Read on Twitter
1/ The investment management business is turning into the media business, but most investment managers don't realize it.
2/ This is a natural result of aggregation theory ( https://stratechery.com/aggregation-theory/) applying itself to the investment management business.
3/ On the internet, attention is scarce and anyone that can aggregate a specific type of attention will be able to aggregate that and "match" it with investment management.
4/ In general, VCs seem to get this the most which makes sense given they've seen it firsthand. @a16z and @villageglobal are good examples that have a whole media side to their business.
5/ The Ritholtz crew, @Choffstein, @MebFaber, @InvestReSolve get this as well but broadly most people in the investment management don't understand that they are running media companies.
6/ It's interesting to see @Patrick_Oshag start a VC fund. Why would a quantitative public markets investment management company launch a VC Fund, seems weird.
7/ But if you think about the business as a media company with a VC and public markets arm then it makes complete sense.
8/ They've aggregated investors and entrepreneurs with a certain world view that resonates across asset classes and matchmaking those in various asset classes is a logical and obvious way to monetize.
9/ If you are in the investment management business, writing, tweeting, and podcasting are not things you do to avoid work, they are core to your job.
10/ Obviously you still have to be good at your job, but a lot of people would benefit from less cold-calling and country clubbing and more tweeting.
I rest my case https://pomp.substack.com/p/im-launching-a-new-fund
