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20 Oct, 5 tweets, 2 min read
1/ This was SHOCKING to me.

Do you love chocolate (Y/N)?
2/ Does the delicious taste of sweet chocolate exceed the bitter truth of supporting enslaved child labor of kids under 12 in Ghana or Ivory Coast picking cocoa beans that make chocolate?

(Y/N)?
3/ Most alarming was how easy it was for me to flip past this article in today’s @washingtonpost––while i LITERALLY bit into chocolate 🍫and sipped my morning coffee☕️

And then flipped back––startled by easy complacent ignorance.

WHOA.
4/ 20 years ago after a BBC documentary that shined spotlight on industry practices—US legislators moved to make change.

But clear nothing will happen unless consumer demand––DEMANDS change.

I LOVE chocolate. I HATE this.

Keen to help whomever is doing effective work here.
5/ Thanks for this ht @JaapDekter

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More from @wolfejosh

Josh Wolfe Profile picture
13 Oct
1/ I have no idea if the current zeitgeist lasts
2 days, 2 weeks, 2 months or 2 years.

I can argue the case for lasting longer than anyone thinks it ought––and why it may run shorter.

For why longer:
Record inflows from retail––“across the board”––in US, Europe, Asia...
2/ Beyond RobinHood or TradeRepublic or TikTok fast-money option speculators––with 0% rates–––“GROWTH” is what is demanded.

And
-with SPACs able to give proforma ‘forward guidance’ in ways IPOs couldnt
-and a dollar in 2025+ = to a dollar TODAY

Valuations continue to rise...
3/ SPACs themselves may be akin to late 1980s Junk Bonds when Milken took a once backwater asset and legitimized them through combo of academic + portfolio theory––

unleashing vast capital formation + wealth creation––until like all good things––it was taken to excess....
Read 11 tweets
Josh Wolfe Profile picture
10 Oct
1/ The shift from mostly INDIVIDUAL retail investors to concentrated institutional over last two generations––and the growing shift back to INDIVIDUAL retail investors

is underappreciated strutural phenom of inflows/outflows

We make fun of the RobinHood, TradeRepublic...
2/ And the vast majority of them will LOSE their money and GAIN experience––

and get exploited by more cunning investors + mgmt teams
(front-running quants, huckster CEOs)

But the capital formation it is fueling + will fuel (at a time of already low rates) is scary large...
3/ Consider ANT Financial

China funds raised just for the IPO sold out in days––raising $9 billion from 10 million RETAIL INVESTORS.

Many institutions wouldnt touch this company for gigantic glaring interparty + accounting issues.

But ANT will get to keep the money.
Read 5 tweets
Josh Wolfe Profile picture
5 Oct
1/ Announcing something NEW @ Lux.

We are committing very big money
to a very big opportunity ahead.

(Led by my brilliant partner + cofounder @peterjhebert)

Here's what + here's why👇👇👇 Image
2/ We will be investing a BIG part of $1B of newly raised capital at the intersection of a HEALTH + TECH megatrend.

Forget buzzwords of "AI & machine learning, robotics + automation + machine vision"

––they only matter if they enable attractive high-growth business models...
3/ Here's WHY––

Today' medtech industry hasn't kept pace with the rate of innovation + value creation of TECH companies

VC-backed medtech has produced only a HANDFUL of innovative companies with large cap valuations since the turn of this century...
Read 12 tweets
Josh Wolfe Profile picture
4 Oct
1/ Some unsolicited advice.

A few people I admire and mentor were obsessed with the current news cycle––distracted + distraught with disbelief almost daily.

My advice was THIS: 👇👇👇
2/ Stop hitting refresh 🔘 on the news like an addicted caged rat looking for a hit of joy 😃or anger 😡

With so much to lose for so many in power––there is NO UNCERTAINTY. 

You know this: there is total CERTAINTY that there will be total chaos daily for weeks to come...
3/
You know this:
that few maybe none of those events are in your control. 

You know this:
you can control only what is in your control

1. voting (unless or until you can’t)
2. where you direct your attention + focus
3. how you choose to feel...
Read 9 tweets
Josh Wolfe Profile picture
3 Oct
1/ PERFECTION.

Can’t listen to pop music.

Can listen endlessly to this—4 note progression (for 0:55) with harmonic synth building to a crescendo bridge of explosive dissonance + thrashing emotional release.

A few of my favorite new tracks.
This is “Genesis” from @deftones.
2/ This is called “This Link is Dead” by @deftones

The tempo switch from melodic calm— to a bit of the old chaotic thrash.
3/ This is “Pompeji” by @deftones

Same structure of calm to chaos—and back again...
Read 4 tweets
Josh Wolfe Profile picture
30 Sep
On Diversity––and cognitive diversity.

10 people who look different but think alike are NOT diverse. The real value of diversity is that diverse backgrounds + life experiences most typically lead to diverse thinking.
2/ A predictably necessary warning: Please do not lazily distort or misrepresent my words nor project preconceived bias

Diversity trumps ability + the basis for that diversity is people thinking differently + they think differently often because of their experience/identity—
3/ Two papers that empirically and scientifically support this (and say nothing giving any Boards or companies any kind of out for avoiding diversity)

1. PNAS
sites.lsa.umich.edu/scottepage/wp-…
Read 5 tweets

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