thomas Piketty, carbon footprint, classic study, Cornelius Vanderbilt, creative destruction, crony capitalism, David Graeber, degrowth, deindustrialization, do what you love, don't be evil, Downton Abbey, driverless car, Edward Glaeser, Elon Musk, energy security, falling living standards, future of work, Future Shock, Gini coefficient, Google bus, Herman Kahn, housing crisis, income inequality, independent contractor, informal economy, Internet of things, Jane Jacobs, Jaron Lanier, Jeff Bezos, job automation, John Markoff, John von Neumann, Joseph Schumpeter, Kevin Kelly, Kevin Roose, labor-force participation, Larry Ellison, Lewis Mumford, low interest rates, low-wage service sector, Marc Andreessen, Mark Zuckerberg, Mary Meeker, mass affluent, McJob, McMansion, medical bankruptcy, microapartment, Nate Silver, National Debt Clock, New Economic Geography, new economy, New Urbanism, obamacare, offshore financial centre, Paul Buchheit, payday loans, Peter Calthorpe, plutocrats, post-industrial society, public intellectual, RAND corporation, Ray Kurzweil, rent control, rent-seeking, Report Card for America’s Infrastructure, Richard Florida, Sheryl Sandberg, Silicon Valley, Silicon Valley billionaire, Silicon Valley ideology, Solyndra, Steve Jobs, stock buybacks, tech worker, techlash, technoutopianism, The Death and Life of Great American Cities, Thomas L Friedman, Tony Fadell, too big to fail, transcontinental railway, trickle-down economics, Tyler Cowen, Tyler Cowen: Great Stagnation, upwardly mobile, urban planning, urban sprawl, Virgin Galactic, War on Poverty, women in the workforce, working poor, young professional

McGraw-Hill Research Foundation, “The Return on Investment (ROI) from Adult Education and Training,” May 9, 2011, http://mcgraw-hillresearchfoundation.org/2011/05/09/roi-adult-ed-and-training. 63. Jon Stiles, Michael Hout, and Henry Brady, “California’s Economic Payoff: Investing in College Access & Completion,” report, April 2012, http://alumni.berkeley.edu/sites/default/files/Californias_Economic_Payoff_Executive_Summary.pdf. 64. Mary Meeker, “USA Inc.: A Basic Summary of America’s Financial Statements,” report, Kleiner Perkins Caufield Byers, February 2011, http://images.businessweek.com/mz/11/10/1110_mz_49meekerusainc.pdf. 65. Mike Shedlock, “Ominous Looking Picture in Healthcare and Education Jobs,” Mish’s Global Economic Trend Analysis, February 7, 2014, http://globaleconomicanalysis.blogspot.com/2014/02/ominous-trends-in-healthcare-and.html. 66.

The Cost of Inequality: Why Economic Equality Is Essential for Recovery by Stewart Lansley

"World Economic Forum" Davos, Adam Curtis, air traffic controllers' union, Alan Greenspan, AOL-Time Warner, banking crisis, Basel III, Big bang: deregulation of the City of London, Bonfire of the Vanities, borderless world, Branko Milanovic, Bretton Woods, British Empire, business cycle, business process, call centre, capital controls, collective bargaining, corporate governance, corporate raider, correlation does not imply causation, creative destruction, credit crunch, Credit Default Swap, crony capitalism, David Ricardo: comparative advantage, deindustrialization, Edward Glaeser, Everybody Ought to Be Rich, falling living standards, financial deregulation, financial engineering, financial innovation, Financial Instability Hypothesis, floating exchange rates, full employment, Goldman Sachs: Vampire Squid, high net worth, hiring and firing, Hyman Minsky, income inequality, James Dyson, Jeff Bezos, job automation, job polarisation, John Meriwether, Joseph Schumpeter, Kenneth Rogoff, knowledge economy, laissez-faire capitalism, Larry Ellison, light touch regulation, Londongrad, Long Term Capital Management, low interest rates, low skilled workers, manufacturing employment, market bubble, Martin Wolf, Mary Meeker, mittelstand, mobile money, Mont Pelerin Society, Myron Scholes, new economy, Nick Leeson, North Sea oil, Northern Rock, offshore financial centre, oil shock, plutocrats, Plutonomy: Buying Luxury, Explaining Global Imbalances, proprietary trading, Right to Buy, rising living standards, Robert Shiller, Robert Solow, Ronald Reagan, savings glut, shareholder value, The Great Moderation, The Spirit Level, The Wealth of Nations by Adam Smith, Thomas Malthus, too big to fail, Tyler Cowen, Tyler Cowen: Great Stagnation, Washington Consensus, Winter of Discontent, working-age population

In the United States, the fund management industry has been revealed time and again to be ‘skimming off’ value from investors. In 1999, stock analysts employed by investment banks were found to be deliberately plugging technology stocks knowing them to be over-valued. In its issue of May 14, 2001, Fortune magazine carried a picture of Mary Meeker—a superstar analyst with Morgan Stanley—on its cover with the headline ‘Can we ever trust Wall Street again?’ Henry Blodget, an internet stock analyst at Merrill Lynch and one of the most enthusiastic promoters of dotcom shares, continued to make wild predictions of future share values of companies like Amazon to clients in 1999 and 2000 even when the bubble was at its most overblown.

Running Money by Andy Kessler

Alan Greenspan, Andy Kessler, Apple II, bioinformatics, Bob Noyce, British Empire, business intelligence, buy and hold, buy low sell high, call centre, Charles Babbage, Corn Laws, cotton gin, Douglas Engelbart, Fairchild Semiconductor, family office, flying shuttle, full employment, General Magic , George Gilder, happiness index / gross national happiness, interest rate swap, invisible hand, James Hargreaves, James Watt: steam engine, joint-stock company, joint-stock limited liability company, junk bonds, knowledge worker, Leonard Kleinrock, Long Term Capital Management, mail merge, Marc Andreessen, margin call, market bubble, Mary Meeker, Maui Hawaii, Menlo Park, Metcalfe’s law, Michael Milken, Mitch Kapor, Network effects, packet switching, pattern recognition, pets.com, railway mania, risk tolerance, Robert Metcalfe, Sand Hill Road, Silicon Valley, South China Sea, spinning jenny, Steve Jobs, Steve Wozniak, Suez canal 1869, Toyota Production System, TSMC, UUNET, zero-sum game

Fortunately, we had been returning capital to investors every month, forcing us to sell, and we ended up down only 5% for the year. It’s not a great consolation prize. > > > Morgan Stanley Tech Conference 2001 SCOTTSDALE, ARIZONA—JANUARY 2001 “Did you listen to Shamazon? It looked like Bezos wanted to strangle Mary Meeker for showing up late.” “Nick, how come I knew I would run into you here?” I said. “I’m still waiting for an answer why they classify order fulfillment as a marketing expense.” “Because it would show they are shipping a $5 bill with every order they fill?” I asked. “That too. They’re hiding how bad their gross margins are.

Disrupted: My Misadventure in the Start-Up Bubble by Dan Lyons

activist fund / activist shareholder / activist investor, Airbnb, Ben Horowitz, Bernie Madoff, Big Tech, bitcoin, Blue Bottle Coffee, call centre, Carl Icahn, clean tech, cloud computing, content marketing, corporate governance, disruptive innovation, dumpster diving, Dunning–Kruger effect, fear of failure, Filter Bubble, Golden Gate Park, Google Glasses, Googley, Gordon Gekko, growth hacking, hiring and firing, independent contractor, Jeff Bezos, Larry Ellison, Lean Startup, Lyft, Marc Andreessen, Marc Benioff, Mark Zuckerberg, Mary Meeker, Menlo Park, minimum viable product, new economy, Paul Graham, pre–internet, quantitative easing, ride hailing / ride sharing, Rosa Parks, Salesforce, Sand Hill Road, sharing economy, Sheryl Sandberg, Silicon Valley, Silicon Valley ideology, Silicon Valley startup, Skype, Snapchat, software as a service, South of Market, San Francisco, Stanford prison experiment, Steve Ballmer, Steve Jobs, Steve Wozniak, tech billionaire, tech bro, tech worker, TED Talk, telemarketer, tulip mania, uber lyft, Y Combinator, éminence grise

A watershed moment occurred on August 9, 1995, when Netscape Communications, maker of the first web browser, pulled off a huge IPO and saw its shares nearly triple in their first day of trading. Until then, companies were typically expected to be profitable before they could sell shares to the public. Netscape was gushing red ink. Mary Meeker, an investment banker at Morgan Stanley, which underwrote the IPO, later recalled to Fortune: Was it early for the company to go public? Sure. There has been a rule of thumb that a company should have three quarters of obviously robust revenue growth. And you also traditionally wanted to see three quarters of profitability—improving profitability, for newer companies.

The Sharing Economy: The End of Employment and the Rise of Crowd-Based Capitalism by Arun Sundararajan

"World Economic Forum" Davos, additive manufacturing, Airbnb, AltaVista, Amazon Mechanical Turk, asset light, autonomous vehicles, barriers to entry, basic income, benefit corporation, bike sharing, bitcoin, blockchain, book value, Burning Man, call centre, Carl Icahn, collaborative consumption, collaborative economy, collective bargaining, commoditize, commons-based peer production, corporate social responsibility, cryptocurrency, data science, David Graeber, distributed ledger, driverless car, Eben Moglen, employer provided health coverage, Erik Brynjolfsson, Ethereum, ethereum blockchain, Frank Levy and Richard Murnane: The New Division of Labor, future of work, general purpose technology, George Akerlof, gig economy, housing crisis, Howard Rheingold, independent contractor, information asymmetry, Internet of things, inventory management, invisible hand, job automation, job-hopping, John Zimmer (Lyft cofounder), Kickstarter, knowledge worker, Kula ring, Lyft, Marc Andreessen, Mary Meeker, megacity, minimum wage unemployment, moral hazard, moral panic, Network effects, new economy, Oculus Rift, off-the-grid, pattern recognition, peer-to-peer, peer-to-peer lending, peer-to-peer model, peer-to-peer rental, profit motive, public intellectual, purchasing power parity, race to the bottom, recommendation engine, regulatory arbitrage, rent control, Richard Florida, ride hailing / ride sharing, Robert Gordon, Ronald Coase, Ross Ulbricht, Second Machine Age, self-driving car, sharing economy, Silicon Valley, smart contracts, Snapchat, social software, supply-chain management, TaskRabbit, TED Talk, the long tail, The Nature of the Firm, total factor productivity, transaction costs, transportation-network company, two-sided market, Uber and Lyft, Uber for X, uber lyft, universal basic income, Vitalik Buterin, WeWork, Yochai Benkler, Zipcar

It’s called Getaround. (I came across Getaround quite by accident in 2011, and not while trying to boost a vehicle during an early morning school run. I’ll get to this in a few pages.) I thought about Getaround and my vision of Manhattan-wide seamless peer-to-peer car borrowing when, in December 2012, I read Mary Meeker’s supplement to her annual Internet Trends Report.1 Meeker, a pioneering technology analyst during the “dotcom” era of the late 1990s, has been issuing this influential annual report since 1995. Her supplement emphasized how we are now reimagining everything from interfaces to lending in a way that foreshadowed the ascent of an “asset-light” generation.

Life After Google: The Fall of Big Data and the Rise of the Blockchain Economy by George Gilder

23andMe, Airbnb, Alan Turing: On Computable Numbers, with an Application to the Entscheidungsproblem, Albert Einstein, AlphaGo, AltaVista, Amazon Web Services, AOL-Time Warner, Asilomar, augmented reality, Ben Horowitz, bitcoin, Bitcoin Ponzi scheme, Bletchley Park, blockchain, Bob Noyce, British Empire, Brownian motion, Burning Man, business process, butterfly effect, carbon footprint, cellular automata, Claude Shannon: information theory, Clayton Christensen, cloud computing, computer age, computer vision, crony capitalism, cross-subsidies, cryptocurrency, Danny Hillis, decentralized internet, deep learning, DeepMind, Demis Hassabis, disintermediation, distributed ledger, don't be evil, Donald Knuth, Donald Trump, double entry bookkeeping, driverless car, Elon Musk, Erik Brynjolfsson, Ethereum, ethereum blockchain, fake news, fault tolerance, fiat currency, Firefox, first square of the chessboard, first square of the chessboard / second half of the chessboard, floating exchange rates, Fractional reserve banking, game design, Geoffrey Hinton, George Gilder, Google Earth, Google Glasses, Google Hangouts, index fund, inflation targeting, informal economy, initial coin offering, Internet of things, Isaac Newton, iterative process, Jaron Lanier, Jeff Bezos, Jim Simons, Joan Didion, John Markoff, John von Neumann, Julian Assange, Kevin Kelly, Law of Accelerating Returns, machine translation, Marc Andreessen, Mark Zuckerberg, Mary Meeker, means of production, Menlo Park, Metcalfe’s law, Money creation, money: store of value / unit of account / medium of exchange, move fast and break things, Neal Stephenson, Network effects, new economy, Nick Bostrom, Norbert Wiener, Oculus Rift, OSI model, PageRank, pattern recognition, Paul Graham, peer-to-peer, Peter Thiel, Ponzi scheme, prediction markets, quantitative easing, random walk, ransomware, Ray Kurzweil, reality distortion field, Recombinant DNA, Renaissance Technologies, Robert Mercer, Robert Metcalfe, Ronald Coase, Ross Ulbricht, Ruby on Rails, Sand Hill Road, Satoshi Nakamoto, Search for Extraterrestrial Intelligence, self-driving car, sharing economy, Silicon Valley, Silicon Valley ideology, Silicon Valley startup, Singularitarianism, Skype, smart contracts, Snapchat, Snow Crash, software is eating the world, sorting algorithm, South Sea Bubble, speech recognition, Stephen Hawking, Steve Jobs, Steven Levy, Stewart Brand, stochastic process, Susan Wojcicki, TED Talk, telepresence, Tesla Model S, The Soul of a New Machine, theory of mind, Tim Cook: Apple, transaction costs, tulip mania, Turing complete, Turing machine, Vernor Vinge, Vitalik Buterin, Von Neumann architecture, Watson beat the top human players on Jeopardy!, WikiLeaks, Y Combinator, zero-sum game

In the history of the technology, Walmart may prove to be the crucial matrix of success. Lowe’s has followed with widespread adoption of virtual reality to train customers in techniques of home improvement. Entering the “happening” phase, virtual reality pervades the venerable Internet Trends Report by Mary Meeker of Kleiner, Perkins, Caufield & Byers. She reports that consumers are buying headsets at a slow but steady rate, while gaming companies pull in real money on VR titles. Entrepreneurs are often fans of gaming, Meeker notes, citing Elon Musk, Reid Hoffman, and Mark Zuckerberg. Global interactive gaming is becoming mainstream, with 2.6 billion gamers in 2017, up twenty-six-fold in little more than a decade.

Losing the Signal: The Spectacular Rise and Fall of BlackBerry by Jacquie McNish, Sean Silcoff

"World Economic Forum" Davos, Albert Einstein, Andy Rubin, Carl Icahn, Clayton Christensen, corporate governance, diversified portfolio, indoor plumbing, Iridium satellite, Jeff Hawkins, junk bonds, Marc Benioff, Mary Meeker, Michael Milken, PalmPilot, patent troll, QWERTY keyboard, rolodex, Salesforce, Silicon Valley, Silicon Valley startup, skunkworks, Skype, Stephen Fry, Stephen Hawking, Steve Ballmer, Steve Jobs, the new new thing

Spence and fellow evangelists were greeted like conquering heroes when they returned with weekly tales from the trenches. Colleagues who had worked long, frustrating hours to perfect the BlackBerry were astonished by its fame south of the border. “You knew and could feel you were part of something special,” he says. The dot-com bubble was the era of the rock-star tech analyst. With one call, Morgan Stanley’s Mary Meeker and Merrill’s Steve Milunovich could make or break a young high-tech firm’s prospects. Milunovich shared his views on RIM for the first time in May 18, 1999. His report raved about BlackBerry’s ease of use, durability, and market potential. Impressed, the analyst put a $13 price target on the stock, 20 percent higher than its last price.

The New New Thing: A Silicon Valley Story by Michael Lewis

Alan Greenspan, Albert Einstein, Andy Kessler, Benchmark Capital, business climate, classic study, creative destruction, data acquisition, Fairchild Semiconductor, family office, high net worth, invention of the steam engine, invisible hand, Ivan Sutherland, Jeff Bezos, Larry Ellison, Marc Andreessen, Mary Meeker, Menlo Park, PalmPilot, pre–internet, risk tolerance, Sand Hill Road, Silicon Valley, Silicon Valley startup, tech worker, the new new thing, Thorstein Veblen, wealth creators, Y2K

"The simpler the better," said the Morgan Stanley man. "Think AOL. One of the great things about AOL was that they hammered into the heads of investors the idea that all that mattered was the number of subscribers." Clark said, "That's exactly right." The Morgan Stanley man became more enthusiastic about the physician metric. He wanted to call Mary Meeker, the Morgan Stanley analyst who was fast making a name for herself as the leading authority on Internet businesses, and "bake" into her mind the idea that investors should focus only on the number of physicians hooked up to Healtheon's service. Long leaned over to Clark and said, "Hell, we could get 150,000 more physicians with just two deals."

Better, Stronger, Faster: The Myth of American Decline . . . And the Rise of a New Economy by Daniel Gross

"World Economic Forum" Davos, 2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, Affordable Care Act / Obamacare, Airbnb, Alan Greenspan, American Society of Civil Engineers: Report Card, asset-backed security, Bakken shale, banking crisis, Bear Stearns, BRICs, British Empire, business cycle, business process, business process outsourcing, call centre, carbon tax, Carmen Reinhart, clean water, collapse of Lehman Brothers, collateralized debt obligation, commoditize, congestion pricing, creative destruction, credit crunch, currency manipulation / currency intervention, demand response, Donald Trump, financial engineering, Frederick Winslow Taylor, high net worth, high-speed rail, housing crisis, hydraulic fracturing, If something cannot go on forever, it will stop - Herbert Stein's Law, illegal immigration, index fund, intangible asset, intermodal, inventory management, Kenneth Rogoff, labor-force participation, LNG terminal, low interest rates, low skilled workers, man camp, Mark Zuckerberg, Martin Wolf, Mary Meeker, Maui Hawaii, McMansion, money market fund, mortgage debt, Network effects, new economy, obamacare, oil shale / tar sands, oil shock, peak oil, plutocrats, price stability, quantitative easing, race to the bottom, reserve currency, reshoring, Richard Florida, rising living standards, risk tolerance, risk/return, scientific management, Silicon Valley, Silicon Valley startup, six sigma, Skype, sovereign wealth fund, Steve Jobs, superstar cities, the High Line, transit-oriented development, Wall-E, Yogi Berra, zero-sum game, Zipcar

In 2011 Japan’s fertility rate was 1.21 per woman; in the United States it was 2.05.10 The bad news bears presume that America is incapable of rebuilding itself. But the rebuilding has already begun. In getting back on its feet, the country rediscovered the competitive advantages it has long had, advantages that lay dormant during the credit and housing boom. In February 2011 Mary Meeker, who gained fame as an Internet stock analyst at Morgan Stanley in the 1990s and has since evolved into a venture capitalist, issued what was meant to be a 466-page report evaluating the United States as if it were a stock. Meeker is remembered for having slapped buy recommendations on dot-com stocks and never changing her mind even as the market plummeted.

Lessons from the Titans: What Companies in the New Economy Can Learn from the Great Industrial Giants to Drive Sustainable Success by Scott Davis, Carter Copeland, Rob Wertheimer

3D printing, activist fund / activist shareholder / activist investor, additive manufacturing, Airbnb, airport security, asset light, barriers to entry, Big Tech, Boeing 747, business cycle, business process, clean water, commoditize, coronavirus, corporate governance, COVID-19, data science, disruptive innovation, Elisha Otis, Elon Musk, factory automation, fail fast, financial engineering, Ford Model T, global pandemic, hydraulic fracturing, Internet of things, iterative process, junk bonds, Kaizen: continuous improvement, Kanban, low cost airline, Marc Andreessen, Mary Meeker, megacity, Michael Milken, Network effects, new economy, Ponzi scheme, profit maximization, random walk, RFID, ride hailing / ride sharing, risk tolerance, Salesforce, shareholder value, Silicon Valley, six sigma, skunkworks, software is eating the world, strikebreaker, tech billionaire, TED Talk, Toyota Production System, Uber for X, value engineering, warehouse automation, WeWork, winner-take-all economy

Research departments on Wall Street are notoriously difficult to get into and even more difficult to advance in once there. It takes commitment and sponsorship to get very far. We were each amazingly lucky and grateful to be emerging analysts who were mentored by some of the most talented writers and thinkers in the business—people like Alice Schroeder, Steve Girsky, Mary Meeker, Chuck Phillips, Henry McVey, Byron Wien, Barton Biggs, Stephen Roach, and Jennifer Murphy. They were all top-ranked analysts in their field at a time when competition among analysts was amazingly high. And they each had impressive second careers once their analyst days were over. Management at senior levels was equally inspiring: Mayree Clark, Dennis Shea, and Andrew Jones from the Morgan Stanley research department; Stu Linde from the Lehman Brothers research department; Ruth Porat from investment banking; and Morgan Stanley CEO John Mack each stand out.

The Cheating Culture: Why More Americans Are Doing Wrong to Get Ahead by David Callahan

1960s counterculture, affirmative action, Alan Greenspan, business cycle, Cornelius Vanderbilt, corporate governance, corporate raider, creative destruction, David Brooks, deindustrialization, East Village, eat what you kill, fixed income, forensic accounting, full employment, game design, greed is good, high batting average, housing crisis, illegal immigration, income inequality, job satisfaction, junk bonds, mandatory minimum, market fundamentalism, Mary Meeker, McMansion, Michael Milken, microcredit, moral hazard, multilevel marketing, new economy, New Urbanism, offshore financial centre, oil shock, old-boy network, PalmPilot, plutocrats, postindustrial economy, profit maximization, profit motive, RAND corporation, Ray Oldenburg, rent stabilization, Robert Bork, rolodex, Ronald Reagan, Savings and loan crisis, shareholder value, Shoshana Zuboff, Silicon Valley, Steve Jobs, The Bell Curve by Richard Herrnstein and Charles Murray, The Chicago School, The Theory of the Leisure Class by Thorstein Veblen, Thorstein Veblen, War on Poverty, winner-take-all economy, World Values Survey, young professional, zero-sum game

At the time Kanjilal sold, Merrill and Blodget were continuing to recommend InfoSpace to investors. Kanjilal's losses were part of an estimated $4 trillion that investors lost when NASDAQ crashed. Big-name analysts hyped many sinking tech stocks with the same enthusiasm they'd shown in pumping them up. For example, as of May 2001, Morgan Stanley's top Internet analyst, Mary Meeker, was still bestowing her once-coveted "outperform" rating on Priceline, then down from $162 to $4, and on Yahoo!, down from $237 to $19.50. Kanjilal's lawsuit against Merrill Lynch attracted the attention of Eliot Spitzer's office not long after it was filed. Initiating a criminal investigation, Spitzer uncovered a shocking pattern of public deceit and conflict of interest at Merrill Lynch.

Broke: How to Survive the Middle Class Crisis by David Boyle

anti-communist, AOL-Time Warner, banking crisis, Berlin Wall, Big bang: deregulation of the City of London, Bonfire of the Vanities, bonus culture, call centre, collateralized debt obligation, corporate raider, Credit Default Swap, credit default swaps / collateralized debt obligations, deindustrialization, delayed gratification, Desert Island Discs, Eugene Fama: efficient market hypothesis, eurozone crisis, Fall of the Berlin Wall, financial deregulation, financial independence, financial innovation, financial intermediation, Francis Fukuyama: the end of history, Frederick Winslow Taylor, gentrification, Goodhart's law, housing crisis, income inequality, Jane Jacobs, job satisfaction, John Bogle, junk bonds, Kickstarter, knowledge economy, knowledge worker, low interest rates, market fundamentalism, Martin Wolf, Mary Meeker, mega-rich, Money creation, mortgage debt, Neil Kinnock, Nelson Mandela, new economy, Nick Leeson, North Sea oil, Northern Rock, Ocado, Occupy movement, off grid, offshore financial centre, pension reform, pensions crisis, Plutonomy: Buying Luxury, Explaining Global Imbalances, Ponzi scheme, positional goods, precariat, quantitative easing, school choice, scientific management, Slavoj Žižek, social intelligence, subprime mortgage crisis, too big to fail, trickle-down economics, Vanguard fund, Walter Mischel, wealth creators, Winter of Discontent, work culture , working poor

For a moment, they had many people believing that a website like @Home was suddenly worth the same as Lockheed Martin, or the Internet share-trader E*Trade was worth the same as the giant American Airlines. Tiny AOL even took over the giant media empire Time Warner — one of the most disastrous mergers of all time. ‘We have one general response to the word “valuation” these days: “Bull market”,’ said Morgan Stanley’s Mary Meeker, the so-called Queen of the Net. ‘We believe we have entered a new valuation zone.’ What were Woolley and his colleagues going to do in the face of this insanity? If they followed the momentum, they knew they would lose money when the spell broke. But in the meantime, unless they followed the rest, then their customers would demand to know why not.

Brotopia: Breaking Up the Boys' Club of Silicon Valley by Emily Chang

"Margaret Hamilton" Apollo, "Susan Fowler" uber, "World Economic Forum" Davos, 23andMe, 4chan, Ada Lovelace, affirmative action, Airbnb, Alan Greenspan, Andy Rubin, Apollo 11, Apple II, augmented reality, autism spectrum disorder, autonomous vehicles, barriers to entry, Benchmark Capital, Bernie Sanders, Big Tech, Burning Man, California gold rush, Chuck Templeton: OpenTable:, clean tech, company town, data science, David Brooks, deal flow, Donald Trump, Dr. Strangelove, driverless car, Elon Musk, emotional labour, equal pay for equal work, fail fast, Fairchild Semiconductor, fake news, Ferguson, Missouri, game design, gender pay gap, Google Glasses, Google X / Alphabet X, Grace Hopper, Hacker News, high net worth, Hyperloop, imposter syndrome, Jeff Bezos, job satisfaction, Khan Academy, Lyft, Marc Andreessen, Mark Zuckerberg, Mary Meeker, Maui Hawaii, Max Levchin, Menlo Park, meritocracy, meta-analysis, microservices, Parker Conrad, paypal mafia, Peter Thiel, post-work, pull request, reality distortion field, Richard Hendricks, ride hailing / ride sharing, rolodex, Salesforce, Saturday Night Live, shareholder value, Sheryl Sandberg, side project, Silicon Valley, Silicon Valley startup, Skype, Snapchat, Steve Jobs, Steve Jurvetson, Steve Wozniak, Steven Levy, subscription business, Susan Wojcicki, tech billionaire, tech bro, tech worker, TED Talk, Tim Cook: Apple, Travis Kalanick, uber lyft, women in the workforce, Zenefits

Kleiner, on the other hand, changed its approach, scaling up in staff size and widening its investment focus to include new energy and clean tech—changes made largely at the behest of Doerr. Among the slew of new partners hired were big names such as former vice president Al Gore, the famed former Wall Street analyst Mary Meeker, and the esteemed doctor Beth Seidenberg; the new junior partners included a number of promising women. Doerr continued to push recruiters hard to find more women, even when other partners didn’t agree it should be a top priority. With these new hires, Kleiner became one of the most gender-diverse top-tier venture capital firms in Silicon Valley.

A Demon of Our Own Design: Markets, Hedge Funds, and the Perils of Financial Innovation by Richard Bookstaber

affirmative action, Albert Einstein, asset allocation, backtesting, beat the dealer, behavioural economics, Black Swan, Black-Scholes formula, Bonfire of the Vanities, book value, butterfly effect, commoditize, commodity trading advisor, computer age, computerized trading, disintermediation, diversification, double entry bookkeeping, Edward Lorenz: Chaos theory, Edward Thorp, family office, financial engineering, financial innovation, fixed income, frictionless, frictionless market, Future Shock, George Akerlof, global macro, implied volatility, index arbitrage, intangible asset, Jeff Bezos, Jim Simons, John Meriwether, junk bonds, London Interbank Offered Rate, Long Term Capital Management, loose coupling, managed futures, margin call, market bubble, market design, Mary Meeker, merger arbitrage, Mexican peso crisis / tequila crisis, moral hazard, Myron Scholes, new economy, Nick Leeson, oil shock, Paul Samuelson, Pierre-Simon Laplace, proprietary trading, quantitative trading / quantitative finance, random walk, Renaissance Technologies, risk tolerance, risk/return, Robert Shiller, Robert Solow, rolodex, Saturday Night Live, selection bias, shareholder value, short selling, Silicon Valley, statistical arbitrage, tail risk, The Market for Lemons, time value of money, too big to fail, transaction costs, tulip mania, uranium enrichment, UUNET, William Langewiesche, yield curve, zero-coupon bond, zero-sum game

The Internet fervor was fed by a self-reinforcing and self-financing hype machine. Billions of dollars went from investors into the coffers of the Internet firms and then was spent on advertisements touting the firms, often in publications that breathlessly described their brilliance. And which experts did the publications quote? A set of Internet analysts, ranging from Mary Meeker at Morgan Stanley to Henry Blodget at Merrill Lynch, shills who pushed virtually every company they covered in hopes of snagging their investment banking business. During this period, buy recommendations among Wall Street analysts outnumbered sell recommendations by a ratio of nearly a hundred to one.

Transaction Man: The Rise of the Deal and the Decline of the American Dream by Nicholas Lemann

"Friedman doctrine" OR "shareholder theory", "World Economic Forum" Davos, Abraham Maslow, Affordable Care Act / Obamacare, Airbnb, airline deregulation, Alan Greenspan, Albert Einstein, augmented reality, basic income, Bear Stearns, behavioural economics, Bernie Sanders, Black-Scholes formula, Blitzscaling, buy and hold, capital controls, Carl Icahn, computerized trading, Cornelius Vanderbilt, corporate governance, cryptocurrency, Daniel Kahneman / Amos Tversky, data science, deal flow, dematerialisation, diversified portfolio, Donald Trump, Elon Musk, Eugene Fama: efficient market hypothesis, Fairchild Semiconductor, financial deregulation, financial innovation, fixed income, future of work, George Akerlof, gig economy, Glass-Steagall Act, Henry Ford's grandson gave labor union leader Walter Reuther a tour of the company’s new, automated factory…, Ida Tarbell, index fund, information asymmetry, invisible hand, Irwin Jacobs, Joi Ito, Joseph Schumpeter, junk bonds, Kenneth Arrow, Kickstarter, life extension, Long Term Capital Management, Mark Zuckerberg, Mary Meeker, mass immigration, means of production, Metcalfe’s law, Michael Milken, money market fund, Mont Pelerin Society, moral hazard, Myron Scholes, Neal Stephenson, new economy, Norman Mailer, obamacare, PalmPilot, Paul Samuelson, Performance of Mutual Funds in the Period, Peter Thiel, price mechanism, principal–agent problem, profit maximization, proprietary trading, prudent man rule, public intellectual, quantitative trading / quantitative finance, Ralph Nader, Richard Thaler, road to serfdom, Robert Bork, Robert Metcalfe, rolodex, Ronald Coase, Ronald Reagan, Sand Hill Road, Savings and loan crisis, shareholder value, short selling, Silicon Valley, Silicon Valley ideology, Silicon Valley startup, Snow Crash, Social Responsibility of Business Is to Increase Its Profits, Steve Jobs, TaskRabbit, TED Talk, The Nature of the Firm, the payments system, the strength of weak ties, Thomas Kuhn: the structure of scientific revolutions, Thorstein Veblen, too big to fail, transaction costs, universal basic income, War on Poverty, white flight, working poor

Dick Fisher, and John Mack after him, liked to say that three forces were driving the new financial world: deregulation, globalization, and technology. Morgan Stanley pursued enthusiastically anything that seemed attuned to those forces. The firm started a quantitative trading division run by a team of mathematicians. It invented new kinds of derivatives. It became a force in Silicon Valley, where its star analyst, Mary Meeker, wrote optimistic reports about the future of technology and also made Morgan Stanley the leading manager of the initial public offerings of companies like Netscape and Google. In 1993 Morgan Stanley’s investment bankers advised Dean Witter, a big retail stockbroker that was especially strong in the Midwest, when it spun itself off from Sears, the venerable chain of stores, and became a separate company.

eBoys by Randall E. Stross

Apollo 11, barriers to entry, Benchmark Capital, business cycle, call centre, carried interest, cognitive dissonance, deal flow, digital rights, disintermediation, drop ship, edge city, Fairchild Semiconductor, General Magic , high net worth, hiring and firing, Jeff Bezos, Jeff Hawkins, job-hopping, knowledge worker, late capitalism, market bubble, Mary Meeker, megaproject, Menlo Park, new economy, old-boy network, PalmPilot, passive investing, performance metric, pez dispenser, railway mania, rolodex, Salesforce, Sand Hill Road, shareholder value, Silicon Valley, Silicon Valley startup, SoftBank, Steve Ballmer, Steve Jobs, Steve Jurvetson, vertical integration, warehouse automation, Y2K

Skoll reiterated the point: Let’s be conservative about the price. Eighteen dollars was the agreed-upon price, what Fitt called “eighteen with a vengeance.” That night the institutional buyers took legal possession of the shares, and the IPO was complete. Then the investment world waited to see the first trade the next morning. Before trading commenced, Mary Meeker, Morgan Stanley’s head Internet analyst who had been beaten out in the bake-off with Goldman Sachs for the eBay IPO and who had every reason to withhold her approval, surprised Wall Street by issuing a report recommending eBay as an “outperform.” (Onsale’s Jerry Kaplan, when asked for his reaction to Meeker’s enthusiastic praise of eBay’s business model, predicted that eBay’s revenues would disappear altogether; person-to-person auctions would go the way of e-mail services and be available for free as a means to draw traffic to sites.)

Them and Us: How Immigrants and Locals Can Thrive Together by Philippe Legrain

affirmative action, Albert Einstein, AlphaGo, autonomous vehicles, Berlin Wall, Black Lives Matter, Boris Johnson, Brexit referendum, British Empire, call centre, centre right, Chelsea Manning, clean tech, coronavirus, corporate social responsibility, COVID-19, creative destruction, crowdsourcing, data science, David Attenborough, DeepMind, Demis Hassabis, demographic dividend, digital divide, discovery of DNA, Donald Trump, double helix, Edward Glaeser, en.wikipedia.org, eurozone crisis, failed state, Fall of the Berlin Wall, future of work, illegal immigration, immigration reform, informal economy, Jane Jacobs, job automation, Jony Ive, labour market flexibility, lockdown, low cost airline, low interest rates, low skilled workers, lump of labour, Mahatma Gandhi, Mark Zuckerberg, Martin Wolf, Mary Meeker, mass immigration, moral hazard, Mustafa Suleyman, Network effects, new economy, offshore financial centre, open borders, open immigration, postnationalism / post nation state, purchasing power parity, remote working, Richard Florida, ride hailing / ride sharing, Rishi Sunak, Ronald Reagan, Silicon Valley, Skype, SoftBank, Steve Jobs, tech worker, The Death and Life of Great American Cities, The future is already here, The Future of Employment, Tim Cook: Apple, Tyler Cowen, urban sprawl, WeWork, Winter of Discontent, women in the workforce, working-age population

Stuart Anderson, ‘Immigrants and Billion Dollar Startups’, National Foundation for American Policy Brief, March 2016. http://nfap.com/wp-content/uploads/2016/03/Immigrants-and-Billion-Dollar-Startups.NFAP-Policy-Brief.March-2016.pdf 3 Dave Lee, ‘Tony Xu, the steady hand steering DoorDash’s delivery empire’, Financial Times, 28 February 2020. https://www.ft.com/content/53e32708-59ea-11ea-a528-dd0f971febbc 4 William Kerr, The Gift of Global Talent: How Migration Shapes Business, Economy & Society, Stanford, 2018, Figure 3.3. https://www.sup.org/books/title/?id=29770 5 Rani Molla, ‘More than half of the most valuable US tech companies were founded by first- or second-generation immigrants’, Vox, 30 May 2018. https://www.vox.com/2018/5/30/17385226/kleiner-perkins-mary-meeker-immigration-tech-founders-jobs-slides-code-conference 6 ‘New American Fortune 500 in 2019: Top American Companies and Their Immigrant Roots’, New American Economy, 22 July 2019. https://data.newamericaneconomy.org/en/fortune500-2019/ 7 The rate of new entrepreneurs was 0.53 percent for immigrants in 2018, which means they are twice as likely to start businesses as the US-born (0.27 percent).

Hedgehogging by Barton Biggs

activist fund / activist shareholder / activist investor, Alan Greenspan, asset allocation, backtesting, barriers to entry, Bear Stearns, Big Tech, book value, Bretton Woods, British Empire, business cycle, buy and hold, diversification, diversified portfolio, eat what you kill, Elliott wave, family office, financial engineering, financial independence, fixed income, full employment, global macro, hiring and firing, index fund, Isaac Newton, job satisfaction, junk bonds, low interest rates, margin call, market bubble, Mary Meeker, Mikhail Gorbachev, new economy, oil shale / tar sands, PalmPilot, paradox of thrift, Paul Samuelson, Ponzi scheme, proprietary trading, random walk, Reminiscences of a Stock Operator, risk free rate, Ronald Reagan, secular stagnation, Sharpe ratio, short selling, Silicon Valley, transaction costs, upwardly mobile, value at risk, Vanguard fund, We are all Keynesians now, zero-sum game, éminence grise

There also were a fair number of technology investment bankers present, and a famous professor from M.I.T. who had just written a best-selling book about the innovator’s dilemma. That summer, tech stocks were on a rocket trip to the moon, and the technology entrepreneurs at the conference were real dudes. Frank Quattrone and Mary Meeker were their heroes. Mary actually cautioned the crowd that things were getting crazy, but the herd thought she was kidding. As executives and entrepreneurs, they oozed optimism and confidence. Their chatter was all about sustaining and disruptive technologies, growth trajectories, Gulfstreams (it’s an airplane), and units.

The New Digital Age: Transforming Nations, Businesses, and Our Lives by Eric Schmidt, Jared Cohen

access to a mobile phone, additive manufacturing, airport security, Amazon Mechanical Turk, Amazon Web Services, Andy Carvin, Andy Rubin, anti-communist, augmented reality, Ayatollah Khomeini, barriers to entry, bitcoin, borderless world, call centre, Chelsea Manning, citizen journalism, clean water, cloud computing, crowdsourcing, data acquisition, Dean Kamen, disinformation, driverless car, drone strike, Elon Musk, Evgeny Morozov, failed state, false flag, fear of failure, Filter Bubble, Google Earth, Google Glasses, Hacker Conference 1984, hive mind, income inequality, information security, information trail, invention of the printing press, job automation, John Markoff, Julian Assange, Khan Academy, Kickstarter, knowledge economy, Law of Accelerating Returns, market fundamentalism, Mary Meeker, means of production, military-industrial complex, MITM: man-in-the-middle, mobile money, mutually assured destruction, Naomi Klein, Nelson Mandela, no-fly zone, off-the-grid, offshore financial centre, Parag Khanna, peer-to-peer, peer-to-peer lending, personalized medicine, Peter Singer: altruism, power law, Ray Kurzweil, RFID, Robert Bork, self-driving car, sentiment analysis, Silicon Valley, Skype, Snapchat, social graph, speech recognition, Steve Jobs, Steven Pinker, Stewart Brand, Stuxnet, Susan Wojcicki, The Wisdom of Crowds, upwardly mobile, Whole Earth Catalog, WikiLeaks, young professional, zero day

Canadian journalist Amanda Lindhout was kidnapped: “Canadian Amanda Lindhout Freed in Somalia,” CBC (Ottawa), last updated November 25, 2009, http://www.cbc.ca/news/world/story/2009/11/25/amanda-lindhout-free.html. her former captors: Author conversation with Amanda Lindhout, July 2012. It is estimated that more than 90 percent of people worldwide: Technology / Internet Trends October 18, 2007, Morgan Stanley (China Mobile 50K Survey), 7. Posted on Scribd, http://www.scribd.com/doc/404905/Mary-Meeker-Explains-The-Internet. Osama bin Laden’s compound contained a large stash of pornographic videos: Scott Shane, “Pornography Is Found in bin Laden Compound Files, U.S. Officials Say,” New York Times, May 13, 2011, http://www.nytimes.com/2011/05/14/world/asia/14binladen.html. Secretariat of Public Security compound in Mexico City: Venu Sarakki et al., “Mexico’s National Command and Control Center Challenges and Successes,” 16th International Command and Control Research and Technology Symposium in Quebec, Canada, June 21–23, 2011, http://www.dtic.mil/dtic/tr/fulltext/u2/a547202.pdf.

Build: An Unorthodox Guide to Making Things Worth Making by Tony Fadell

air gap, Amazon Web Services, Andy Rubin, augmented reality, Ben Horowitz, Big Tech, bike sharing, Bill Atkinson, carbon footprint, Cass Sunstein, cloud computing, do what you love, Elon Musk, fail fast, follow your passion, General Magic , Google Glasses, Google X / Alphabet X, Googley, hiring and firing, HyperCard, imposter syndrome, Jeff Bezos, John Markoff, Jony Ive, Kanban, Kickstarter, Mary Meeker, microplastics / micro fibres, new economy, pets.com, QR code, QWERTY keyboard, rolodex, side project, Silicon Valley, Silicon Valley startup, stem cell, Steve Jobs, Steven Levy, synthetic biology, TED Talk, TikTok, Tim Cook: Apple, Tony Fadell, Y Combinator

All the encouragement, support, and great ideas from friends and readers—Cameron Adams, David Adjay, Cristiano Amon, Frederic Arnault, Hugo Barra, Juliet de Baubigny, Yves Behar, Scott Belsky, Tracy Beiers, Kate Brinks, Willson Cuaca, Marcelo Claure, Ben Clymer, Tony Conrad, Scott Cook, Daniel Ek, Jack Forester, Case Fadell, Pascal Gauthier, Malcolm Gladwell, Adam Grant, Hermann Hauser, Thomas Heatherwick, Joanna Hoffman, Ben Horowitz, Phil Hutcheon, Walter Isaacson, Andre Kabel, Susan Kare (designer of the famous walking lemon, among a million other things), Scott Keogh, Randy Komisar, Swamy Kotagiri, Toby Kraus, Hanneke Krekels, Jean de La Rochebrochard, Jim Lanzone, Sophie Le Guen, Jenny Lee, John Levy, Noam Lovinsky, Chip Lutton, Micky Malka, John Markoff, Alexandre Mars, Mary Meeker, Xavier Niel, Ben Parker, Carl Pei, Ian Rogers, Ivy Ross, Steve Sarracino, Naren Shaam, Kunal Shah, Vineet Shahani, Simon Sinek, David and Alaina Sloo, Whitney Steele, Lisette Swart, Anthony Tan, Min-Liang Tan, Sebastian Thrun, Mariel van Tatenhove, Steve Vassallo, Maxime Veron, Gabe Whaley, Niklas Zennström, Andrew Zuckerman—your frank comments and advice helped so much to shape this book and give us the confidence to continue through the tough weeks.

Secrets and Lies: Digital Security in a Networked World by Bruce Schneier

Ayatollah Khomeini, barriers to entry, Bletchley Park, business process, butterfly effect, cashless society, Columbine, defense in depth, double entry bookkeeping, drop ship, fault tolerance, game design, IFF: identification friend or foe, information security, John Gilmore, John von Neumann, knapsack problem, macro virus, Mary Meeker, MITM: man-in-the-middle, moral panic, Morris worm, Multics, multilevel marketing, mutually assured destruction, PalmPilot, pez dispenser, pirate software, profit motive, Richard Feynman, risk tolerance, Russell Brand, Silicon Valley, Simon Singh, slashdot, statistical model, Steve Ballmer, Steven Levy, systems thinking, the payments system, Timothy McVeigh, Y2K, Yogi Berra

Praise for Secrets and Lies “Successful companies embrace risk, and Schneier shows how to bring that thinking to the Internet.” –Mary Meeker, Managing Director and Internet Analyst, Morgan Stanley, Dean Witter “Bruce shows that concern for security should not rest in the IT department alone, but also in the business office . . . Secrets and Lies is the breakthrough text we’ve been waiting for to tell both sides of the story.” –Steve Hunt, Vice President of Research, Giga Information Group “Good security is good business. And security is not (just) a technical issue; it’s a people issue!

Breaking News: The Remaking of Journalism and Why It Matters Now by Alan Rusbridger

"World Economic Forum" Davos, accounting loophole / creative accounting, Airbnb, Andy Carvin, banking crisis, Bellingcat, Bernie Sanders, Bletchley Park, Boris Johnson, Brexit referendum, Cambridge Analytica, centre right, Chelsea Manning, citizen journalism, country house hotel, cross-subsidies, crowdsourcing, data science, David Attenborough, David Brooks, death of newspapers, Donald Trump, Doomsday Book, Double Irish / Dutch Sandwich, Downton Abbey, Edward Snowden, Etonian, Evgeny Morozov, fake news, Filter Bubble, folksonomy, forensic accounting, Frank Gehry, future of journalism, G4S, high net worth, information security, invention of movable type, invention of the printing press, Jeff Bezos, jimmy wales, Julian Assange, Large Hadron Collider, Laura Poitras, Mark Zuckerberg, Mary Meeker, Menlo Park, natural language processing, New Journalism, offshore financial centre, oil shale / tar sands, open borders, packet switching, Panopticon Jeremy Bentham, post-truth, pre–internet, ransomware, recommendation engine, Ruby on Rails, sexual politics, Silicon Valley, Skype, Snapchat, social web, Socratic dialogue, sovereign wealth fund, speech recognition, Steve Bannon, Steve Jobs, the long tail, The Wisdom of Crowds, Tim Cook: Apple, traveling salesman, upwardly mobile, WikiLeaks, Yochai Benkler

It was still difficult to see how you could build a big enough online audience while simultaneously asking them to pay for the privilege. Quite a bit of print would follow that logic – with a mushrooming of give-away titles. For the moment, for general news, the online future looked as though it was bound to be free. So many consultants, so much to keep abreast of. The social web was the focus of the 2006 report by Mary Meeker, a Morgan Stanley venture capitalist whose annual pronouncements on digital media were treated as close to holy writ. Murdoch’s MySpace was singled out as a company of extraordinary growth. Mobile was a glimmer in the eye (8 per cent of global phone subscribers were on 3G). The fastest growing companies were the Web 2.0 websites.

How Money Became Dangerous by Christopher Varelas

activist fund / activist shareholder / activist investor, Airbnb, airport security, barriers to entry, basic income, Bear Stearns, Big Tech, bitcoin, blockchain, Bonfire of the Vanities, California gold rush, cashless society, corporate raider, crack epidemic, cryptocurrency, discounted cash flows, disintermediation, diversification, diversified portfolio, do well by doing good, Donald Trump, driverless car, dumpster diving, eat what you kill, fiat currency, financial engineering, fixed income, friendly fire, full employment, Gordon Gekko, greed is good, initial coin offering, interest rate derivative, John Meriwether, junk bonds, Kickstarter, Long Term Capital Management, low interest rates, mandatory minimum, Mary Meeker, Max Levchin, Michael Milken, mobile money, Modern Monetary Theory, mortgage debt, Neil Armstrong, pensions crisis, pets.com, pre–internet, profit motive, proprietary trading, risk tolerance, Saturday Night Live, selling pickaxes during a gold rush, shareholder value, side project, Silicon Valley, Steve Jobs, technology bubble, The Predators' Ball, too big to fail, universal basic income, zero day

He launched straight into a second story, telling us about another phone call he’d had that weekend with Citi’s Jack Grubman, who was by far the most respected telecom analyst in the world—as well as the highest paid, at more than $20 million per year—and he was one of the three most respected equity analysts period, along with Mary Meeker at Morgan Stanley and Henry Blodget at Merrill Lynch. Grubman had built his fame on trashing AT&T, at which, early in his career, he had worked for eight years as a quantitative researcher. During that time, the federal government forced AT&T to split into eight regional phone companies. A 2003 New Yorker piece noted: “He made his reputation by arguing that deregulation would allow smaller, nimbler companies to usurp the position of his former employer—an analysis that proved correct.

The Rise and Fall of Nations: Forces of Change in the Post-Crisis World by Ruchir Sharma

"World Economic Forum" Davos, Asian financial crisis, backtesting, bank run, banking crisis, Berlin Wall, Bernie Sanders, BRICs, business climate, business cycle, business process, call centre, capital controls, Capital in the Twenty-First Century by Thomas Piketty, Carmen Reinhart, central bank independence, centre right, colonial rule, commodity super cycle, corporate governance, creative destruction, crony capitalism, currency peg, dark matter, debt deflation, deglobalization, deindustrialization, demographic dividend, demographic transition, Deng Xiaoping, Doha Development Round, Donald Trump, driverless car, Edward Glaeser, Elon Musk, eurozone crisis, failed state, Fall of the Berlin Wall, falling living standards, financial engineering, Francis Fukuyama: the end of history, Freestyle chess, Gini coefficient, global macro, Goodhart's law, guns versus butter model, hiring and firing, hype cycle, income inequality, indoor plumbing, industrial robot, inflation targeting, Internet of things, Japanese asset price bubble, Jeff Bezos, job automation, John Markoff, Joseph Schumpeter, junk bonds, Kenneth Rogoff, Kickstarter, knowledge economy, labor-force participation, Larry Ellison, lateral thinking, liberal capitalism, low interest rates, Malacca Straits, Mark Zuckerberg, market bubble, Mary Meeker, mass immigration, megacity, megaproject, Mexican peso crisis / tequila crisis, middle-income trap, military-industrial complex, mittelstand, moral hazard, New Economic Geography, North Sea oil, oil rush, oil shale / tar sands, oil shock, open immigration, pattern recognition, Paul Samuelson, Peter Thiel, pets.com, plutocrats, Ponzi scheme, price stability, Productivity paradox, purchasing power parity, quantitative easing, Ralph Waldo Emerson, random walk, rent-seeking, reserve currency, Ronald Coase, Ronald Reagan, savings glut, secular stagnation, Shenzhen was a fishing village, Silicon Valley, Silicon Valley startup, Simon Kuznets, smart cities, Snapchat, South China Sea, sovereign wealth fund, special economic zone, spectrum auction, Steve Jobs, tacit knowledge, tech billionaire, The Future of Employment, The Wisdom of Crowds, Thomas Malthus, total factor productivity, trade liberalization, trade route, tulip mania, Tyler Cowen: Great Stagnation, unorthodox policies, Washington Consensus, WikiLeaks, women in the workforce, work culture , working-age population

The number of student visas rose to nearly half a million over that period, but the number of employment or H1B visas held steady at around 150,000. The United States was sending 350,000 graduates home each year, mostly to India and China, and competitors were circling California, picking off fresh talent. In 2013 the tech analyst Mary Meeker circulated photos of a billboard that the Canadian government placed on Highway 101, the main artery through Silicon Valley, taking a cheeky jab at President Barack Obama’s promise of a foreign policy “Pivot to Asia.” The billboard read, “H1B problems? Pivot to Canada.” Before a visit to the Bay Area in the summer of 2013, Canada’s minister of citizenship, immigration, and multiculturalism, Jason Kenney, said he was going to spread the word that Canada is “open for newcomers” and was “not going to apologize” for poaching talent.

The Founders: The Story of Paypal and the Entrepreneurs Who Shaped Silicon Valley by Jimmy Soni

activist fund / activist shareholder / activist investor, Ada Lovelace, AltaVista, Apple Newton, barriers to entry, Big Tech, bitcoin, Blitzscaling, book value, business logic, butterfly effect, call centre, Carl Icahn, Claude Shannon: information theory, cloud computing, Colonization of Mars, Computing Machinery and Intelligence, corporate governance, COVID-19, crack epidemic, cryptocurrency, currency manipulation / currency intervention, digital map, disinformation, disintermediation, drop ship, dumpster diving, Elon Musk, Fairchild Semiconductor, fear of failure, fixed income, General Magic , general-purpose programming language, Glass-Steagall Act, global macro, global pandemic, income inequality, index card, index fund, information security, intangible asset, Internet Archive, iterative process, Jeff Bezos, Jeff Hawkins, John Markoff, Kwajalein Atoll, Lyft, Marc Andreessen, Mark Zuckerberg, Mary Meeker, Max Levchin, Menlo Park, Metcalfe’s law, mobile money, money market fund, multilevel marketing, mutually assured destruction, natural language processing, Network effects, off-the-grid, optical character recognition, PalmPilot, pattern recognition, paypal mafia, Peter Thiel, pets.com, Potemkin village, public intellectual, publish or perish, Richard Feynman, road to serfdom, Robert Metcalfe, Robert X Cringely, rolodex, Sand Hill Road, Satoshi Nakamoto, seigniorage, shareholder value, side hustle, Silicon Valley, Silicon Valley startup, slashdot, SoftBank, software as a service, Startup school, Steve Ballmer, Steve Jobs, Steve Jurvetson, Steve Wozniak, technoutopianism, the payments system, transaction costs, Turing test, uber lyft, Vanguard fund, winner-take-all economy, Y Combinator, Y2K

Its bankers would verify listing requirements, share its story with investors, suss out demand for the stock, and price and time the IPO for maximum effect. The team notched an early win when Morgan Stanley agreed to serve as its lead underwriter. The Morgan Stanley team, headlined by its star analyst Mary Meeker, had a strong reputation for tech IPOs, including the legendary 1995 Netscape IPO, seen as the starting gun for the dot-com boom. That same year, Meeker published the inaugural issue of “Internet Trends”—her “state of the union” for the digital world. In-mid August 2001, PayPal began the IPO process by preparing its S-1, a multi-hundred-page document submitted to the SEC detailing a company’s financials, operations, history, and legal issues.

More Money Than God: Hedge Funds and the Making of a New Elite by Sebastian Mallaby

Alan Greenspan, Andrei Shleifer, Asian financial crisis, asset-backed security, automated trading system, bank run, barriers to entry, Bear Stearns, Benoit Mandelbrot, Berlin Wall, Bernie Madoff, Big bang: deregulation of the City of London, Bonfire of the Vanities, book value, Bretton Woods, business cycle, buy and hold, capital controls, Carmen Reinhart, collapse of Lehman Brothers, collateralized debt obligation, computerized trading, corporate raider, Credit Default Swap, credit default swaps / collateralized debt obligations, crony capitalism, currency manipulation / currency intervention, currency peg, deal flow, do well by doing good, Elliott wave, Eugene Fama: efficient market hypothesis, failed state, Fall of the Berlin Wall, financial deregulation, financial engineering, financial innovation, financial intermediation, fixed income, full employment, German hyperinflation, High speed trading, index fund, Jim Simons, John Bogle, John Meriwether, junk bonds, Kenneth Rogoff, Kickstarter, Long Term Capital Management, low interest rates, machine translation, margin call, market bubble, market clearing, market fundamentalism, Market Wizards by Jack D. Schwager, Mary Meeker, merger arbitrage, Michael Milken, money market fund, moral hazard, Myron Scholes, natural language processing, Network effects, new economy, Nikolai Kondratiev, operational security, pattern recognition, Paul Samuelson, pre–internet, proprietary trading, public intellectual, quantitative hedge fund, quantitative trading / quantitative finance, random walk, Renaissance Technologies, Richard Thaler, risk-adjusted returns, risk/return, Robert Mercer, rolodex, Savings and loan crisis, Sharpe ratio, short selling, short squeeze, Silicon Valley, South Sea Bubble, sovereign wealth fund, statistical arbitrage, statistical model, survivorship bias, tail risk, technology bubble, The Great Moderation, The Myth of the Rational Market, the new new thing, too big to fail, transaction costs, two and twenty, uptick rule

If the company spent $1 million on attracting new subscribers, it did not recognize that cost immediately; it treated its advertising as an investment, to be counted against revenues bit by bit, like the cost of buying plant and machinery. The short sellers were correct that this was a low trick, and eventually America Online abandoned it.24 But the company’s share price refused to break its upward stride: The short sellers won the accounting argument, but they still lost their shirts in the investment. Mary Meeker, the Morgan Stanley analyst who had been dubbed the “Queen of the Net” by Barron’s, conceded that old-school value investors, brought up on the classic teachings of Ben Graham and David Dodd, might have trouble seeing the value in a company that would report losses if it respected the accounting rules.25 But that was the old timers’ problem.

Age of Greed: The Triumph of Finance and the Decline of America, 1970 to the Present by Jeff Madrick

Abraham Maslow, accounting loophole / creative accounting, Alan Greenspan, AOL-Time Warner, Asian financial crisis, bank run, Bear Stearns, book value, Bretton Woods, business cycle, capital controls, Carl Icahn, collapse of Lehman Brothers, collateralized debt obligation, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, currency risk, desegregation, disintermediation, diversified portfolio, Donald Trump, financial deregulation, fixed income, floating exchange rates, Frederick Winslow Taylor, full employment, George Akerlof, Glass-Steagall Act, Greenspan put, Hyman Minsky, income inequality, index fund, inflation targeting, inventory management, invisible hand, John Bogle, John Meriwether, junk bonds, Kitchen Debate, laissez-faire capitalism, locking in a profit, Long Term Capital Management, low interest rates, market bubble, Mary Meeker, Michael Milken, minimum wage unemployment, MITM: man-in-the-middle, Money creation, money market fund, Mont Pelerin Society, moral hazard, mortgage debt, Myron Scholes, new economy, Nixon triggered the end of the Bretton Woods system, North Sea oil, Northern Rock, oil shock, Paul Samuelson, Philip Mirowski, Phillips curve, price stability, quantitative easing, Ralph Nader, rent control, road to serfdom, Robert Bork, Robert Shiller, Ronald Coase, Ronald Reagan, Ronald Reagan: Tear down this wall, scientific management, shareholder value, short selling, Silicon Valley, Simon Kuznets, tail risk, Tax Reform Act of 1986, technology bubble, Telecommunications Act of 1996, The Chicago School, The Great Moderation, too big to fail, union organizing, V2 rocket, value at risk, Vanguard fund, War on Poverty, Washington Consensus, Y2K, Yom Kippur War

.: Princeton University Press, 2005), p. 2. 8 “I HAVE TWELVE OR FOURTEEN”: Author interview with Albert Vilar, May 2000. 9 AMERINDO FOLDED AND VILAR, CONVICTED: http://topics.nytimes.com/topics/reference/ timestopics/people/v/alberto_w_vilar/index.html. 10 IN 1990, THE TEN LARGEST COMPANIES: Frank Partnoy, Infectious Greed: How Deceit and Risk Corrupted the Financial Markets (New York: Henry Holt, 2003), p. 2. 11 “STOCKS FOR A NEW INDUSTRY”: Mary Meeker, U.S. News & World Report, April 3, 2000. 12 “A NEW ERA ECONOMY”: Partnoy, Infectious Greed, p. 107. 13 YET THERE WERE MANY HISTORICAL ANALOGIES: See, for example, Murray N. Rothbard, The Panic of 1819 (New York: AMS, 1962). 14 THE ECONOMIST WROTE IN 1999: The Economist, September 29, 1991, quoted by Jeff Madrick, The Business Media and the New Economy, Joan Shorenstein Center, Harvard University, December 2001, p. 13. 15 AS LATE AS 2000: Peter Schwartz and Peter Leyden, “The Long Boom: A History of the Future, 1980–2020,” Wired, July 1997. 16 THERE WAS BROAD SUPPORT: “Question: Is There a New Economy?