Field Notes · 17 Jul 2026
Best explained
Why elite AI startups get founder-favorable terms on capital-intensive deals: investor demand for top entrepreneurs exceeds supply, so valuation norms from biotech or semiconductors (tranched, dilutive) no longer apply.
By the numbers
Takahe Capital runs at 25 to 30% annualized volatility, versus 8 to 12% for the vast majority of CTA trend-following funds and assets.
New today — Evidence added
US software development job postings rose 15% since the launch of Claude Code in late February 2025, while overall job postings fell 7% over the same period.
Ben CarlsonAbout 10% of Scale Venture Partners' pre-GPT AI portfolio became dead on arrival after ChatGPT launched, having solved problems ChatGPT made trivially easy.
Rory O'DriscollNew today — Sharp calls
5 out of 6 initial prospects purchased Corey Gannon's AI concierge offer.
Corey GannonNvidia's forward earnings multiple is at a discount relative to its historical 5-to-10-year range.
Ben PouladianTakahe Capital trades at 25-30% annualized volatility, while most CTA trend-following funds operate at 8-12% annualized volatility.
Takahe CapitalNew today — Useful context
Cancer incidence is lowest in traditional low-income societies such as Niger, Gambia, and Nepal.
Thomas SeyfriedStill tracking
Amazon now indexes every word in A+ content images and infographics for SEO, making image text a significant ranking factor.
KamalTool watch
Hyperliquid is positioned to siphon liquidity and AUM from conventional exchanges like CME if those exchanges do not launch perpetual futures or competing products.
Worth quoting
“Cocoa is to cocaine what potatoes are to vodka.”Andrew Weil
“Walt's line on this was that ABC needed the show so badly that they bought the amusement park with it.”Ben Gilbert
“If I had a death wish, I would have just gone and done it. I would have spent nine years training for it.”Alex Honnold
“I personally favor a soft lean and done approach to Ethereum once the straw map is completed.”Vitalik Buterin
“The implementation is actually not the expensive part anymore. It's dare I say taste.”Andrew Ambrosino
“All of our money is made with the uncoachable ones.”Chamath Palihapitiya