A historical collection of our writing.
Even back when I was in graduate school, I found the price of textbooks to be high and their quality to vary widely. Now that I have children taking college courses, I was shocked to find textbooks that cost over $200 and are still large physical objects that have to be lugged around! The high […] Read more
Apologies to all those who were anticipating an Uncertainty Wednesday post today. I am taking a two week hiatus. Today for announcing our investment in Top Hat and next week I will be out skiing. Will resume the week after that with a detailed example. […] Read more (opens Continuations in a new tab)
One of my favorite questions to ask business students is why companies require external financial capital (equity or debt). Answers tend to turn quickly towards some need to invest, e.g. in developing software or building a plant. But that doesn’t fully answer the question. Why? Because what if the […] Read more (opens Continuations in a new tab)
Tomorrow I am turning 50. I don’t normally write about birthdays but in my work with entrepreneurs I often tell them that a big milestone, such as raising a new round of financing, is a good time for reflection. My 50th feels like such a milestone. Not a day goes by that I don’t feel […] Read more (opens Continuations in a new tab)
In the last two Uncertainty Wednesdays, we went over the basic math of probability and the definition of events. Today we are going to come back to the underlying framework of reality, explanations and observations which we have modeled as states and signals. As a reminder, we assumed two states, A […] Read more (opens Continuations in a new tab)
We spent the first week of our NYU Stern class talking about value creation. The goal is to ask the seemingly simple question as to how a given company creates value. The first step of course is to ask what we mean by value. Some students wanted to jump immediately shareholder value. But […] Read more (opens Continuations in a new tab)
