Transcript of the FRMO Corporation Annual Meeting of Shareholders (LINK)
Fred Wilson: Software Is The New Oil (LINK)
It makes sense to me that software is the oil of the information revolution. Companies that control the software infrastructure of the information revolution will sit back and collect the economic surplus of the information revolution and that will be a path to vast wealth and economic power. It has already happened but I think we are just beginning to see the operating leverage of these software based business models. The capex spending necessary to be a software infrastructure provider at scale has shielded the cash producing power of these companies (and many others) and may continue to do that for a time, but I suspect at some point the profits are going to overtake the capex at a rate that the cash will be flowing out of software companies the way that oil flows out of wells.A nice chat with Malcolm Gladwell about writing [H/T The Waiter's Pad] (LINK)
Book of the day: Invisible Giants: The Empires of Cleveland's Van Sweringen Brothers