Programming note: Money Stuff was supposed to be off today but I got bored so here you go.
I have a model of Adam Neumann that goes like this. There was a bubble for a particular sort of tech startup, one that scaled very quickly and used lots of buzzwords and had big ambitions and bad unit economics and raised tons of money from SoftBank Group Corp. Adam Neumann saw that bubble and said “well, I should be on the other side of that.” The other side of that bubble was not shorting a bunch of tech startup stocks: That’s risky, and anyway you couldn’t really do it because the bubble was in tech startups with no publicly traded stock.
