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Making Markets in Time - by Abraham Thomas - Pivotal

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Silicon Valley and the Invention of Temporal Arbitrage

Three years ago, I wrote a rather successful essay titled Minsky Moments in Venture Capital. I asked: what could cause the boom in venture to roll over into a bust? My timing was spot on: the essay was published at more or less the exact peak of the startup funding bubble, and many of the bubbly dynamics I identified then proceeded to reverse — hard. One of the themes of that essay was the ‘compression of timelines’ in venture during the boom. Startups were growing faster, rounds were closing faster, funds were being deployed faster. In a footnote, I speculated why time, in particular,…

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