1/ I was rereading Softwar (the 2004 book on Larry Ellison and Oracle) this morning, and the main thing that stood out to me is that pretty much every idea in software today was already basically around 20 years ago
2/ Twenty years ago, everybody in the software industry was already debating whether "best of breed" applications would triumph over integrated solutions from Accenture ("one throat to choke")
3/ Twenty years ago, everybody in software was already complaining about how every company's data was getting siloed across a hundred different databases daisy-chained together by hacky ETL scripts, instead of a single system of record
4/ Twenty years ago, the software industry was already talking about transitioning datacenters from scale-up to scale-out computing, i.e. "making a bunch of cheap little computers 'look' like a big computer"
(Notice this is the whole premise of modern cloud computing)
5/ *Thirty* years ago, the software industry was already talking about how "internet computing will centralize data storage in huge databases and processing on large servers, while distributing information on demand across a global network"
...aka the Cloud, 11 years before AWS
6/ Twenty years ago, the software industry was already convinced that the future of the business model would be selling "software as a service"!
7/ Contrary to popular belief, scale-out computing, the cloud, SaaS, etc. were all ubiquitous ideas by the 90s. The irony of Softwar is that Oracle had little to do with the ultimate success of these ideas
Predicting the future is easy, it's just making money that's hard!
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1/ I just finished a 2.5 week trip through China today, my first visit in about a decade. I was there for family reasons, but it also happened to be my first time in the country as a tech industry observer
My amateur travel journal on the China tech market -
2/ OBSERVATION #1 - Yes, everything really does run on WeChat
If you're a foreign traveler visiting China, you really must set up WeChat Pay and Alipay beforehand. For me, this was the Chinese equivalent of Whatsapp + Chrome + Venmo + my credit card + my subway card + Doordash
3/ I didn't use cash a single time on my 19 day trip. Everybody took WeChat Pay, from Michelin-starred restaurants, to McDonalds, to butchers at the farmers markets in tier 3 cities, to performing musicians in national parks
1/ Just caught up with a few investor friends in the consumer space last week about Ozempic and GLP1s
As far as I can tell, everything basically hinges on: how much does it matter that every consumer product in the world depends on a tiny cohort of super consumers?
2/ What happens if it turns out we’ve actually invented an all-purpose anti-addiction drug?
I suspect it’s not properly appreciated how many consumer categories follow a power law distribution of consumptiontheatlantic.com/health/archive…
3/ The top 9% of US adults account for 34% of US candy consumption
1/ The more time I spend in the corporate world, the more I understand why everybody just hires ex-consultants and investment bankers
It’s not because McKinsey or Goldman Sachs actually teach you how to do the job, per se
It’s because hiring undergrads is a free rider problem
2/ Ultimately, new graduates don’t actually know how to do anything
This is less intended as a value judgment (I was the same when I graduated from Amherst), and more as a statement of fact that elite American universities are not intended to be trade schools
3/ Even if you already know “hard skills” like accounting or SQL, you usually still need 2-3 years to acquire the requisite soft skills to work independently, eg how to present to execs, how to make your ideas clear, how to convince coworkers to do stuff they don’t want to do…
It’s an awesome feeling when you come across a new blog or Substack, read a half dozen of their posts, and think “wow, every single one of these is good.” Only happens to me once or twice a year
I have no idea who @dynomight7 is but you’re cool, keep up the the good work
Some posts I’ll call out:
Why first discoveries in science are overrated, given the frequency of simultaneous invention (good ideas tend to be products of their unique time and place, at which point they become obvious to everyone around them)
1/ This article on Pinduoduo (the 3rd largest e-commerce platform in China) is ostensibly focused on their new US venture Temu, but it quickly devolves into the most outrageous profile of Chinese corporate culture that I’ve ever read
2/ It starts out talking about how Temu’s org chart is structured into two warring factions trying to take each other over
To be fair this is relatively tame - organizing two competing teams on a single product is a relatively common practice in China tech
3/ Every new customer on Temu is randomly assigned to one of multiple internal teams, who compete to drive the highest sales or face dissolution
Again, this is sort of a common China tech practice, so not so much a Pinduoduo-specific thing