Our new business model for writers is so sustainable that we're raising $65 million to continue to run it at a massive loss 
Substack reminds me of the early days of Blue Apron, where you could get really amazing cuts of meat or fish home delivered at a fraction of their cost because the company was burning money to build market share. The trick is always to know when to get off the Wheel of VC in time
All that's missing from the Substack business model is a feature where, once you get people to sign up, part of the money that comes in from subscribers they bring in later accrues to you
Personally, I'm waiting for the next Medium pivot. Most VC bonfires are one-offs, but @ev has created the rare perennial
The thing about Andreessen-Horowitz investments in particular is that there's always a stupid master plan that the avowed business model is only phase 1 of. You can only get the millions out of A16Z if you know the pitch format, and that requires the grandiose world-eating secret
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