Thanks for your writing. I like how you dissect the mental models and make it relevant to the current Chinese context. Very reflective. I look forward to your next article and observations.
As an allocator, I saw the abundance of capital actually kills innovation. Many companies kept spending money through early 2021 without making meaningful progress on generating cash flow. We still see a lot of innovations and new businesses but with limited amount of capital (but not zero). Companies and venture capitalists have to be smarter to win the battle as the resource is limited. From this perspective, with much lower entry valuation, China venture capital is an attractive place. No?
I’m trying to access your old premium articles. Happy to pay, but there’s no way I can subscribe. Will you be enabling subscriptions again?
Thanks for your writing. I like how you dissect the mental models and make it relevant to the current Chinese context. Very reflective. I look forward to your next article and observations.
Damn you write well! 💚 🥃
Welcome back. Your writing was missed.
As thoughtful as ever - I’ve come to miss this letter.
She is back
观察的很细致，inspiring
in Chinese the word involution should be “内卷” instead of "内眷";
Highly accurate expression of what we're living in Shenzhen.
As an allocator, I saw the abundance of capital actually kills innovation. Many companies kept spending money through early 2021 without making meaningful progress on generating cash flow. We still see a lot of innovations and new businesses but with limited amount of capital (but not zero). Companies and venture capitalists have to be smarter to win the battle as the resource is limited. From this perspective, with much lower entry valuation, China venture capital is an attractive place. No?
I am also reading this in my quarantine room in Guangzhou!!