Thursdays at Abnormal Returns are all about startup and venture capital links. You can check out last week’s links including a look at JD Vance’s new venture fund.
Quote of the Day
"To do well as an investor, you need to do three things: get access to good investment opportunities, make good decisions about what to invest in, and get the companies you want to invest in to choose you as an investor."
(Sam Altman)
Chart of the Day

Tomas Tunguz, “In short, startups with shorter payback periods require less capital and also grow more quickly.”
Europe
- A profile of London's Blossom Capital and why it is attracting US investors. (fortune.com)
- France is changing how it taxes stock options to help compete for startups. (cnbc.com)
Media
- The big digital publishing entities are now turning a profit. (axios.com)
- The Athletic just raised another round of funding. (axios.com)
Housing
- The mortgage market is going to evolve. The question is who is going to win? (housingwire.com)
- How do things change if home appraisals are fully automated? A talk with the CEO of HouseCanary. (thebasispoint.com)
- Punch List aims to 'help independent contractors and homeowners more easily navigate the remodeling process.' (news.crunchbase.com)
- Homebound wants to streamline the home building process. (news.crunchbase.com)
Brands
- Sophie Bakalar, "Although brand is at a premium, brands themselves are barely distinguishable." (collaborativefund.com)
- It's hard to find a retail segment not targeted by the direct-to-consumer brand revolution. (nytimes.com)
Venture capital
- Howard Lindzon, "It is easy to invest in startups today. It is really hard to make a living doing it." (howardlindzon.com)
- Quant investor Two Sigma has raised money for a venture fund. (institutionalinvestor.com)
- How USV is thinking about climate change. (usv.com)
- Freestyle Capital is offering portfolio companies access to mental health treatments. (axios.com)
Startups
- Chris Dixon, "Social media is a technology for creating global media networks that arrived disguised as a way to share what you had for lunch." (cdixon.org)
- What is a "management rights letter" and why do VCs ask for it? (avc.com)
- Brent Beshore, "Small businesses don’t stay small on purpose." (adventur.es)
- Focus on making the best product possible. That's it. (ryanholiday.net)