Josh Wolfe Profile picture
Feb 9, 2019 17 tweets 4 min read
1/ Inviting storm of CONTROVERSY—with a parable of INEQUALITY
(you will know when i am serious or sarcastic)

Talk about structural problems + a system that needs to be totally dismantled—problem goes back over 20 years. You will share my outrage about this kind of inequity....
2/ Most people know this story of a guy, let’s call him “Michael”
—in 1998 ALONE he made more than not just all of his coworkers combined but more than 99.99% of the entire country.
He made $33M while his coworkers made (or should i say basically bilked the PUBLIC) for $61M
3/ That is the ENTIRE budget of public transportation and education in some small cities.

His next closest coworker was a guy named Toni who made $4.5m, Dennis made $4.5M, another guy Scottie made $2.7M and a guy named STEVE K who made $750,000

Minimum wage? $5.75

INSANITY.
4/ Even more infuriating they didn’t invent anything to help people improve their daily lives, no medicines or computers.

Crazier still! Tens of millions of people wanted to do what Mike did—which sure was fun to watch him do—but didn’t really help people very much...
5/ It got WAY worse.

There are still MILLIONS of people that want to do Mike’s job—but the “system” only to this day allows 494 people in.

That’s .0001%

Worse the top 3 people in this completely inequal “elite” group—get more people watch them work than everyone combined!
6/ Some new guy called “Steph”—he’s not even worked that long

Everyday people put in 10hr-days to feed their family
This guy?! Pfft. 3hr days—$450,000 each time.

To put this STRUCTURALLY BROKEN insanity in perspective

He makes MORE in 1 DAY
—than 20% of families do in 10 YEARS
7/ This should not continue. $37M a year?!

And he gets it guaranteed for 5 YEARS!?

Are. you. kidding. me?

When some people don’t know if they will have a job in 5 MONTHS?

We need fresh leaders like @AOC to get us laws against this!...
8/ You may even more appalled to know that one guy named Sam—has more dollars than 99% of the population.

Actually Sam has seized 100% —every single dollar taken (by force) from 325 million people.

The people did not choose to give it they were told —give it or get imprisoned.
9/ In contrast the people have willingly given these guys named “Bill G” and “Jeff B” their dollars as Bill and Jeff each made a very useful thing.

The people give Jeff lots of their dollars and Jeff gives them almost whatever they imagine they might want.
10/ Every day people give Jeff their dollars + Jeff sends boxes of stuff they want

Some people want food or clothes + Jeff takes their dollars and gets it to them immediately

Other people pay Jeff to watch movies—or for a robot jukebox they can ask to play songs...
11/ The people give Bill their money so they can use a magical machine where they can turn their ideas into words and pictures and numbers and share them with eachother...
12/ With all the money Bill and Jeff have received (not taken) from the people, they could buy lots of fancy cars and show how much money they have taken away from the people.

But Bill and Jeff decide to spend the money to do things Sam has not done...
13/ Bill uses his money to help people who dont have and helps cure + get rid of their diseases like Polio + Malaria so they can keep living

Jeff uses his money to save a popular paper to help people get trusted source of facts + truth + uncover secrets—especially ones Sam has..
14/ Jeff also uses his money to make stuff for space so that we can move dirty manufacturing and polluting industries off of our planet and put it on another planet to make it htere so we can then send the stuff back here...

Jeff and Bill seem nice.
15/ THE POINT:

We do not feel moral outrage about the inequality of talent or luck in NBA players—having more than the masses b/c it it somehow feels “earned”

But we feel outrage about Warren Buffett or Bill Gates or Jeff Bezos having “more” than 50% of the population...
16/ I’ve always liked this cartoon—it is flawed and as we can see not universal for all domains—but still useful

in seeing what is “fair” in opportunities vs outcomes.
17/ This was prompted by friends I admire + respect a lot feeling outrage about this—and i just think that outrage is misplaced...
politifact.com/wisconsin/stat…

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More from @wolfejosh

Feb 21
1/ There is lots of news (serious or silly) competing for👀

A thing NOT front page news YET

is the arming of India 🇮🇳 by the US 🇺🇸
and of Pakistan 🇵🇰 by China 🇨🇳

ps India’s growing tension with its Muslims (200million—world’s 3rd largest muslim pop. + largest minority pop.) Image
2/ Adding to the tensions is WATER🚰 💦 🚽

In the 90s I equated “Free Tibet” with cool music 🎶(Beastie Boys, Tribe Called Quest, Red Hot Chili Peppers, Bjork, De La Soul, Rage Against the Machine)—and a principled protest for religious freedom + the peaceful poise of Dalai Lama
3/ I was not at ALL thinking—while bands commodified my dissent + naive teenage angst—about the geopolitical long game of China securing Tibet’s water.

Control the WATER—control the WORLD

HALF (50%!) of the world’s population depends on RIVERS flowing from Tibetan Plateau…
Read 10 tweets
Feb 20
1/ Find directional arrows of PROGRESS (arrows of inevitability) they don’t point to the company or the founder or the specific tech—but they never fail.

The more poetic the insight, the more likely it is to be true and the explanation harder to vary.

CONSIDER: energy
2/
The more we move into the FUTURE
the further we mine the PAST

When humankind first learned to release ENERGY to do WORK it was using recent vegetation fueling self or animals

(*that vegetation was weeks or months or years old)…
3/ Next humankind learned to create fire and release ENERGY to do WORK by burning what the sun had stored in vegetation (wood + oils)

(*that was years or decades old)…
Read 8 tweets
Feb 19
1/ Believe there’s growing RISK that perception of tight labor market—(with 4.5 million giving notice in November)—& rising incremental wages to attract workers back

may be due to WFH complacency combined w/rising retail stock/crypto confidence + flood of options in new startups
2/ The non-obviosu RISK is many may have been heavily margined & lured into stock trading + crypto accounts and feeling flush + confident yet were low-income and/or recent grads…
3/ Combined with a flood of growth capital into a flood of new startups with a flood of demand for talent that led to a flood of rising wages + stock packages…
Read 6 tweets
Feb 19
1/ LARRY BOCK—
Five and a half years ago longtime Lux partner, mentor, friend, father, husband, cutting-edge biotech investor, company founder––and Brooklyn-born(!) merry prankster passed….medium.com/@lux_capital/a…
2/ Larry’s email was “BioBock” (his dad’s nickname as an “OG” stockbroker for biotech in the 70s + 80s)…

Larry (legally blind w/deteriorating eye condition, Stargardts) would join Genentech as one of the first 50 employees—before launching 17 co’s from scratch + taking 14 IPO—
3/ One of my FAVE stories is how Larry had hoped to get into Princeton, Harvard, Yale—but instead was steered towards Bowdoin

He had a friend who used to prank him….This friend once had his sister pretend she was another girl Larry had a crush on— asked him out to the prom….
Read 18 tweets
Feb 18
1/ Releasing year-end redacted Lux quarterly letter to LPs

Our theme is: the power of ‘AND’

-raising fortress balance sheet cash + husbanding it wisely
-a coming wave of consolidation + M&A
-the macro, margin debt + market structure
-Magritte’s “Perspicacity”
-and much more…
2/ We are transitioning from CONJUNCTION…
to a period of DISJUNCTION

From “and” as neutral combination…
to “and yet” as expression of contrast

Comfort and complacency create conditions
for risk, instability + vulnerability

To FORESEE a risk is to help PREVENT its occurence
3/ We told Lux cos in 2021:

expect good AND bad market conditions AND be so well-capitalized to be unfettered by fear AND prepared to pounce

~90% of our holdings are funded into 2023

We made 136 distinct investments AND our co’s raised over $12.6B with 21 each raising >$100M
Read 11 tweets
Feb 14
SOME NEWS! 📰🗞️

1/ We’re PSYCHED to announce that @graceisford has joined Lux Capital as a Principal based in our NYC 🗽office––where she will be investing at the nexus of web3, data infrastructure, and AI/ML...🧵
2/ Even as we continue to plunge ever deeper into ATOMS + BITS

it’s also clear that we can’t ignore the institutions that power our society––which face their own complex challenges...
3/ Our financial system is sclerotic + undemocratic, built on pulped trees🌳 rather than code👩‍💻 + smart contracts.

Our health system 🏥remains mired in antiquated systems...
Read 7 tweets

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