I wonder how much the people running for California governor know how good the winner will have it. Three mega-IPOs will rain cash on Sacramento like never before.

No amount of money could buy the goodwill Anthropic earned this week.

Look, if you want me to attend your event, you've got to give it a more interesting title than "The Outcome of Q1."

From my seat, the nice thing about any potential distress in private credit is that it won’t extend into venture debt. I’ve seen far less activity in my portfolio since everyone’s favorite rate-sensitive bank went kaput.

I’m not an investor in Anthropic but I admire the principled stance they take when it comes to selling their software. May they never be forced to compromise.

Most common theme I'm seeing in AI pitches these days: revenue cycle management and billing optimization for every vertical. Get ready to pay more, for everything.

In demos from new startups and product updates from portfolio companies, I'm seeing everyone use AI to customize front ends, user-specific data schemas, and specific workflows for each individual customer.

Anthropic could be profitable today if they charged per press release. Short sellers and competitors would gladly pay for FUD this powerful.

I would like to report a chart crime.

I’ve been pitched AI systems to score pitch decks half a dozen times this month. But I’m skeptical. Alpha comes from surprise, from asides drawn out after five whys. This stuff just isn’t on decks.

The last time visual communication landed that well for me was Shepard Fairey’s poster in 2008.

The vibe of the Halftime Show

Best Super Bowl halftime since Left Shark. Knowing that most viewers couldn’t follow what was being said, they invested in the visuals and delivered.

I’m hoping my new “I averaged down in the SAASpocalypse of 2026” T-shirt looks good on me in a year.

Software is eating the world, they said. It’ll be fun, they said.

Thanks to this week’s action on Moltbook, I propose the 1st law of AI agents, to supplement Asimov’s 3 robot laws: An AI agent must never communicate with another AI agent using encryption, unless explicitly authorized by a responsible human to do so, subject to periodic renewal of authorization.

Dear founders. Please do not send financial projections to investors that show 75% EBITDA margins. No product company in the history of the world has achieved that.

I'm thrilled to announced that I have merged my VC firm, Stage VP, into Amplify! At Amplify I'll be part of a team doing what I've always done: investing in technical enterprise software startups in their first round of capital. Read more: amplifycommunityupdates.beehiiv.com/p/amplify-gr...

It’s a privilege to witness greatness.

Mendoza!

I stand with Jerome.

Call the Audubon Society. Call the SPCA. These Ducks are going extinct.

Neoclouds: we aspire to gross margins akin to software companies. AI startups: we aspire to gross margins akin to software companies. Software companies: our gross margins are sustainable even in the face of AI. Can all three be true at the same time?

The people who wind transformers – one of the most important jobs in our industrial economy – make a few bucks more an hour than they would at a nearby big box retailer, or an animal shelter. www.wsj.com/business/the...

I bought a Ford EV this year and love it so far. But man, Ford is going to get caught so flat footed when it doesn't have cars in line with where the world will be in a few years. www.wsj.com/business/aut...

I'm reading an annual report in which a company describes its year over year revenue growth as "$0.04 billion." I think I should describe my personal income this way. Most years I make between $0.0001 billion and $0.002 billion.

One part of this process I had never considered: our lawyer advises me that after receiving all settlements from the car insurance companies, we'll have to negotiate $ splits with the hospital and our health insurer. That sounds fun.

Given the amount of inflation in the last few years, a lot of people don't have enough car insurance. Everyone should review their policies, including their under-insured limits, before they renew.

Blue Origin nailing an interplanetary mission AND landing the first stage on a ship, on just the second-ever launch for New Glenn? Anyone who's bought SpaceX secondary via the ubiquitous SPVs should now be worried. For the first time ever, there's real competition, and the customers are motivated.

When this game started, Mary Hart was still hosting Entertainment Tonight.

Our home insurance premium is up 40% year over year.

Everybody in America should be disappointed in a game ending in a tie.

An older lady struck up a conversation with me in the waiting room of my doc’s office. In the 8 minutes before I was called in to see the doc I talked her out of an absurd annuity some jerk was trying to sell her.

If, like me, you have bought or will buy an EV before the federal tax credit goes away, do not get a Chargepoint home charger. Dealing with the flaws in their product and the incompetence of their customer service has drained weeks of my time.

Congrats everyone. We got unemployment down to -2.6%.

I’ve received multiple calls, texts, and alerts from government agencies in California about the tsunami advisory tonight. This is a much better warning system than was in place in 2011 during the Tohoku earthquake.

I’m glad that the victims of the Texas floods have not been treated with the same level of contempt and political theater as the victims of the California fires early this year. May we never do that again.

Reading the Figma S-1.

Trades and home services businesses in Los Angeles are collapsing. Our home has a plumbing need and the businesses we're calling are saying their people are afraid to go on jobs right now.

#NoKings Playa Vista

I’m proud of my Senator today and I’m proud to be a Californian. If jackboot thugs feel empowered to attack the senior senator of the richest and most populous state, the thugs will surely feel empowered to attack you.

I get more Lindy by the day.

Q2 2025 is going to be the best kitchen sink quarter since 2020. If you've got an excess cost, a writeoff, a project to cancel, an expense to recognize, do it this quarter. Everyone's numbers are going to be a mess. Might as well join 'em.

Shout out to all the people flying home with me in boarding group B on Southwest but wearing NetJets hats.

The number of investors from China at the Berkshire meeting feels like it’s back to a post pandemic high. Nothing better for peace and cross cultural interaction than the cult of Warren.

Security throughout Omaha events has been much higher this year. Luigi effect probably.

The kid who came to the Berkshire meeting in 1995 to ask Warren what to do with his life is now bringing his kid to ask Warren what to do with his life.

Wow. Buffett is formally announcing his retirement plan.

Fourteen years ago the WSJ referred to me as "suspiciously not bald." www.wsj.com/articles/BL-... I'm proud to say that I remain not bald. For those of you going to Omaha this week, see you there!