tag:blogger.com,1999:blog-3619371181285882804.comments2023-10-23T13:42:46.227-04:00@jdriveJames D. Robinsonhttp://www.blogger.com/profile/02669437758335137126noreply@blogger.comBlogger39125tag:blogger.com,1999:blog-3619371181285882804.post-32375394397546726842019-08-24T02:12:04.882-04:002019-08-24T02:12:04.882-04:00This blog aware me about different programs which ...This blog aware me about different programs which can become very useful for our friends and kids. Few websites provide combined courses and few of the are separately for single subject. Glad to get this information.<a href="http://coachamsterdam.eu/" rel="nofollow">coach amsterdam</a>jackharrywilson1https://www.blogger.com/profile/12276523810011339944noreply@blogger.comtag:blogger.com,1999:blog-3619371181285882804.post-88312302224835963992016-03-21T06:42:25.059-04:002016-03-21T06:42:25.059-04:00Really I enjoy your site with effective and useful...Really I enjoy your site with effective and useful information. It is included very nice post with a lot of our resources.thanks for share. i enjoy this post. <a href="http://www.printingvip.com/products/clubflyers" rel="nofollow">ClubFlyer</a><br />marksonhttps://www.blogger.com/profile/03798322600734426599noreply@blogger.comtag:blogger.com,1999:blog-3619371181285882804.post-64163739882652954992014-04-16T06:20:20.824-04:002014-04-16T06:20:20.824-04:00Very good post. I'm facing some of these issue...Very good post. I'm facing some of these issues as well..<br /><br /><br />Feel free to visit my homepage - web site (<a href="http://hpcgi2.nifty.com/guchin/fantasy/fantasy.cgi" rel="nofollow"></a>)Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3619371181285882804.post-42331168140980138042013-12-16T18:58:23.966-05:002013-12-16T18:58:23.966-05:00Very impressive, Jim. If you're ever imprisone...Very impressive, Jim. If you're ever imprisoned, you should be able to cut your way out. Or at least shank someone. Anonymoushttps://www.blogger.com/profile/03628551899214341643noreply@blogger.comtag:blogger.com,1999:blog-3619371181285882804.post-31046679126723224642013-10-03T02:53:54.927-04:002013-10-03T02:53:54.927-04:00I had the pleasure of being interviewed for this w...I had the pleasure of being interviewed for this week's episode of the ... As 3D printing chips away at our traditional assumptions of how .<a href="http://www.westmailpress.com" rel="nofollow">Printing</a><br />Lewis n Clarkhttps://www.blogger.com/profile/13257707224216876504noreply@blogger.comtag:blogger.com,1999:blog-3619371181285882804.post-69135054420784825232012-02-04T09:09:01.559-05:002012-02-04T09:09:01.559-05:00Thank you for the fantastic article. The place els...Thank you for the fantastic article. The place else could anyone get that kind of info in such a perfect means of writing? I have a presentation next week, and I am at the search for such information.<br />http://www.zapvipshoes.com/Brian@ Zappos Shoeshttp://www.zapvipshoes.com/noreply@blogger.comtag:blogger.com,1999:blog-3619371181285882804.post-27251500292857106592011-07-12T23:00:10.579-04:002011-07-12T23:00:10.579-04:00now i have read this again...
your post is the n...now i have read this again...<br /><br />your post is the narrative of our times ...<br /><br />but, one deeper thing .. <br /><br />i think people seek the network that will confirm their opinions .. network as effect,then, and not cause ..<br /><br />opinions are reactions, fueled by unhealed emotional conditioning .. <br /><br />the tendency towards holding a certain opinion is already structured in the personality ..<br /><br />your dsk example is good, all the wounded souls that came out screaming about rape .. when in fact we still don't know what happened ..<br /><br />i think there is something to be gained by seeing all of these tools as revealers of opinion, but only marginally shapers ... people don't change their minds even with exposure to new facts .. dsk again.<br /><br />our opinions are filters .. in the vast sea of info we find the things that allow us to keep them intact ..<br /><br />more oposite pov ..<br /><br />have you ever lived in a village, rural india, say? word -of-mouth is the most informative, connected, networked existence imaginable. it is un-mediated.<br /><br />the growth of mediums and information and velocity has served to particularize and ghettoize the public awareness so that the culture is less informed than before. as is easy to see in america. never has it been so asymmetrical, it is a completely managed and designed product. <br /><br />btw, slant is good, balance is bad. <br /> <br />with all this information we know nothing. no wisdom, we don't know how to eat, or breathe, or construct a life or a city. we are in permanent reaction, even the creative industries ..<br /><br />which brings me to twitter .. it's great .. it is esp for those who have no intuition or ability to trust their inner knowing, no ability to feel their feelings ..<br /><br />the news is just a cry for help, it started with runners, marathon ... the news is powerless to provide wisdom ..<br /><br /><br />dang, i am rambling .. will return to this another time, because i agree with you, yet see that there is a deeper thing that we are all missing here in 2011.<br /><br />more later, hopefully more coherent. your post sparked something.<br /><br />@gregorylentgregoryhttps://www.blogger.com/profile/14408369948377761936noreply@blogger.comtag:blogger.com,1999:blog-3619371181285882804.post-3489042211219362002011-07-11T12:34:15.167-04:002011-07-11T12:34:15.167-04:00More likely just my writing :)More likely just my writing :)James D. Robinsonhttps://www.blogger.com/profile/02669437758335137126noreply@blogger.comtag:blogger.com,1999:blog-3619371181285882804.post-83850643667900109152011-07-11T05:47:38.907-04:002011-07-11T05:47:38.907-04:00would love to see this in a tweet or two ..
it c...would love to see this in a tweet or two .. <br /><br />it could be my brain, i lose the focus during the reading, so that i get to the end, i cannot actually say what this latest jdrive post is about !gregoryhttps://www.blogger.com/profile/14408369948377761936noreply@blogger.comtag:blogger.com,1999:blog-3619371181285882804.post-76745780213333293192010-09-11T12:02:15.654-04:002010-09-11T12:02:15.654-04:00Another perspective often lost in these debates i...Another perspective often lost in these debates is its importance in dictating America's role in shaping the future global order. A future order where America's economic and military dominance will not be a sustainable advantage.<br /><br />Reagan's vision of America as a "Shining City Upon a Hill" is even more critical now than it was in 1974. As you eloquently point out - Americans get mixed together like leaves in a salad bowl, by remaining distinct. But we also need salad dressing that brings it all together. This salad dressing, a potent combination of the American constitution AND its dynamic people will maintain America's vision and leadership in the emerging global order as its military and economic lead diminishes relative to the rest of the world.<br /><br />An inward looking America without a dynamic people, including those drawn from across the world, at all levels of society, will make the salad dressing go stale and not as palatable. The day America matters less in global affairs is the day when the future of the world dims a little bit. No one wants this. <br /><br />We simply have a need to maintain the largest collection of the best, brightest and motivated than any other country in the world. It is a crucial ingredient in a great salad dressing.Murgesh Navarhttps://www.blogger.com/profile/14488908307667939611noreply@blogger.comtag:blogger.com,1999:blog-3619371181285882804.post-50852734823962777542010-08-20T12:24:58.754-04:002010-08-20T12:24:58.754-04:00In the wake of protests and anger over the right o...In the wake of protests and anger over the right of Muslims to build a community center in lower Manhattan, I applaud your reasoned essay on US immigration. It is indisputable that this country achieved its greatness through immigration. Further, the only way this country can continue to succeed is by attracting talented and hardworking people across the globe to come to the US.<br /><br />Thanks again for sharing this!Mark Birchhttp://www.columbusholdinggroup.comnoreply@blogger.comtag:blogger.com,1999:blog-3619371181285882804.post-63829060800746639522010-07-29T00:04:51.288-04:002010-07-29T00:04:51.288-04:00Completely agree that we need tax reform, and I ce...Completely agree that we need tax reform, and I certainly get the desire to soak the fat cats that got us into this mess. Personally, I'm waiting for the perp-walks on Wall Street - like lots of other people. I actually suggest higher taxes in my post - on folks just like me. But if we are going to do it, then let's get real about change. VC is different than any other alternative asset class; it exists on the left side of Schumpeter's Curve (meaning actual asset value creation instead of redistribution of value, or value destruction). This is something I think we want to encourage. As for fairness, try this: how about we alter the AMT to include any amount over some threshold must be taxed at a full rate, no matter the source. While we're at it, I think we should actually return to the 90% tax rates of yore over some amount, as I don't believe anyone should ever reach ten digits, much less pass it down to their offspring. <br /><br />Here's the thing... Are we trying to punish people (in which case, let's punish the right people); are we trying to raise taxes to pay for stuff (then let's actually do that, like with a shift to consumption taxation); or are we trying to define fairness (in which case let's completely redraw the lines). My read of the current Bill is it accomplishes none of these objectives.James D. Robinsonhttps://www.blogger.com/profile/02669437758335137126noreply@blogger.comtag:blogger.com,1999:blog-3619371181285882804.post-83491743417185830322010-06-21T17:50:46.661-04:002010-06-21T17:50:46.661-04:00Interesting overview of entrepreneurship in a NYC ...Interesting overview of entrepreneurship in a NYC contextjustpassingthruhttps://www.blogger.com/profile/04739956818284897181noreply@blogger.comtag:blogger.com,1999:blog-3619371181285882804.post-87160715883160849892010-06-10T19:40:04.294-04:002010-06-10T19:40:04.294-04:00I'm with Fred on this one. The fundamental pr...I'm with Fred on this one. The fundamental problem isn't that we need more VCs and more LP capital deployed toward VC, rather, what we need are more entrepreneurs. Given that, a change in the incentive system is in order...so tax carry as OI and cut cap gains for entrepreneurs...then we'll see a lot of those talented VCs go back to their roots and we'll all be the better for it.Furqan Nazeerihttps://www.blogger.com/profile/00702713845833785105noreply@blogger.comtag:blogger.com,1999:blog-3619371181285882804.post-53438326413449404812010-06-08T13:25:48.992-04:002010-06-08T13:25:48.992-04:00Fair enough, Eric!
Funny thing about self-interes...Fair enough, Eric!<br /><br />Funny thing about self-interest, though. On the face of it, obviously I'm not looking to have higher tax rates (who is). On the other hand, the impact of the current Bill, by extending it all the way down to small VC's, will in my view harm the tech ecosystem while doing nothing for our nation's coffers. And by 'harm' I mean reduce total funding to the category. That means fewer entrepreneurs get funded, and those that do give up more of their companies. At the same time, I will almost certainly be a beneficiary of work-arounds that closely simulate - one way or another - my current economics. (Any idea how many expensive tax lawyers the hedge fund, lbo & pe communities have? Whatever they come up with will work for me, too).<br /><br />So... reduced VC competition, similar economics, and probable personal, outright ownership in various companies. Which one is better for me? <br /><br />Interestingly, over the course of this multi-day debate, I've received several notes from VC's that oppose the Bill but believe it is not in their interest to do so publicly (and not because they are worried about what a few entrepreneurs might think), asking why I am in this discussion at all. Might be they have a good point...<br /><br />Tell you what: you get a Bill going that says all firms under a reasonable threshold are exempt, figure out how to prevent the game-theorists at the bigger funds from 'qualifying', and then add a clause that says the favorable tax status applies to everyone that looks like - but isn't - Jim Robinson's firm. I'll vote for it.James D. Robinsonhttps://www.blogger.com/profile/02669437758335137126noreply@blogger.comtag:blogger.com,1999:blog-3619371181285882804.post-46269759263117464192010-06-08T12:46:56.795-04:002010-06-08T12:46:56.795-04:00Can't wait to read the "Self-interested V...Can't wait to read the "Self-interested VC blather is approaching a high-water mark" post!Ehttps://www.blogger.com/profile/10725864034917042247noreply@blogger.comtag:blogger.com,1999:blog-3619371181285882804.post-64112016452856551912010-06-07T19:18:37.699-04:002010-06-07T19:18:37.699-04:00If there is no risk of a personal capital loss (as...If there is no risk of a personal capital loss (as a GP) for carried interest how is are your earnings a capital gain rather than a bonus for performance?Erikhttps://www.blogger.com/profile/10345535922017084613noreply@blogger.comtag:blogger.com,1999:blog-3619371181285882804.post-37922474214935369512010-06-07T11:48:15.895-04:002010-06-07T11:48:15.895-04:00“Here's what you will end up with... Fewer, la...“<i>Here's what you will end up with... Fewer, larger 'marquis' firms with more pricing power, </i>“<br /><br />Directionally that’s certainly true. Whether it will be a big effect is an empirical question. But I actually suspect that some VC supporters of income tax treatment have this in mind…<br /><br />“<i>'carried interest' will go away, replaced by some form of partner-based ownership (most likely same as common stock, possibly with voting rights) on a deal-by-deal basis.</i>“<br /><br />You say that as if it’s a bad thing… Aligning VCs with common shareholders seems attractive to me. And deal-by-deal carry can be a powerful motivator.<br /><br />“<i>Now, take a moment to think about that... and then think about future financing events, board representation, even deal selection - and the inherent conflicts of interest therein.</i>”<br /><br />There are also conflicts of interest today, it’s just that we’ve gotten used to them. Different is not necessarily worse.<br /><br />“<i>And by the way, at least in the last ten years (as it relates to VC anyway) had this Bill been in effect, your US Gov tax bounty would have rounded to, um, essentially zero.</i>”<br /><br />While this is true, it’s hardly an argument for not making the change. A higher percentage of zero is still zero.<br /><br />“<i>Every successful VC I know could earn a multiple of their current salaries in other (and not necessarily so different) businesses; they choose to trade off substantially lower current economics (about 5:1 by my calculation) for even higher future earnings potential.</i>”<br /><br />Unless you’re referring to some other kind of fund management, I’m incredulous. A VC going into industry to make $1-2m or more in base salary? Even public CEOs don’t make this. <br /><br />“<i>It is also ridiculous to suggest that people will stay in venture capital 'because they love it' despite substantially-diminished economics. Seriously?</i>”<br /><br />They already did for the past decade, by and large.Cassandrahttps://www.blogger.com/profile/11278068152825290283noreply@blogger.comtag:blogger.com,1999:blog-3619371181285882804.post-10037422012922920582010-06-07T11:01:36.322-04:002010-06-07T11:01:36.322-04:00If a public company management meets agreed (possi...If a public company management meets agreed (possibly arbitrary) long-term targets, should they be able to receive stock at an old reduced cost basis and pay a capital gains tax rate? <br /><br />They're not, so it's hard to see why VC and hedge funds should be any different. <br /><br />(you could argue options serve that purpose in a public company and AFAIK they are taxed as personal income)CurmudgeonlyTrollhttps://www.blogger.com/profile/02004282752334460717noreply@blogger.comtag:blogger.com,1999:blog-3619371181285882804.post-24377868264557419912010-06-07T10:37:17.033-04:002010-06-07T10:37:17.033-04:00Jim, Great post. And, I like your suggestion abo...Jim, Great post. And, I like your suggestion about breaking out the form of capital gains between Principal & OPM. However, that, unfortunately, just further complicates our tax code (although maybe that complexity train has left the station). If the government wants to increase capital gains, then they should, however this business of taxing different industries in different ways only creates value for lawyers & accountants. CharlieCharlie Kemperhttp://www.digitalrubicon.orgnoreply@blogger.comtag:blogger.com,1999:blog-3619371181285882804.post-7484525377593604992010-06-06T23:15:19.590-04:002010-06-06T23:15:19.590-04:00Not at all - management fees are taxed at an indiv...Not at all - management fees are taxed at an individual's marginal tax rate, not capital gains rates. It is the 'carried interest' I am referring to, which is not part of the management fee, but rather an override based on outcomes, often subject to hurdle rates. In short, it only gets paid if a fund's performance - usually over a decade or longer -- warrants it.James D. Robinsonhttps://www.blogger.com/profile/02669437758335137126noreply@blogger.comtag:blogger.com,1999:blog-3619371181285882804.post-57871907489301933252010-06-06T21:39:18.427-04:002010-06-06T21:39:18.427-04:00TL;DR basically, you're saying your management...TL;DR basically, you're saying your management fee deserves a lower tax rate than management compensation or other professional fees because it's derived from long-term investment activity.<br /><br />I'm skeptical that the tax will make VCs leave the industry, when subpar returns haven't had that effect.<br /><br />But even if one accepts that the tax will change the industry structure, one could argue that concentration in superstar firms is a more efficient allocation of capital, and the current tax benefit encourages marginal firms with dreams of a big, lucky, lightly taxed score, when their services might be more valuable in (horrors!) management or investment banking.CurmudgeonlyTrollhttps://www.blogger.com/profile/02004282752334460717noreply@blogger.comtag:blogger.com,1999:blog-3619371181285882804.post-88988727177875503692010-06-06T20:49:33.891-04:002010-06-06T20:49:33.891-04:00Great quote couched between two posts revealing wh...Great quote couched between two posts revealing what's in your vision. I have pieced together the spat you have been having with @cdixon, which led me to your blog. Interesting predictions in your post prior to this quote. All your predictions seem very tunnel-vision like. Your vision is very narrowly focused on technology as it has become known in this era. Search, Steve Jobs, Android, etc. Very interesting but I hope some day that you and @cdixon come to realize technology needs to redirect its focus. Where? To health care. Why? Because my prediction is that health care will be the ruination of this country. Any sector approaching 20% of GDP deserves more attention from the technorati all-stars with whom you associate. As a result, your discussion about tax treatment of VCs will seem infantile.<br /> <br />You may not see the connection and my comments may seem arcane but I am one of those "more practical" guys whom your quote references. Health care is left to flounder with old-school, B-team tech solutions. As a result we limp along fighting for a chance to have real technology in order to push the country toward health and productivity.Citizen Racerhttps://www.blogger.com/profile/01456690605449355462noreply@blogger.comtag:blogger.com,1999:blog-3619371181285882804.post-58874768033818663022010-06-06T19:58:23.297-04:002010-06-06T19:58:23.297-04:00jim
that's a well written and articulate set ...jim<br /><br />that's a well written and articulate set of arguments and i applaud you for putting them out there<br /><br />i come out in a different place and don't share your concerns but i would love to discuss them with you over a beer.<br /><br />fredfred wilsonhttp://avc.comnoreply@blogger.comtag:blogger.com,1999:blog-3619371181285882804.post-24313396962900299462010-04-05T19:41:08.029-04:002010-04-05T19:41:08.029-04:00I like what you wrote! I think you are making some...I like what you wrote! I think you are making some great points, and the odds are in your favor that they will all come true. I do hope you are wrong with the nanotech prediction... nothing personal!<br />Love your blog!Jean-Claude (JC)https://www.blogger.com/profile/00704079635333390824noreply@blogger.com