a16z 的阅读清单：10本你不该错过的优秀书籍推荐

深潮Опубліковано о 2024-08-12Востаннє оновлено о 2024-08-12

涵盖经济、商业和金融领域。

作者：Stacy Muur

编译：深潮TechFlow

自 2016 年以来，@a16z 定期分享团队的阅读书单。以下是他们推荐的 10 本优秀的经济、商业和金融书籍汇总。

Broken Money

作者：@LynAldenContact

摘要：Broken Money 为读者提供了对货币及其历史的深入理解，涵盖了理论基础和实际影响。

Who Gets What ― and Why

作者：@shanesnow

摘要：Who Gets What—and Why 揭示了我们周围隐藏的匹配市场，并教我们如何识别良好的匹配，以便做出更聪明、更自信的决策。

Smartcuts: How Hackers, Innovators, and Icons Accelerate Success

作者：@shanesnow

摘要：Smartcuts 是一段叙事旅程，揭穿了关于成功的旧有神话。它展示了创新者和偶像如何通过更聪明的工作实现非凡成就，以及我们其他人也能借鉴的方法。

Economics in One Lesson

作者：Henry Hazlitt

摘要：亨利·哈兹利特在1946年撰写了Economics in One Lesson。这本书简洁而富有启发性，准确揭示了许多经济谬论，这些谬论如今几乎成为主流观点。

From Hoodies to Suits

作者：@AnneliseOsborne

摘要：From Hoodies to Suits 连接了科技创新者与传统金融专业人士之间的差距，为在机构环境中实施数字资产提供了一本既娱乐又富有洞察力的指南。

Way of the Turtle

作者：Curtis Faith

摘要：Way of the Turtle 揭示了“海龟”交易系统成功背后的秘密。

The Curious Culture of Economic Theory

作者：Ran Spiegler

摘要：这是一本论文集，深入探讨当代经济理论的专业文化，突出过去二十五年成功经济理论的主要特征。

Radical Markets

作者：Eric Posner & @glenweyl

摘要：Radical Markets 挑战了传统的市场观念，认为只有通过大幅扩展市场的范围，我们才能减少不平等、恢复强劲的经济增长，并解决政治冲突。

The Model Thinker

作者：@Scott_E_Page

摘要：在The Model Thinker中，社会科学家斯科特·E·佩page探讨了一系列数学、统计和计算模型——从线性回归到随机游走及其他——这些模型可以提升人类努力的各个领域。

The Inner Lives of Markets

作者：@RFisman & @Tim_Org

摘要：这本书揭示了商业革命不仅仅是技术的延伸；它实际上涉及市场的转型。书中揭示了我们工作、生活和购物的蓝图，并提供了改善的深刻见解。

Пов'язані матеріали

Soaring Export Data for Memory Chips, Market Is Redefining the Valuation Anchor for Memory Stocks

Korean storage export data for the first 20 days of June shows substantial year-on-year increases in both value and price-per-kilogram for categories like DRAM, NAND, and SSDs. This signals a potential shift beyond simple demand recovery, indicating rising prices and a product mix shift towards higher-value items, possibly influenced by AI infrastructure needs. A key point is that the surge in price-per-kilogram is not simply a uniform chip price hike. It reflects a combination of actual price increases and, more importantly, an export structure increasingly dominated by high-value-density products like HBM (High-Bandwidth Memory) and advanced DRAM, which are critical for AI servers. This suggests AI-driven demand may be spilling over from just HBM into broader memory markets. SK Hynix stands to benefit directly due to its leading HBM position. For Samsung and Micron, the implication is potential for greater margin elasticity if the tightness in high-end memory spreads to enterprise SSD and NAND prices. However, the storage sector remains cyclical. Risks include supply expansion, inventory changes, and potential slowdowns in broader AI capital expenditure. Ultimately, while the strong export data supports upward revisions for storage company earnings and fuels discussion of an "AI infrastructure bottleneck premium," a definitive valuation shift from a cyclical to a structural story depends on upcoming quarterly reports. Investors need confirmation from SK Hynix, Samsung, and Micron that improvements in average selling prices, product mix, and, crucially,毛利率 are sustained over multiple quarters.

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Soaring Export Data for Memory Chips, Market Is Redefining the Valuation Anchor for Memory Stocks

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Why Does SpaceX Have Such a High Valuation Ceiling? The Answer Lies in Musk's Business Blueprint

SpaceX achieved a record-breaking IPO on June 12, 2026, with its market cap surging past $2.1 trillion. This valuation reflects its central role within Elon Musk's expansive, interconnected technological ecosystem. The article details how four core components form a synergistic closed-loop system: 1) **The "Brain" (xAI & Orbital Compute):** xAI provides AI models and massive ground/space-based supercomputing for simulation and decision-making across the system. 2) **The "Neural Logistics Core" (Starlink & Starship):** Starlink's low-latency satellite network enables global data transmission, while Starship's low-cost, reusable launch capacity aims to make large-scale space deployment economically viable. 3) **The "Physical Body" (Tesla & Optimus):** Tesla's manufacturing prowess and energy products support hardware production and power, pivoting toward mass-producing the Optimus humanoid robot for terrestrial and potential space-based labor. 4) **The "Human Interface" (Neuralink & X):** Neuralink seeks direct brain-computer communication, and the X platform provides real-time societal data. Together, these elements create three reinforcing "flywheels": manufacturing/logistics, data-driven iteration, and energy/compute/network synergy. This integrated approach promises lower costs, faster innovation cycles, and potential infrastructure-as-a-service offerings. However, it also concentrates technical, regulatory, and corporate governance risks. Ultimately, SpaceX's high valuation stems from its position as the indispensable infrastructural backbone—handling space transport, global communications, and future orbital computing—tying together Musk's entire vision for a self-reinforcing technological empire.

marsbit1 год тому

Why Does SpaceX Have Such a High Valuation Ceiling? The Answer Lies in Musk's Business Blueprint

marsbit1 год тому

Snap, Unprofitable for Nine Years, and a Decade-Long AR Obsession Without Return

Snap's AR Obsession: A Decade of Betting Against the Odds On June 16, Snap CEO Evan Spiegel unveiled the new AR glasses, Specs, priced at $2,195, causing the company's stock (SNAP) to plummet nearly 10%. The launch was met with intense criticism online, with investors questioning why a consistently unprofitable company would stake its future on an expensive product its core young user base can't afford. Snapchat, known for pioneering features like ephemeral Stories and popular AR lenses (like the iconic dog filter), has a history of innovation often copied by rivals like Instagram and Meta. Despite this, it has struggled to translate first-mover advantage into commercial success. Since its 2017 IPO, Snap has reported annual net losses, with a Q1 2026 loss of $89 million. Its stock is down 94% from its 2021 peak, hampered by iOS privacy changes, competition, and a young demographic less attractive to major advertisers. In this challenging context, Spiegel is doubling down on AR. He calls 2026 a "crucible moment," having recently laid off 16% of staff while reportedly investing over $3.5 billion cumulatively in its AR glasses line over nearly a decade. The new Specs represent a significant leap from the 2016 camera-focused Spectacles, offering true AR overlays, gesture control, and standalone operation. However, at $2,195, it faces tough comparisons. While more advanced than Meta's $799 Ray-Ban smart glasses, critics point to its heavier weight, short battery life, and features largely replicable by a smartphone. Facing pressure from investors to cut losses on the Specs project, Spiegel has refused, framing it as essential to Snap's long-term vision. The company finds itself in a paradoxical position: cutting costs while heavily funding a decade-long, unproven bet. Some see Specs as an awkward but necessary step in AR's evolution, akin to early mobile phones. Whether Spiegel is a visionary outlier or a gambler destined to fail remains an open question, highlighting the tension between long-term ambition and short-term market demands.

marsbit1 год тому

Snap, Unprofitable for Nine Years, and a Decade-Long AR Obsession Without Return

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Annualized Revenue Exceeds $20 Billion, Kalshi Aims to Become the First Prediction Platform IPO?

Kalshi, a leading U.S. prediction markets platform, is reportedly in early, informal discussions for an Initial Public Offering (IPO). The company's annualized revenue now exceeds $2 billion, fueled by its dominance of over 90% of the domestic prediction market activity. This growth stems from a surge in trading volume—reaching a total of $52.7 billion—and an increase in fee rates, largely driven by sports event contracts like the NBA playoffs and the 2026 FIFA World Cup. Monthly active users are approximately 2 million. Kalshi recently raised $1 billion in a funding round led by Coatue Management, valuing the company at $22 billion. It has also expanded its offerings to include Bitcoin perpetual contracts and plans to launch a dedicated trading platform, Kalshi Pro. However, Kalshi's path to an IPO faces significant regulatory hurdles. The core risk involves jurisdictional conflicts, as multiple U.S. states are challenging its operations under local gambling laws. For instance, Arizona has filed criminal charges against the platform, while states like Kentucky have filed lawsuits. Kalshi and the Commodity Futures Trading Commission (CFTC) argue that its event contracts fall under exclusive federal jurisdiction as "swaps." The outcomes of these ongoing legal battles could critically impact Kalshi's core revenue and its IPO timeline. Analysts suggest that while an IPO could theoretically occur by late 2026, a more likely timeframe is late 2027 or 2028, contingent on resolving legal issues and favorable market conditions. If successful, its fundraising could significantly exceed $1 billion, given its current valuation and revenue multiple.

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Don't Care if You Know Football or Not, Buying the Draw Is the Best Strategy for This World Cup?

The article analyzes the 2026 FIFA World Cup group stage and argues that betting on a draw has been a surprisingly profitable strategy. Based on data from the prediction market Polymarket, a strategy of betting $1000 on a draw for each of the first 40 matches would have yielded a return of over 100%, despite only 13 matches ending in a draw. The core of the strategy is not the frequency of wins, but the high payout when low-probability draws occur, such as Spain's 0-0 draw with Cape Verde, where pre-match odds for a draw were only 5.5%. The article identifies common draw scores, like 1-1, which provide stability, and high-value 0-0 stalemates, where favorites fail to break down resilient defenses. It highlights Group G as an example, where 3 of the first 4 matches ended in draws, illustrating that draws are a tactical part of group stage calculus as teams often prioritize not losing. In conclusion, while strong teams remain favorites on the pitch, the article claims that for traders, betting on draws has so far produced the most significant profits.

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