yoni rechtman
@yrechtman
Followers
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Following
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digitally native vertical boy | taking things @slow | writing a weekly newsletter
Brooklyn
Joined July 2015
Peter Dinklage playing Jack in the twitter movie would go so hard
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In the last few weeks Goldman, Sequoia, and Barclays have all put out equity research that says “the AI capex boom doesn’t make sense”. That feels like a pretty significant harbinger of a major sentiment shift.
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Friends inside Twitter tell me that Ruhal Ligma’s boss, Dinesh Sukondeez has also been laid off and is walking out of the building now. #TwitterTakeover.
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Notion is giving away breakfast and merch in soho. We’re nowhere near the bottom.
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@rSanti97 This all feels wrapped up in some weird ED culture. Truly cannot wrap my head around it tho. Is the issue that it’s rude? That’s its unsightly? That it’s inconsiderate? What’s the rationale.
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Vanguard doing site maintenance at market open on a monday in the midst of a massive selloff is absolutely iconic. Pure commitment to the do nothing indexor worldview. How can you not love it?
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@_ali_taylor signing a lease for 30% of your pretax income after seeing the apartment once for 15 minutes.
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Watching tech people rush to support Trump and then quietly backpeddle b/c of "the vibe shift" is pathetic. Easily influenced, no substance, unprincipled - just enamored of power and momentum. It says a lot about the culture of investing and building - none of them good.
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Don’t ask “what do you do?” at parties. IMO also avoid "what's your story?" and "so how do you know [host]?". Better options:.- when was the last time you cried.- how do you feel about your body?.- did Epstein kill himself?.- do your parents still love each other?.
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Miami was never gonna happen. It's just SF and NY and no other startup city matters.
SF is a better city to build a startup in than NYC. Duh. The chest thumping just looks desperate and undermines the fact that NYC is really great for startups and is a better city overall. There is a clear hierarchy and basically nowhere else matters after SF (#1) and NY (#2)
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If Elizabeth Holmes were alive today, Theranos would be SPAC’ing at 14x 2024 revenue with a 140% 2021-2026 CAGR.
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@trygraptor They’re literally all taking “the geriatric spice.” They can just say that’s why they look young. One line of dialogue and problem solved.
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Midas list general partner at a board meeting giving product advice to a technical team
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A week ago, OnlyFans posted that they had paid out $700M to creators lifetime to date. Now the headline image says $725M. At a 20% take rate and with the approx timeline, thats ≈$800m-1.5B GMV run rate and $150-300M revenue run rate. This is a billion dollar media company.
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@WealthyCFO @dee_bosa It’s worse than we thought.
Friends inside Twitter tell me that Ruhal Ligma’s boss, Dinesh Sukondeez has also been laid off and is walking out of the building now. #TwitterTakeover.
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Every industry needs a Plaid. Instead of building vertical ERPs, startups should just abstract them away.
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Founders Have to Be Specifically Right.Not Directionally Correct. Remember, VCs get to make 5+ bets a year and founders get to make 1 bet every 5+ years.
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airbnb has no houses.uber has no cars.you have no girls . this is the new economy.
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@WembyCentral wrong. Expected value* of the SGA shot: $38,565. EV of the curry shot: $63,750. *using career percentages. If it's in an open gym curry's percentage will be even higher.
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We're at the start of a new private equity X venture capital supercyle: . Whether it’s PE funds buying venture backed companies, venture funds launching PE strategies, or startups using PE-like approaches to buy their customers, something big is going on. There's four separate
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Losing 10s of billions of revenue instead of reaping hundreds of billions in exit value. A normal, profit minded thing for a company that’s not an influence operation to do.
BREAKING: Reuters reports that TikTok's owner ByteDance would prefer to 'shut down' its app in the US rather than sell it if all legal options are exhausted.
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raised a $1.7 billion Series C to buy and transform SP+. Metropolis is a great case study of the “vertical SaaS buyout” where a software company buys and transforms operating companies. This is the future of vertical SaaS and how software eats the world
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Some news! Today is my first day w the @Slow team. I’ve gotten to know @wquist @lessin @KevinColleran @crabbylions and the gang over the last year and I’m so stoked to join. I’ll be supporting seed stage companies across fintech, healthcare, marketplaces - and following my nose
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When your public company salary effectively gets slashed 50% and any new role at a startup comes with underwater options, the risk:reward about starting a company yourself changes drastically. Lots of good folks are going to take the leap who wouldn't have done it 2 years ago.
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@TommyBeer He doesn’t fit. Can’t defend and doesn’t fit culturally as a Brunson compliment.
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Signing into iMessage on a Newark airport iPad is a level of chaotic evil I can’t really process
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This is pretty much and increasingly the only thing I think matters. Evidently grass roots donors and ground game don’t matter at all or at the very least are profoundly inefficient/ineffective relative to the media ecosystem you cultivate.
the fundamental problem Democrats have is that while the right has an entire media ecosystem built to bash Democrats the left also has an entire media ecosystem…built to bash Democrats.
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The age of the Software-Led Growth Buyout is Here. Bringing software to industry remains the biggest opportunity for software to orchestrate/accelerate GDP but only if we can work beyond vSaaS biz models and capital structures. Our deck and thesis:.
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@MatthewACherry @MrRogersMovie If you haven't seen it, you gotta watch his congressional testimony about public television
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Maybe once or twice a week I get asked for advice about how to get a job in VC. I always give some version of the same answer: don't. Here's why.
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The biggest surprise of Beff Jezos is that he’s not a LARP. I expected him to be a 25 year old at Bain who just lost it.
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Big venture platforms are launching PE funds for the same reason big PE platforms launched venture funds the last cycle. Asset managers want to manage assets. Multi manager HFs, mega PE funds, bulge bracket banks, and multistage VC platforms are increasingly indistinguishable.
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We Don’t Believe in VC Value Add or Platform Teams.1. it selects for worse founders.2. it hurts your reputation by overselling and underdelivering.3. it makes you less aligned with founders. How we actually help founders.1. WE GIVE YOU MONEY. Duh. 2. We help you raise more money
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At a large enough scale, every startup becomes at least one of the following:. 1) a marketplace.2) B2B .3) financial services company. Debate me, cowards.
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The Future of Software Looks Like Services. There are increasingly no moats and infinite competitors in application software. Building a big high-quality business requires finding something else defensible and novel to pursue.
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I’ve given a lot of negative career advice (don’t work in VC, don’t be a generalist) so here’s one thing I think early career people **should** do: be a janitor (make others’ lives easier) or a star (deliver unique value). Don’t do replacement level work.
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We led a $7 million funding round to build the next great American home services brand. The opportunity for software to eat the world, transform the real economy, and turbocharge the productivity of real businesses is massive and untapped. But often that will mean building and
Excited to announce Craftwork’s Series A funding! . Huge thank you to @yrechtman at @slow and @pioneer_fund for joining us, and to @lachygroom, @louisberyl, @nicoleahjohnson at @ForerunnerVC, and @ycombinator for continuing to back us! .
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@Ian_Gay_briel I have been plagued by awful management for years across multiple apartments. The only time it’s been good when renting from A Dude was when it was in a co-op with hardcore rules. I’d gladly live in a megacorp building if they owned cute brownstones.
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Sales doesn’t need more point solutions. It needs a Rippling.
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We’re hiring ( right now so i’m finding myself explaining the job of a VC a lot. So here’s the skinny on this very weird “profession” - good, bad, and other. On one hand, you spend all your time with awesome people. OTOH it's a super lonely job. On one
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“Writing on the internet” as a whole personality/personal brand is just an MLM for tech bros. Change my mind.
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@heyitsMattCaron Really hoping prophecy makes this clear. Funny enough if they’d use the word “jihad” it would drive it home better for western audiences but they can’t/wont….
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I'm bearish on CPA firm rollups and buyouts. We have met 10+ of these companies over the last 24 months. Not an exaggeration. So these assets are going to be insanely competitive and we don’t think it’s worth doing.
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It’s AAPI heritage month and all the white women in fort Greene are celebrating by chasing after their dogs Miso, Nori, Daikon, Bento, and Mochi.
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My 7 part plan to make Resy into a great American company. Like most venture capitalists, I’m not qualified to do anything but my current job. That is, except for one thing; I would absolutely kill it as the CEO of Resy. Your move, @AmericanExpress.
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My beloved Mommom passed away yesterday morning. I had just been down to get her settled in a new apartment a few weeks ago. In the last weeks of her life she was happier and more active than she had been in a long time. As her health got worse I was mourning for the last few
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The murder mystery/crime caper comedy is making a glorious comeback and I am so excited. This is one of my favorite types of movies.
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Being ok looking stupid is a superpower. Literally no one cares about anything you do except for you and no one will remember your failures as long as you eventually get it right.
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Pre-seed is a unique beast as distinct from seed as seed is from A+. It's got some really attractive qualities for those patient enough to spend time there.
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Most Vertical SaaS is just a basic CRM with a few custom fields. A composable/headless CRM would transform the category.
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I am legitimately terrified of millennials’ and zoomers’ fascination with day trading and stock picking as a salve for wage stagnation and the death of defined benefit retirement plans.
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I need some chaos in my life. Who are the most talented, ambitious young folks working at startups in NY that I should get in front of?.
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I’m tired of commuting into Manhattan for tech events. Likely gonna host another outdoor happy hour in Brooklyn in the next few weeks. Founders, operators, etc. in BK hmu!. Margs, tacos, sunshine on me 🍹🌮🌞.
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Now that I’ve switched to a fully WFH job in a time zone distributed and pretty decentralized org, I realized I can do my job without stimulant ADHD meds for the first time in 10+ years. I can modify my environment for my needs rather than modifying myself for my environment.
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At pre-seed you can put all/most of your efforts toward wayfinding, the idea maze, and seeking truth. There’s no path dependence at that stage. I don't think VCs can help with execution/running the business so if I can ever be helpful (debatable), it's there.
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There’s no greater anti-natalist blackpill than marriage and baby announcements with corny ass jokes like “new seed investment” or “signed the most important term sheet of my life.”. Experience your life through something other than a professional lens. Eschew irony. Find joy.
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After 5 amazing years, I’m sorry to announce that today is my last day at Basecamp. It’s bittersweet but I’m excited to explore new projects and find a better way of working. Onwards.
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This is the narciest thing I’ve ever seen. If I ever catch anyone wearing a wire like this it’s an instant excommunication. Don’t be a cop.
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@schneider You have to have real/good public transit otherwise it’s just a punitive tax. Few US cities have that.
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Every in NY is 30+ or 22. Where my mid twenties peeps at. Young enough to have fun. Old enough to be discerning about where.
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Simping Stripe is not a personality. Senpai will never notice you.
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It’s gonna rock when Raygun writes a paper about how she deconstructed neoliberal traditions of breaking at the Olympics and her “bad” performance was actually praxis. She’s gonna die a legendary poster.
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The biggest difference btw millennials and Gen Z is that millennials grew up thinking they’d be ok and safe and own homes and have savings and live in a prospering society and gen z always knew they were fucked. You can’t miss what you never had.
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If you make bold proclamations about your mission and impact, expect scrutiny and likely criticism. That’s not a conspiracy against you, it’s being held to the higher standard you’ve set for yourself. If you don’t want to deal with that, just shut the fuck up and do your work.
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Best part of @resy is showing you all the restaurants you can’t get a table at. Incredible design choice.
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Deafening silence from tech’s libertarian wing who had to move to Texas and Florida to be truly free.
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Seed Investments Have to Be Reasonably Unreasonable. If something is reasonable or too obviously a good idea, assume it’s obvious to everyone else. Do something unreasonable. Be right.
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@WillManidis What’s your preferred delivery mechanism?. Smoking? Most enjoyable, least healthy. Vaping? Chinese heavy metals. Chew: oral cancer. Sachets: probably micro plastics. Patches? Addict vibes. Gum? disgusting habit. Genuine Q.
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Utter insanity watching all of these “American dynamism” people drool over a Chinese AI.
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.@hello_alma_ just got my therapist credentialed by Aetna. From $150 out of network to $0 co-pay. That’s going to save me $7500 this year. As an investor, I knew these numbers but couldn’t have really appreciated just how incredible it would feel to get this burden lifted.
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The most ambitious, high achieving young people move as one in response to the macro. Over the past 60 years it was big corporates, then finance, and then tech. But what comes next?. Cash flow and independence, which are two sides of the same coin.
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Who are the brightest, hardest working VC analysts and/associates out there right now? Who are the folks you just know are onto something?.
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Climate change, reproductive rights, affordable housing, labor rights, free and fair markets, personal liberty, democratic institutions, gun control, science and education, healthcare funding, a social safety net. These things matter. They are not abstract concepts. Have beliefs.
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The slides we shared with our LPs last week at our annual meeting on where we do and don't want want to put our dollars to work at seed.
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