Podcast appearances and mentions of bill janeway

This Flashback Friday is from episode 1025 published last July 11, 2018. Jason Hartman starts off the show from Croatia discussing the difference in investing when there are private companies involved versus when the government is involved. With private companies you know what you're going to get, they're going to follow supply & demand and try to maximize profits. With governments, however, they're much more of a wild card, which can make successfully investing more difficult. Then Jason talks with Bill Janeway, an active venture capitalist, director of Magnet Systems and O'Reilly Media, Chairman of the Board of Trustees of Cambridge in America, and author of the recently revised and updated book Doing Capitalism in the Innovation Economy. The two discuss the 3 player game and the government's role on both the supply and demand side of the market, the digital revolution and the coming green revolution. Key Takeaways: Jason's editorial 3:17 You can predict what private companies will do pretty easily, the government is a wild card 7:03 An invitation to Profits in Paradise in Hawaii Bill Janeway Interview: 10:09 How the thesis of the 3 player game came about 14:06 There are markets that need government pushing the supply side of things for driving innovation, but sometimes the government even needs to be on the demand side, adding income to support the economy 17:59 If the government hadn't jumped in on the demand side in the 2009 recession history has shown us what would have happened 20:03 Wherever there's a market for assets there will be bubbles 25:47 Why the digital revolution made Bill extend his book 32:46 We've got a new challenge, a new technological revolution, which is the need for a new, green revolution Website: www.JasonHartman.com/Events www.BillJaneway.com   Follow Jason on TWITTER, INSTAGRAM & LINKEDIN Twitter.com/JasonHartmanROI Instagram.com/jasonhartman1/ Linkedin.com/in/jasonhartmaninvestor/ Call our Investment Counselors at: 1-800-HARTMAN (US) or visit: https://www.jasonhartman.com/ Free Class:  Easily get up to $250,000 in funding for real estate, business or anything else: http://JasonHartman.com/Fund CYA Protect Your Assets, Save Taxes & Estate Planning: http://JasonHartman.com/Protect Get wholesale real estate deals for investment or build a great business – Free Course: https://www.jasonhartman.com/deals Special Offer from Ron LeGrand: https://JasonHartman.com/Ron Free Mini-Book on Pandemic Investing: https://www.PandemicInvesting.com    

My podcast with the brilliant Marc Andreessen is out!We discuss:* how AI will revolutionize software* whether NFTs are useless, & whether he should be funding flying cars instead* a16z's biggest vulnerabilities* the future of fusion, education, Twitter, venture, managerialism, & big techDwarkesh Patel has a great interview with Marc Andreessen. This one is full of great riffs: the idea that VC exists to restore pockets of bourgeois capitalism in a mostly managerial capitalist system, what makes the difference between good startup founders and good mature company executives, how valuation works at the earliest stages, and more. Dwarkesh tends to ask the questions other interviewers don't.Byrne Hobart, The DiffWatch on YouTube. Listen on Apple Podcasts, Spotify, or any other podcast platform. Read the full transcript here. Follow me on Twitter for updates on future episodes.Similar episodesYou may also enjoy my interview of Tyler Cowen about the pessimism of sex and identifying talent, Byrne Hobart about FTX and how drugs have shaped financial markets, and Bethany McLean about the astonishing similarities between FTX and the Enron story (which she broke).Side note: Paying the billsTo help pay the bills for my podcast, I'm turning on paid subscriptions on Substack.No major content will be paywalled - please don't donate if you have to think twice before buying a cup of coffee.But if you have the means & have enjoyed my podcast, I would appreciate your support

It has been an amazing year for the podcast. We have had some incredible guests during 2022 who have provided us and listeners with insights and thought-provoking ideas about the world of finance. We covered a lot of ground and to wrap up the year we decided to recap some of our favourite moments for listeners. In this episode, we highlight the many themes covered during this year, such as the basics of investing, stocks and bonds, how to make wise investment decisions, gender inequality, asset management, index funds, market trends, and portfolio management. We also highlight some of the indirectly topics indirectly related to finance such as the value of happiness, enjoying the pursuit of happiness, the importance of goal setting, and much more. Join us as we reflect on some of our best moments from the year and provide an overview of the many vital lessons we have learned in this final episode of the year for the Rational Reminder podcast.   Key Points From This Episode:   Mac McQuown explains how the data revolution changed the game of investing. (0:09:05) Robin Wigglesworth and tracking the performance of portfolios in the 60s. (0:12:56) Professor Fama shares what it is like to see the impact of his academic work on the practice of asset management. (0:16:02) Gus Sauter tells us about the role the University of Chicago played in the index fund revolution. (0:18:41) Professor Fama unpacks what it means for a market to be efficient. (0:20:52) Gerard O'Reilly and the differences in the types of market strategies available. (0:24:27) Professor Betermier shares his research from multiple papers concerning tendencies towards growth and value stocks. (0:28:50) Eduardo Repetto tells us whether having a portfolio consisting of 100% small-cap value stocks makes sense. (0:36:06) Professor Koijen explains whether index funds distort market prices and make markets less efficient. (0:40:30) Professors Berk and van Binsbergen discuss if it is possible to find skilled fund managers before they are absorbed by their fund. (0:43:44) Professor Cederburg explains how data sets can be upwardly biased and why you need to be aware of it when looking at data. (0:48:15) Bill Janeway describes the three-player game regarding investments. (0:50:51) Professor Phalippou compares the performance of private equity relative to public equities. (0:53:42) Antti Ilmanen tells us how investors can stick with an investment strategy during times of low performance. (0:59:10) Professor List tells us how often people should check their investment portfolios. (1:01:56) Leonard Mlodinow explains how the rational mind and the emotional mind are intertwined. (1:04:56) Professor Edmans's Grow the Pie and making the world a better place. (1:07:27) Rebecca Walker outlines the effect learning about money has on people. (1:11:15) Colleen Ammerman describes the current state of women in the workplace. (1:13:21) Find out why the pursuit of a goal should be enjoyable with Professor Fishbach. (1:15:40) Andrew Hallam talks about life satisfaction after middle age and how to get there sooner. (1:20:28) Jay van Bavel details the effect of group identity on goal setting. (1:23:08) Professor Frank unpacks the relationship between the consumption of luxury goods and happiness. (1:26:55) Professor Bohns provides insight into why people are under-confident in their social lives. (1:31:01) Professor Fama reveals how many hours a day the brain can handle deep work. (1:34:24) Cassie Holmes and why happiness is a good thing from a scientific perspective. (1:35:30) Colonel Chris Hadfield shares the lesson he learned as an astronaut that he applies to his everyday life. (1:38:52)   Participate in our Community Discussion about this Episode: https://community.rationalreminder.ca/t/episode-233-a-year-in-review-discussion-thread/20856   Links From Today's Episode: Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582. Rational Reminder Website — https://rationalreminder.ca/  Shop Merch — https://shop.rationalreminder.ca/ Join the Community — https://community.rationalreminder.ca/ Follow us on Twitter — https://twitter.com/RationalRemind Follow us on Instagram — @rationalreminder Benjamin on Twitter — https://twitter.com/benjaminwfelix Cameron on Twitter — https://twitter.com/CameronPassmore Episode 182: John 'Mac' McQuown — https://rationalreminder.ca/podcast/182 Episode 184: Robin Wigglesworth — https://rationalreminder.ca/podcast/184 Episode 186: Andrew Hallam — https://rationalreminder.ca/podcast/186 Episode 188: Professor Fishbach — https://rationalreminder.ca/podcast/188 Episode 192: Professor Edmans — https://rationalreminder.ca/podcast/192 Episode 194: Bill Janeway — https://rationalreminder.ca/podcast/194 Episode 196: Professor Betermier — https://rationalreminder.ca/podcast/196 Episode 198: Gerard O'Reilly — https://rationalreminder.ca/podcast/198 Episode 200: Professor Eugene Fama — https://rationalreminder.ca/podcast/200 Episode 202: Antti Ilmanen — https://rationalreminder.ca/podcast/202 Episode 204: Professor List — https://rationalreminder.ca/podcast/204 Episode 206: Professor Bohns — https://rationalreminder.ca/podcast/206 Episode 208: Rebecca Walker — https://rationalreminder.ca/podcast/208 Episode 210: Professor Phalippou — https://rationalreminder.ca/podcast/210 Episode 212: Professor Koijen — https://rationalreminder.ca/podcast/212 Episode 214: Jay Van Bavel — https://rationalreminder.ca/podcast/214 Episode 216: Gus Sauter — https://rationalreminder.ca/podcast/216 Episode 218: Colleen Ammerman — https://rationalreminder.ca/podcast/218 Episode 220: Professors Berk and van Binsbergen — https://rationalreminder.ca/podcast/220 Episode 222: Cassie Holmes — https://rationalreminder.ca/podcast/222 Episode 224: Professor Cederburg — https://rationalreminder.ca/podcast/224 Episode 226: Colonel Chris Hadfield — https://rationalreminder.ca/podcast/226 Episode 228: Eduardo Repetto — https://rationalreminder.ca/podcast/228 Episode 230: Professor Frank — https://rationalreminder.ca/podcast/230

In this latest installment, world-famous venture capital investor Bill Janeway joins me to discuss the unicorn bubble and the innovation economy, as well as recount stories from his VC experience. Be sure check out Bill's book, "Doing Capitalism in the Innovation Economy" at the link below!https://www.amazon.com/Doing-Capitalism-Innovation-Economy-Reconfiguring/dp/110847127700:00 - Intro02:26 - Bill's journey in venture capital + funny stories10:25 -  Challenges in VC investing20:05 - Ancillary value that VC investors provide to firms27:09 - Unicorn bubble of the 2010's: what makes it different from the previous decade? 35:24 - Will strong private funding continue in tech?37:52 - Breaking down investing in the innovation economy45:51 - The government's role in driving the innovation economy"William H. Janeway has lived a double life of 'theorist-practitioner,' according to the legendary economist Hyman Minsky, who first applied that term to him twenty-five years ago. In his role as 'practitioner,' Bill Janeway has been an active growth equity investor for more than 40 years. He is a senior advisor and managing director of Warburg Pincus, where he has been responsible for building the information technology investment practice, as well as a director of Magnet Systems and O'Reilly Media. As a 'theorist,' he is an affiliated member of the Faculty of Economics of Cambridge University, a member of the board of directors of the Social Science Research Council and the Fields Institute for Research in the Mathematical Sciences, and of the Advisory Board of the Princeton Bendheim Center for Finance. He is a co-founder and member of the Governing Board of the Institute for New Economic Thinking (INET), and a member of the Board of Managers of the Cambridge Endowment for Research in Finance (CERF). Following publication in November 2012, his book Doing Capitalism in the Innovation Economy: Markets Speculation and the State (Cambridge University Press) became a classic. The fully revised and updated second edition, Doing Capitalism in the Innovation Economy: Reconfiguring the Three-Player Game between Markets, Speculators and the State was published in May 2018." (billjaneway.com)

When it comes to the uncertain future of financial markets and technological innovation, a deep understanding of history and the roots of the systems at play in our contemporary climate is often overlooked. This is the argument made by Bill Janeway, our guest on the show today and the author of Doing Capitalism in the Innovation Economy. We have a fascinating conversation with Bill who has vast experience in both the academic and venture capital spheres, having spent years working in both sectors. Bill does an amazing job of sharing his expertise, talking about the role of the state in innovation, how venture capital actually operates, and what the innovation economy means for those who are not on the vanguard of technological progress. We discuss how investors can think about allocating their assets in relation to innovative companies, Bill's reflections and advice regarding financial bubbles, and how Bill applies his understanding to current questions about cryptocurrencies and decentralization. Bill's lifelong passion and commitment to learning about the history of economics and the financial markets makes him a deeply valuable resource and having him on the show was so illuminating, we hope you enjoy the conversation as much as we did.    Key Points From This Episode: Bill explains his concept of the 'three-player game' and how it brings together two important histories. [0:03:13] The role of venture capital in technological innovation in the last 50 years. [0:05:16] Findings on the returns experienced by entrepreneurs in light of VC structures. [0:10:22] Thinking about venture capital as a private investor; best approaches for asset allocation. [0:15:05] Investing in innovation and assessing secondary market public equity benefits. [0:20:02] Bill explores the relationship between innovation and financial bubbles. [0:31:43] Waste and innovation; what we should expect as we progress. [0:35:43] The people left behind by innovation; who has taken the role of trade unions? [0:41:09] Bill weighs in on the question of cryptocurrencies and their place in the conversation about innovation. [0:45:38] Investment in crypto from big firms; separating the 'adults' from the crooks. [0:51:36] Why a deep understanding of history is paramount to sustainable innovation. [0:53:10] Bill's personal definition of success; staying motivated for work! [0:55:15]

Dr. William H. Janeway joins the Essential Podcast to talk about the innovation economy, the three-player game, good and bad waste, the developing Keynesian consensus, and the contradictory signals coming out of China.

The innovation economy begins with discovery and culminates in speculation. For the last 250 years, economic growth has been driven by a consistent process of trial and error. Drawing on his theorist-practitioner experience, Bill Janeway provides an accessible platform to discuss the dynamics of the innovation economy. In this episode, he shares some of his personal reflections from his forty years in venture capital, laying out what he calls the “Three-Player Game” concept, saying this is necessary to fuel innovation: the state, financial capitalism, and the market economy. Find out how the three-player concept is shaping financial innovations. Listen as he discusses his book Doing Capitalism In The Innovation Economy.Episode Quotes:Thoughts on how people make decisions in financial markets beyond correlationI think economics is going through a generation long. Pretty fundamental reconsideration that goes with two things. One, a major observable shift from theoretical to empirical work. Second, the existence and the learning by doing of how to deal with data at the scale, the pervasiveness, the scope, of what's now available. I think one of the most interesting things is something that economists can now not as imperialists of the rational choice theoretic. But as practitioners of data analysis with the other social sciences that are also inundated with data, the movement toward causal explanation, getting beyond correlation, recognizing that the more data you have, the greater the propensity to generate false correlation.Is the thought of financial markets being separate from the real market a completely implausible idea?You can ignore the financial markets if you do two things. One, you think of money as a veil, which simply is a kind of numéraire for indexing real transactions. Second, you assume that the market always prices financial assets in line with real economic fundamentals. The net present value of their future cash flows, and that the real-world economy's investment decisions and real assets reflect exactly that same calculation. If you do that, make that gigantic, in my view, a self-destructive and absurd leap of faith, then you can say the financial markets don't matter. The body of empirical evidence against either of those propositions is so overwhelming.Why do the amounts invested in venture capital gets bigger and bigger even if the returns are not as big, especially even after the dot com bubble?The world of the bubble of the late 1990s was unique. People made tons of money from investing in things that had no plausible business model, no path towards positive cash flow from operations, we can come back to that mantra. You then had this ten year death of venture capital, where the buyout boom took off again. But, whereas the buyout boom which had shown the same kind of both, skew and persistence of returns. Persistence has disappeared over the last 20 years because all buyout deals are run through auctions, Winner's curse dominated. But remember that first statistical stylized fact that venture capital enormous skew in returns, it goes with persistence.How do current situations and the role of the government in investing in the next generation of entrepreneurs will shape innovation?The great thing about climate change is that it offers the potential for effective political entrepreneurs to fashion a legitimizing mission for massive investment in the next generation, the next revolutions for infrastructure jobs.Thoughts on creative destruction prompting the original growth modelAt the macro level, unused resources because of austerity, because of paralysis of the state in responding to inadequate aggregate demand is utter waste, with no redeeming feature, which actually feeds back to reduce productivity.Time Code Guide:00:02:52 How academic economics is far removed from reality and the concept of three players 00:10:03 The main distinction between the kind of economics of Keynes Bill Janeway learned compared to Keynesian economics that everyone learned in school for the past 50 years00:15:13 Ontological uncertainty, behavioral economics, and behavioral finance00:22:42 What it means when transactional efficiency was increased, but at the expense of informational efficiency?00:34:09 How come venture capital took so long to take off, when the economics of financing innovation, the limited partnership model, has been around for centuries?00:47:31 Why do the amounts invested in venture capital gets bigger and bigger even if the returns are not as big, especially even after the dot com bubble?01:01:27 Modigliani and Miller misinterpreting coasts theoremShow Links:Guest Profile:Professional Profile on Warburg Pincus as Special Limited PartnerBill Janeway on TwitterFaculty Profile at the University of CambridgeFaculty Profile at Pembroke CollegeResearch and Expert Profile at Institute for New Economic ThinkingHis Work:Official WebsiteRecent WritingsInterviews on Print MediaRadio and Podcast InterviewsTalks and Video InterviewsDoing Capitalism in the Innovation Economy

"I was considering what I was going to do, [and] what I decided I could not do, was stay within the confines of mainstream academic economics." Rob Johnson talks with INET Co-Founder Bill Janeway about his exciting new project at Cambridge University.

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Today's episode of Building Bridges is my conversation with Lillian Li, a former venture capitalist in Europe who now writes the highly successful newsletter Chinese Characteristics.I'm not really sure how our paths initially crossed, but I discovered Lillian's work about technology in China in the course of last year—first on Twitter, and then through the insightful and enlightening essays on Chinese tech companies published on her acclaimed newsletter Chinese Characteristics.I had all the reasons to dive in. I think China is a critical area on the global map, one that none of us can afford to ignore. And I think that tech entrepreneurship is one of the things that make China matter even more. On the other hand, we Westerners have to be humble when it comes to China: it's a very large and diverse country, with a culture that's very different from ours, and where people speak a language that's extremely difficult for most of us to master.Needless to say I had to have Lillian on the podcast: as someone who grew up and worked in Europe, she can relate to the kinds of questions we're facing on this side of the world; but as a native of China who went back there last year, she has the unique ability to share the details and nuances that elude most of us who are seeking to understand how China is positioning in the Entrepreneurial Age.Here are the topics Lillian and I covered in our 45-min. conversation:Why she decided to go back to China, how life in China compares to that in the UK in the context of the pandemic, and her assessment of China's economic prospects.What makes tech entrepreneurship in China different from that in the US or Europe, and what European entrepreneurs can learn from their Chinese counterparts.Why Westerners should focus less on powerful Chinese individuals and more on systems and institutions if they really want to understand what's happening in China.What really happened in the runup to Ant Financial's interrupted IPO and her explanation of the setbacks encountered by Jack Ma following the fateful speech he made in October 2020.The sources she recommends for all who want to learn more, including Rui Ma's podcast Tech Buzz China and the book China's Economy: What Everyone Needs to Know by Arthur R. Kroeber.This podcast and the related article were originally published at Chinese Tech w/ Lillian Li. Founder Control w/ Bill Janeway. Daniel Ek, Arsenal & the Super League as part of my newsletter European Straits (about the Entrepreneurial Age, viewed from Europe).Follow Building Bridges on Twitter! You can listen to all our podcasts on Apple Podcasts and Spotify.Also Building Bridges is part of a network of Substack newsletters, which you may want to discover: there's Laetitia Vitaud's Laetitia@Work (about the future of work, with a feminist perspective), and my own European Straits (about the Entrepreneurial Age, viewed from Europe).(Credit: Franz Liszt, Angelus ! Prière Aux Anges Gardiens—extrait du disque Miroirs de Jonas Vitaud, NoMadMusic.) This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit buildingbridges.substack.com

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I sat down for a conversation with Bill Janeway, an economist, faculty member at Cambridge University, and author of the landmark book Doing Capitalism in the Innovation Economy.It's a book that really has had a profound influence on me—basically containing everything you need to know about how venture capital came to be and why it's so relevant today in the context of the transition to the digital economy.Bill's long career in venture capital, primarily with Warburg Pincus, and his academic work let him comment on today's economy from both a business and an institutional perspective. And I consider myself, and the world at large, really, to be quite lucky that he is also such an affable person and generous with his time and thinking.Our conversation spanned how he's experienced the very strange year that was 2020, his thesis regarding the retreat from hyperglobalization, the consequences of Joe Biden's election on America, the world at large, & the tech industry specifically, how he sees Europe's future, and much more.This podcast and the related article were originally published at The Digital Economy w/ Bill Janeway. Reinvention. Bezos. Musk. Communications. as part of my newsletter European Straits (which is about the Entrepreneurial Age, viewed from Europe).Follow Building Bridges on Twitter! You can listen to all our podcasts on Apple Podcasts and Spotify.Also Building Bridges is part of a network of Substack newsletters, which you may want to discover: there's Laetitia Vitaud's Laetitia@Work (about the future of work, with a feminist perspective), and my own European Straits (about the Entrepreneurial Age, viewed from Europe).(Credit: Franz Liszt, Angelus ! Prière Aux Anges Gardiens—extrait du disque Miroirs de Jonas Vitaud, NoMadMusic.) This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit buildingbridges.substack.com

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What does it take to commence a successful biotechnology start-up? What risks are involved as a private equity investor? How can one manage and offset the risks of cashflow and company control vis-à-vis founders possessing controlling shareholdings? Hear from Dr William H. Janeway, a private equity giant from Warburg Pincus and University of Cambridge, Faculty of Economics lecturer. This is a recording from a live webinar event that took place on 12th June 2020. Content: During this webinar, Bill discussed the economics of innovation as illustrated by the founding of Life Technologies and resolution of the ‘Biotechnology Paradox’. Bill delved into the risks associated with investing as a private equity investor in this industry and the substantial growth in the number of pharmaceutical and biotechnology IPOs in the US. Format: Opening remarks were provided by Bill. Pre-submitted questions from our audience were then asked and further questions submitted via the online platform ‘Menti’ were welcomed on the topic. This event was organised by CUTEC and CUVCPE societies as part of the ongoing ‘CUTalks by CUTEC’ podcast series. The hosts for the webinar were Shreya Singhal and Shelby Newsad. To find other podcast episodes, visit here: https://cutec.io/cutalks. Follow us @CUTEC, #CUTalks and @CUVCPE on LinkedIn, Twitter and Facebook to find out about future events and podcast episodes.

Today I am chatting with Dr Bill Janeway, who is a true expert in the field of economics and an active growth equity investor. In this regard, he views himself as a “theorist practitioner”.    On the theoretical side, he is heavily involved with Economics at Cambridge University, a member of the board of directors of the Social Science Research Council and the Fields Institute for Research in the Mathematical Sciences, and of the Advisory Board of the Princeton Bendheim Center for Finance.    On the practical side, he has been an active growth equity investor for more than 40 years, and is currentlyasenior advisor and managing director of Warburg Pincus, where he has been responsible forbuilding the information technology investment practice, as well as a director of Magnet Systems and O'Reilly Media.    This is a fantastic interview for anyone interested in gaining an in depth understanding of economics, as well as its practical applications to business, from a leading subject matter expert in the field.    In this interview you will learn about: How to finance innovation The economic lessons of the Coronavirus pandemic What we can learn from China Why capitalism is often perceived as “bad” And so much more…   Top quotes: "Build back greener." "Corporate happiness is positive cashflow." Check out this interview on Youtube: https://youtu.be/hZL-dTuJeSw   Check out his book on Amazon!  It's called "Doing Capitalism in the Innovation Economy: Reconfiguring the Three-Player Game between Markets, Speculators and the State.”: https://amzn.to/3eYTDb9   It can also be found on his website: www.billjaneway.com   Connect with me on Instagram: https://www.instagram.com/yasminarte/   Share your key takeaway on instagram and I will repost you!   Get yourself some ultra hip streetwear that actually stands for something real!    Get a 10% discount at lowkeyemotional.com when you use the discount code YAS10 at the checkout!   Audio edited by the wonderful Jake Babineau. You could say he's an audio genie. He's also a great musician with a crazy podcastable voice — he composed my intro! Check him out on instagram: https://www.instagram.com/jake_babineau/ Music taken from the ending of his song ‘On The Cold Tile Floor': https://bit.ly/2KQGZhN    I conducted this interview on behalf of CUE (Cambridge University Entrepreneurs) You can check them out here: https://www.cue.org.uk/ 

Today’s guest is Alex Danco, one of my favorite writers in the world. Back when I was in college and before I started writing, Alex was one of the first people who made me say “Wow I want to write like this for a living.” For years, he worked on the Discover team at Social Capital where he wrote a weekly newsletter called Snippets. Now, he’s joining the Shopify Money team, where he’s building the future of financing merchants and entrepreneurs with everything they do. This episode begins with a conversation about a book called Technological Revolutions and Financial Capital. It’s a favorite of investors like Fred Wilson and Marc Andreessen and Alex breaks it all down for us. Then, we talk about cities and the growth of suburbs in North America. And finally, we talk about the mechanics of writing online. ____________________________ Shownotes 2:10- How Alex found Carlotta Perez and her book Technological Revolutions and Financial Capital through the work of Bill Janeway. Why, if you are creating an unknown truly new product, you cannot know the value of your equity. How the venture capital community uses tested milestones to show potential value to investors. 10:20- An overview of the two main ways that risky business ventures were funded before VC. How financial capital and production capital exist fundamentally in tension with each other. Carlotta Perez’s theory on the life cycle of financial bubbles. 17:15- Is entrepreneurship across the US growing or shrinking today? Why the current VC and tech industry is a great example of "we shape our tools and then they shape us." Why founders are increasingly interested in funding that prioritizes optionality. 27:00- Why venture capital values opposite indicators of success than the general economy. Why so much education for innovators is focused on venture capitalism. Why Alex believes that financial Twitter will help fill the role of intellectual stimulation for people managing boring businesses.  34:30- Why Alex writes 5,000 words a week. How writing in public can help in ways that just thinking does not.  39:10- How to find "the villain" in your writing. How Alex believes urbanization and intellectual migration to cities will change in the US in the future. Jane Jacobs and the idea of complete communities versus gentrification. 48:18- Why complete communities are now found in the suburbs. The growing pains of Toronto. Why so many world-class musicians have come out of Toronto. How do highways create local culture? 59:10- What the organic, long-lived nature of cities means for how they change. How autonomous vehicles will change cities. How the pricing power and efficiency of large companies distorts the true cost of shipping, healthcare, and education. 1:08:10- How audio changes our brains. How the feed-forward system works in our sensory perception and motor function. Alex explains Claude Shannon's information theory and Marshal McLuhan quote "the medium is the message." 1:21:42- Why audio is the most information-heavy medium. Why great writing is not written the way that the author speaks. How Alex interprets the classic Nixon/Kennedy debate story.  1:27:22- What the rise of podcasts means for media consumption and mental processing in the US. Why Donald Trump thrives in an audio environment.  1:32:07- How Alex uses summarizing to improve his writing. How publishing every week informs Alex's content. Why the background information in your writing is some of the most important material in your post. 1:37:14 How Alex crafted his piece Social Status in Silicon Valley. How to create new ideas and work using an anchor in what you know.

The hunt is on for a clinical therapy to prevent or treat COVID-19. But what’s the best way to go about this? How can governments accelerate this process? And what can governments do now to help a robust economic recovery? On this week’s Odd Lots, we speak with Bill Janeway, an economist and venture capitalist, who has written extensively on how the government can accelerate innovation by the private sector. He explains how his thoughts translate into the medical space and the post-crisis economy overall.

This week on CUTalks we are talking to Bill Janeway, an active growth equity investor, senior advisor and managing director of Warburg Pincus, as well as economic theorist. He co-founded and is a member of the Governing Board of the Institute for New Economic Thinking (INET), and a member of the Board of Managers of the Cambridge Endowment for Research in Finance (CERF). Following publication in November 2012, his book Doing Capitalism in the Innovation Economy: Markets Speculation and the State (Cambridge University Press) became a classic. This episode is an exciting collaboration with the Venture Capital/Private Equity society at Cambridge, and we welcome the president of the society Shelby Newsad as a guest co-host.

Bill Janeway (@billjaneway) joins Erik on this episode. Bill is a venture capitalist and economist and is the author of the classic book Doing Capitalism in the Innovation Economy.They talk about:- Bill’s keen interest in the interface of markets and government and how that thread has weaved its way through Bill’s career.- Why financialization has gone too far.- The fact that Bill “lived through the last AI hype cycle” and what that means for this one.- The difference between productive and non-productive bubbles.- Why free marketeers should “be careful what you wish for.”- The possibilities for global cooperation on climate change.- Why it’s important that disruptors take time to understand how the world they’re disrupting came to be.Remember to apply for the winter vintage of our Network Catalyst accelerator! It is a personalized program that features masterclasses from some of the best in Silicon Valley and a dedicated network leader focused on making the introductions you need to turbocharge your company. You can participate in-person in San Francisco or virtually from anywhere around the world. Find out more and apply at villageglobal.vc/networkcatalyst.Thanks for listening — if you like what you hear, please review us on your favorite podcast platform. Check us out on the web at villageglobal.vc or get in touch with us on Twitter @villageglobal.Venture Stories is brought to you by Village Global, is hosted by co-founder and partner, Erik Torenberg and is produced by Brett Bolkowy.

Bill Janeway (@billjaneway) joins Erik on this episode. Bill is a venture capitalist and economist and is the author of the classic book Doing Capitalism in the Innovation Economy.They talk about:- Bill’s keen interest in the interface of markets and government and how that thread has weaved its way through Bill’s career.- Why financialization has gone too far.- The fact that Bill “lived through the last AI hype cycle” and what that means for this one.- The difference between productive and non-productive bubbles.- Why free marketeers should “be careful what you wish for.”- The possibilities for global cooperation on climate change.- Why it’s important that disruptors take time to understand how the world they’re disrupting came to be.Remember to apply for the winter vintage of our Network Catalyst accelerator! It is a personalized program that features masterclasses from some of the best in Silicon Valley and a dedicated network leader focused on making the introductions you need to turbocharge your company. You can participate in-person in San Francisco or virtually from anywhere around the world. Find out more and apply at villageglobal.vc/networkcatalyst.Thanks for listening — if you like what you hear, please review us on your favorite podcast platform. Check us out on the web at villageglobal.vc or get in touch with us on Twitter @villageglobal.Venture Stories is brought to you by Village Global, is hosted by co-founder and partner, Erik Torenberg and is produced by Brett Bolkowy.

In this episode I talk to Bill Janeway about previous eras of venture capital and startups, how bubbles drive innovation, the role of government in innovation. Bill describes himself as "theorist-practitioner": he did a PhD in Economics, was a successful venture capitalist in the 80's and 90's with the firm Warburg Pincus and is now an affiliated faculty member at Cambridge and the member of several boards. Key Takeaways Bubbles have arguably been the key enabler of infrastructure-heavy technology. Venture capital may be structurally set up to only be useful for computing and biotech. Most technology that venture capital invested in was subsidized at first by the government in one way or another. Resources Doing Capitalism in the Innovation Economy VC: An American History Wikipedia article on Bill NYT Article on Fred Adler from 1981 Bill's Website Bill on Twitter

Today’s episode features a conversation between the legendary author and investor, George Gilder, along with entrepreneur and investor Erik Torenberg, and Blockstack’s Head of Growth, Patrick Stanley. The three dive into George’s wide-ranging perspective on economics, information theory, and how how they relate to the world of cryptocurrency - ideas George explores in his latest book, “Life After Google” (https://www.amazon.com/Life-After-Google-Blockchain-Economy/dp/1621575764). Show Notes 2:38 Patrick asks George to talk about information theory and how it relates to economics and what George calls the cryptocosm. 4:49 Erick asks George to unpack his theory about the relationship between knowledge and power. 6:42 George: "I don't align knowledge and power. I say they're two different ways of seeing the world." 8:56 Patrick asks George why he believes information theory can be applied liberally outside the realm of computers it originated in. 9:16 George: "Money is not and shouldn't be an instrument of power. It's a measuring stick. The idea that money is wealth has been one of the great pitfalls of economic policy for centuries." 10:25 George: "Enterprise is an information process, rather than chiefly an incentive process." 11:55 Erik: "In our current economic paradigm, there's a lot of people who believe that technocrats have the knowledge. You believe it's the entrepreneur. Arnold Klen believes the knowledge lives in a broader market system. Why are those other models incorrect in your view?" 12:15 George: "There's a great effort throughout the history of economics to eliminate creativity from the economic model." 13:46 George: "I believe that entrepreneurial creativity transcends chemistry and physics." 14:14 Patrick: "What should we be measuring in the future to make a science of this entrepreneurial creativity and surprise?" 15:15 George: "Money is ultimately based on time. Time is what remains scarce when everything else becomes abundant." 17:49 Patrick: "What do you expect to happen in 2200 and there are no longer Bitcoins being minted?" 18:39 George: "This whole idea that money is an instrument of sovereignty was not true until 1971." 19:10 Patrick: "How much do you think the British Empire benefited from Newton calculating the gold standard?" 20:45 George: "Satoshi made a wonderful first draft of a potential new monetary standard that identifies money as an essential, immutable scarcity rather than some kind of manipulable instrument of government power." 21:19 Patrick: "Presumably Bitcoin could make a good measuring stick for 100 years or so?" 22:11 Erik: "One critique of an entrepreneur-centric model: some people say it's all about market - that some markets are destined to happen and entrepreneurs are just riding the trend. Why is this incorrect in your view?" 23:31 George: "How does the market come to be? My thesis is entrepreneurial creativity and the division of labor is dependent on the extent of knowledge and enterprise. The market is a product of enterprise, not the other way around." 24:29 Erik: "How else do you think your view of the economy has shaped your view as a venture capitalist?" 25:55 George: "The real, fundamental innovation is cryptocurrencies, which address the two great crises I see in the economy: (1) the collapse of internet security, which makes for a broken paradigm and (2) money, which is no longer a measuring stick or source of knowledge, but an instrument of government power." 27:31 Patrick: "Didn't Patri Friedman say that five billion dollar figure of currency trading is inflated?" (https://twitter.com/patrissimo/status/1119481823480827904) 28:37 George: "A measuring stick cannot be part of what it measures. This was one of Milton Friedman's great errors. And even he said in one of his last interviews ‘I wouldn't control the money supply as much as I once did.’" 30:19 George: "Everyone's suspicious of everybody because Internet architecture is a porous pyramid and endlessly hacked." 30:39 Erik asks what George would change about the government’s role in the economy. 30:51 George: "We desperately need a real money system. And I believe this will spring from the crypto currency realm." 31:28 George: “The problem with Bitcoin is because it is so restricted in the total amount that can be emitted it's going to be necessarily very volatile and unpredictable." 32:42 George: “The other thing we have to understand is that big banks have essentially been nationalized.... They're part of this morbid financialization whereby banking absorbs some 40% of government profits.” 33:37 Erik: "What is the ideal role and purpose of the financial sector?" 34:55 Erik asks George if he’d be excited about a world in which people were allowed to equity invest in other people. 35:32 George: "As long as they don't demand guarantees. The student loan program was not a loan program because the whole program was guaranteed. … The crucial thing is these various projects be allowed to fail." 36:30 Erik: “Bill Janeway argues government is more than just a low-entropy carrier. Do you think there's an active role in government investigation in in long term R&D projects?” 37:12 George: “I think governments do do valuable research and development. ... But the Internet - just as the semiconductor industry - only took off after it broke loose from the government laboratories." 37:45 George: "You have to accept the world as it is and see how it can be improved. I'm not a libertarian and don't believe all government can be eliminated." 38:04 George: “These should be low entropy carriers - that is predictable carriers - that allow creativity to flourish.They shouldn't be manipulable carriers that stifle innovation.” 38:49 Erik: "How do we incentivize people to participate in activities with lots of value created and little captured? Like having kids, writing books, etc." 39:47 George: "I support low entropy carriers that support high entropy creations. This insight let me predict that all information in the world would migrate to the electromagnetic spectrum." 41:29 Patrick: "What elements need to remain low entropy in this full stack to ensure that we have a very prosperous, highly creative civilization being built on it?" 43:10 George: "Julian Simon wrote decades ago about 'The Ultimate Resource' and ‘Time Pricing.’" 45:36 Erik: “What problems arise when people don't understand money is time?” 48:04 Erik: "How do you think about the importance of community - the role religion used to play - and how we think about measuring it in society?" 49:10 Erik: "Robert Wright has this idea of 'non-zero,' where our fates tend to become more intertwined over time and continually force us to create “Win Win” vs “Lose Lose” games. What do you think about his thesis?” 50:12 Erik: "What does that mean for the people that get left behind?" 51:29 George: "Having such a bureaucratic welfare system has made the real welfare system the homeless system. ... [A]nd it's making our cities increasing unlivable." 53:20 Patrick: "Part of me wonders if this is just a part of an ongoing cycle between essentially common sense and compassion and bureaucracy and ‘tragedy of the commons’..." 53:37 George: "Philip Howard just wrote a series of books about the death of common sense and shows how bureaucracies trying to guarantee outcomes kind of eclipses common sense." 54:53 Erik: "There's been a constant push and pull in governments over time between centralization and decentralization. ... Yuval Noah Harari writes about this. Is it self evident to you that systems tend towards decentralization over time?" 56:22 George: "One human brain has the complexity of connectivity of the entire Internet, yet one human brain uses 14 watts of energy to function, compared to billions of times more energy for the Internet." 57:12 George: "Efforts to supplant human brains with computers is futile and - thus - self destructive." 57:48 Erik: "Reflecting out to the future, do you envision global governing bodies or more fragmentation between independent city states?" 59:47 Patrick: "My concern is how you stop the lone nihilist from pushing the button as destructive technologies become increasingly available." 1:00:25 George: "I don't fear the Panopticon, particularly." 1:01:21 George: "New technologies are our only answer to problems like the ones you describe." 1:02:08 George: "I think one of the great contributions of cryptocurrencies is attestation: a timestamped record of your transactional behavior allows you to document to predatory corporations, or tax authorities, or tax collectors just what in fact you did do." 1:02:55 Patrick: "What would the Jews have done in 1941 in Germany if there'd been a surveillance state in place?" 1:03:24 George: "All this violence expressed was a collapse of the global economy and the destruction of money." 1:04:04 George: "I think it really is important the world economy work in a “Win Win” way." 1:05:06 Erik: "Would you be against the charter city movement?" 1:06:29 Erik: "In the next 20-50 years do you imagine that language or currencies will be more concentrated or more dispersed or a back and forth?” 1:07:02 George: "The condition for the world wide growth of capitalism after the industrial revolution was a single global money." 1:07:25 George: "I think money is intrinsically unitary - it's like the second. We're not going to have different timing systems all over the world that aren't interoperable." 1:08:16 Erik: "What do you make of David Graeber's ideas around debt?" 1:09:47 Erik: "Where do you find yourself disagreeing with Hayek's view?" 1:11:15 Erik: What would need to be true for you to think that the federal reserve is doing a good job or serves a core purpose and should continue to exist and flourish?" 1:12:09 Erik: "How does your view differ from the Austrian school that would even disagree with the Fed serving the role of last resort lender?" 1:13:04 Erik: “How have you evolved your assessment over time of what are or aren't low entropy carriers?" 1:15:46 Patrick: "What do you attribute your recent book's success in China to? And what do you notice about your recent visits to China and how has it changed over the years?” 1:16:09 George: "China and the US are a fascinating contrast." 1:17:26 George: "Huawei is a great capitalist story in China." 1:18:46 Erik: "What's your next book or three going to be about?" 1:18:54 George: "I’m writing a biography on Carver Mead - the engineer and physicist at CalTech. Considering writing about ‘Life After Silicon’ and potentially another book on connectomes.” 1:21:26 Goodbyes. 1:21:43 Credits. George Gilder: twitter.com/ScandalOfMoney Erik Torenberg: twitter.com/ErikTorenberg Patrick Stanley: twitter.com/PatrickWStanley Zach Valenti: twitter.com/ZachValenti See omnystudio.com/listener for privacy information.

Dr. Bill Janeway presents his book "Doing Capitalism in the Innovation Economy: Markets, Speculation, and the State." He touches on topics such as venture capital investment, tech bubbles, government regulation, cryptocurrency & blockchain, and the future of AI… Dr. Janeway is praised by many as a “theorist-practitioner.” He has been an active venture capital investor for more than 40 years. He built and led the technology investment team at private equity firm Warburg Pincus, and his team provided financial backing to a series of critical contributions to the internet economy. On the theory and academia side, Dr. Janeway taught at various capacities across famous academic and research institutions like Princeton and Cambridge University. Dr. Janeway graduated from Princeton in 1965 as the Valedictorian of his class; he then received a Ph.D in Economics from Cambridge University where he was a Marshall Scholar.

Academic and practicing capitalist Bill Janeway talks to the FT's Jamie Powell about the way government used to drive innovation, and his idea of the "three-player game" between government, capital and industry. Music by Podington Bear. See acast.com/privacy for privacy and opt-out information.

In Episode 67 of Hidden Forces, Demetri Kofinas speaks with Bill Janeway about capitalism in the innovation economy. Janeway is a senior advisor and managing director of Warburg Pincus, where he was responsible for building the investment firm’s information technology investment practice. Bill is also a co-founder and member of the board of governors of the Institute for New Economic Thinking. In 1948, the same year in which Claude Shannon’s revolutionary paper on information theory was first published in the Bell Labs Technical Journal, economist Paul Samuelson released what would become, the best-selling economics textbook of all time. Though no one can measure the creative impact of Shannon’s ideas in shaping the next 70 years of innovation and progress in the information sciences, Samuelson’s work is perhaps equally noteworthy for the destructive impact it had on three generations of capitalists, policy makers, and academics. The legacy of the neoclassical synthesis is one of economic theories built on models that borrowed recklessly from the physical sciences, canonized in the works of Samuelson’s Economics.   The failure of neoclassical economics with its dynamic stochastic equilibria and Gaussian-based models like VaR and MPT - peddling false promises of mean regression - have forced academia to rethink the entire edifice upon which our understanding of markets and the economy have been built.  A new sort of political economy, driven by the disruptive forces of globalization, financialization, and the information revolution, have made ideological approaches to economic thinking obsolete. In this climate, what Bill Janeway calls “the mission-driven state,” has been rendered illegitimate as an economic actor, disrupting the process of capitalism itself, as well as the credit cycle from which paradigm-shifting innovations are born. Still, ideas matter. The failure of modern macroeconomic models, to account for the Global Financial Crisis was a precondition for the type of creative destruction that we have seen applied to problems of markets and the economy in recent years. Developing a new framework for understanding the role of government, the power of markets, and the forces driving both is crucial if we hope to survive the changes of the 21st century. Producer & Host: Demetri Kofinas Editor & Engineer: Stylianos Nicolaou Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod

Jason Hartman talks with Bill Janeway, an active venture capitalist, director of Magnet Systems and O'Reilly Media, Chairman of the Board of Trustees of Cambridge in America, and author of the recently revised and updated book Doing Capitalism in the Innovation Economy. The two discuss the 3 player game and the government's role on both the supply and demand side of the market, the digital revolution and the coming green revolution. Key Takeaways: [1:27] How the thesis of the 3 player game came about [5:24] There are markets that need government pushing the supply side of things for driving innovation, but sometimes the government even needs to be on the demand side, adding income to support the economy [9:17] If the government hadn't jumped in on the demand side in the 2009 recession history has shown us what would have happened [11:21] Wherever there's a market for assets there will be bubbles [17:05] Why the digital revolution made Bill extend his book [24:05] We've got a new challenge, a new technological revolution, which is the need for a new, green revolution Website: www.BillJaneway.com

Azeem Azhar speaks with venture capitalist Bill Janeway about the three-player game between the mission-driven state, financial speculators, and markets in the innovation economy. Are we stuck on the dark side of this configuration? How do we move forward?

Jason Hartman talks with Bill Janeway, an active venture capitalist, director of Magnet Systems and O'Reilly Media, Chairman of the Board of Trustees of Cambridge in America, and author of the recently revised and updated book Doing Capitalism in the Innovation Economy. The two discuss the 3 player game and the government's role on both the supply and demand side of the market, the digital revolution and the coming green revolution. Key Takeaways: [1:27] How the thesis of the 3 player game came about [5:24] There are markets that need government pushing the supply side of things for driving innovation, but sometimes the government even needs to be on the demand side, adding income to support the economy [9:17] If the government hadn't jumped in on the demand side in the 2009 recession history has shown us what would have happened [11:21] Wherever there's a market for assets there will be bubbles [17:05] Why the digital revolution made Bill extend his book [24:05] We've got a new challenge, a new technological revolution, which is the need for a new, green revolution Website: www.BillJaneway.com

Bill Janeway is the Vice Chairman, Managing Director, and Senior Advisor at leading venture capital behemoth Warburg Pincus. He is also the Co-founder of the Governing Board of the Institute for New Economic Thinking (INET) and part of the faculty of  Economics at Cambridge University. He is the author of the new and updated bestselling book Doing Capitalism in the Innovation Economy: Reconfiguring the Three-Player Game between Markets, Speculators and the State.   Podcast Highlights Who is Bill Janeway? Bill has spent his entire life trying to answer that question. He was always pretty smart in school and ended up going to Princeton and later on to Cambridge. He eventually stumbled into the world of finance and helping entrepreneurs build their businesses.   Unicorns and Positive Cash Flow When you are building something new, you have to build hedges against things that you can’t know in advance. Part of that is cash. Positive cash flow is the source of the ability to grow without having to worry about being caught by surprise. The internet has enabled companies to grow in ways that allow them to burn cash before reaching profitability. As interest rates start rising, the digital Unicorns will need to get to positive cash flow sooner rather than later. Even Uber is coming under pressure to exercise discipline and get to where it’s customers are paying the bills and not the investors. How does understanding innovation help entrepreneurs build their business? Technology is increasingly accessible and cheap. You can grow your business incrementally without a lot of upfront costs. A lot of new tech businesses are being bought when they are still small, this is often the best way to succeed and is a huge shift in the way technology gets out into the world. Design your business to be purchased by someone else. You should be asking if it’s the right time to sell at every stage of growth in the new business. As an entrepreneur, you have one interest which is the growth and the value of what you are doing. Selling part of the business too early to a major customer can potentially short circuit the path to positive cash flow. When it comes to technology, being different is more important than being better. When it comes to people, the founder doesn’t build a business alone, they need the right team to succeed. Reference: Doing Capitalism in the Innovation Economy: Reconfiguring the Three-Player Game between Markets, Speculators and the State, William Janeway William’s Takeaway Understand the market you are addressing, but make sure you have the cash you need to fall back when things don’t go the way you hoped. A great idea without the cash to put it to work, is just a great idea. You need partners and access to the fuel in order to succeed.   Links: billjaneway.com Thank you for listening! If you enjoyed this podcast, please subscribe to the show on iTunes!

This seminar was given on September 19, 2018 by Bill Janeway, author and senior advisor and managing director at Warburg Pincus. It was given as part of M-RCBG's Business & Government Seminar Series.

Bill Janeway stops by to discuss his latest book, "Doing Capitalism in the Innovation Economy." In this fully revised and updated edition, Janeway interweaves his professional experience with political and financial history, giving a lively explanation of how successive technological revolutions have transformed the market economy, and revealing why America may yield leadership of the innovation economy to China. William H. Janeway has lived a double life of “theorist-practitioner,” according to the legendary economist Hyman Minsky, who first applied that term to him twenty-five years ago. In his role as “practitioner,” Bill Janeway has been an active growth equity investor for more than 40 years. He is a senior advisor and managing director of Warburg Pincus, where he has been responsible for building the information technology investment practice, as well as a director of Magnet Systems and O'Reilly Media. As a “theorist," he is an affiliated member of the Faculty of Economics of Cambridge University, a member of the board of directors of the Social Science Research Council and the Fields Institute for Research in the Mathematical Sciences, and of the Advisory Board of the Princeton Bendheim Center for Finance. The Rhodes Center is housed at the Watson Institute for International and Public Affairs at Brown University. You can read or download the transcript of this episode here: [https://drive.google.com/file/d/10ZM9c8yRB12GiwloTW2CwsmfwGAATCTd/view?usp=sharing] Watch Bill's talk at the Watson Institute here: https://youtu.be/fJoY6YJNhLE

Jason Hartman starts off the show from Croatia discussing the difference in investing when there are private companies involved versus when the government is involved. With private companies you know what you're going to get, they're going to follow supply & demand and try to maximize profits. With governments, however, they're much more of a wild card, which can make successfully investing more difficult. Then Jason talks with Bill Janeway, an active venture capitalist, director of Magnet Systems and O'Reilly Media, Chairman of the Board of Trustees of Cambridge in America, and author of the recently revised and updated book Doing Capitalism in the Innovation Economy. The two discuss the 3 player game and the government's role on both the supply and demand side of the market, the digital revolution and the coming green revolution. Key Takeaways: [2:53] You can predict what private companies will do pretty easily, the government is a wild card [6:39] An invitation to Profits in Paradise in Hawaii Bill Janeway Interview: [9:32] How the thesis of the 3 player game came about [13:29] There are markets that need government pushing the supply side of things for driving innovation, but sometimes the government even needs to be on the demand side, adding income to support the economy [17:22] If the government hadn't jumped in on the demand side in the 2009 recession history has shown us what would have happened [19:26] Wherever there's a market for assets there will be bubbles [25:10] Why the digital revolution made Bill extend his book [32:09] We've got a new challenge, a new technological revolution, which is the need for a new, green revolution Website: www.JasonHartman.com/Events www.BillJaneway.com

Panel 1: Geo(politics) Chair: Professor David Runciman (POLIS, Cambridge) Professor Ross Anderson (Computer Lab, Cambridge) Dr Bill Janeway (Pembroke College and Warburg Pincus) Professor John Naughton (CRASSH, Cambridge) In 2016 Philip Howard, now Professor of Internet Studies at Oxford and a leading scholar on the impact of the Internet on politics, published Pax Technica: How the Internet of Things May Set Us Free or Lock Us Up in which he tried to assess what the long-term implications of this hyper-connected network might be. Among these possible implications, he noted, are: * The IoT is likely to bring a special kind of stability to global politics (analogous to the uneasy stand-off of the Cold War) * The new world order would be characterised by a pact between big tech firms and governments * Governments may have a decreasing capacity to govern the IoT while corporate (and also bad) actors will become more powerful in the hyper-connected world that the technology will create * The IoT will generate remarkable opportunities for society but the security and privacy risks that it could create will also pose formidable problems for society * The IoT looks like an unstoppable juggernaut, so we should learn from our experience with earlier incarnations of the Internet to try and ensure that history does not repeat itself Pax Technica is an ambitious and far-reaching book, and like all such volumes, it raises almost as many questions — about international and national politics, governance, security and privacy — as it answers. The Technology and Democracy project at CRASSH seeks to use the book as a jumping-off point for exploring some of these questions. We will do this in a major one-day public event in Cambridge on 24 November 2017, featuring Professor Howard and invited experts from a number of relevant disciplines. The event will open with a keynote address, after which three panels of invited experts will discuss specific implications of a hyper-connected world. This talk is part of the Technology and Democracy Events series.

Companies are striving to control an evolving digital infrastructure that will guide everything from self-driving cars to drones. Veteran investor Bill Janeway explains the parallels between artificial intelligence and electricity. Also, a Braille-controlled camera system offers an efficient way to guide the blind See acast.com/privacy for privacy and opt-out information.

Companies are striving to control an evolving digital infrastructure that will guide everything from self-driving cars to drones. Veteran investor Bill Janeway explains the parallels between artificial intelligence and electricity. Also, a Braille-controlled camera system offers an efficient way to guide the blind See acast.com/privacy for privacy and opt-out information.

This week we look back on what happened in Iowa and ask whether the Sanders campaign can really be compared to Corbynmania, with a little help from our friends in the Brooklyn Nailbar. And what is a populist anyway? Our special guest is the economist and venture capitalist Bill Janeway, who discusses the new twist the digital revolution has given to the long story of popular anger in American politics. Is inequality driving this anger or is it the quality of the jobs now on offer? And what will happen to those jobs when machines can do them more efficiently? See acast.com/privacy for privacy and opt-out information.

Jan. 4 (Bloomberg) -- Bloomberg View columnist Barry Ritholtz interviews William H. Janeway, Managing Director of Warburg Pincus and author of “Doing Capitalism in the Innovation Economy: Markets Speculation and the State”, published by Cambridge University Press in October 2012. They discuss the history of financial bubbles. This interview aired on Bloomberg Radio.

Michael Covel discusses one of Michael Mauboussin's white papers, “The Babe Ruth Effect”. This paper first caught Covel’s eye over a decade ago. It makes the critical point that big wins can pay for small losses (expected value thinking). Covel discusses the expected value mindset and how it relates to other fields, especially venture capital through a blog entry by Chris Dixon. Next, Covel connects a podcast episode titled “Good Bubbles, Bad Bubbles, and Where Unicorns Come From” with Bill Janeway, a venture capitalist and partner at Warburg Pincus. Covel shares a few excerpts covering liquidity and survivorship bias (all in this frequency v. magnitude mindset and all relating back to the Babe Ruth effect). Covel brings these topics to trend following as well. Want a free trend following DVD? Go to trendfollowing.com/win.

Venture capital and investing in startups is the (modern) classic case of decision making under uncertainty. As new players and sources of capital enter the market, however, how do we hedge against that uncertainty? For one thing, startups have more reasons than ever to focus on "the 2 Cs": cash (flow), and control. Or so argues Bill Janeway, an early venture capitalist and partner at Warburg Pincus, visiting lecturer in economics at Cambridge, and author of one of the definitive books on the history and evolution of the VC industry. In this segment of the a16z Podcast, Janeway -- who can best be described as a “theorist practitioner of financial economics” -- offers his insights on where unicorns come from (hint: it has to do with IT "disappearing"); how big companies need "absorptive capacity" when acquiring new tech; and why bubbles are "banal" -- including the difference between "good" bubbles and "bad" bubbles.