The Ledger
Every statement that passed quotation and attribution checks. Mix any filter with any other: certainty 1/5, debate potential 5/5, or both at once.
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Howard Lindzon asserts Web3 tokens are securities and face strict regulation
“Web three comes along, which is basically just a new stock market, right? And which is why the argument about whether the securities or not is silly. They're just stock, like they're securities for sure. People are buying and selling them, and everybody's argu…”
Howard Lindzon describes modern retail fintech as the unbundling of Vanguard
“So basically all that's happened in the last 12 years and beyond is the unbundling of Vanguard. Right? I want to own the S&P, 400, less these six destructive, I'll own the S&P, two 94.”
Howard Lindzon: Robinhood wouldn't exist if Vanguard hadn't hoarded its technology
“There should be no Robin Hood. There should be no any of this stuff. It should all still be CNBC and Vanguard and Goldman Sachs. They just didn't give their technology. They hoarded the technology.”
Howard Lindzon calls passive investing a myth because index funds rebalance
“There's no such thing as passive investing. Vanguard is a very active portfolio. Every month or quarter, they kick out poorly performing companies, so it's a quant fund. So people are really buying an active portfolio. It's just packaged as passive.”
Howard Lindzon argues community and media businesses are not VC-fundable
“I don't think community is a VC fundable idea, much like media has been, in general, a terrible, these, we need community, we need media, is that, does that mean it should be VC funded? No”
Howard Lindzon warns startups building on third-party platforms risk being screwed
“If you build on someone's platform, or if you build on someone's roads, or if you build inside, you know, in someone's backyard, be prepared to be sued or screwed.”
Howard Lindzon compares modern retail trading to Roman gladiator entertainment
“Speculation has become entertainment, and so gladiators, when the Romans had all this time, And they were fighting wars and moving people. People in Rome just said, you know what? We got a lot of fucking time. Let's have people kill each other and we'll watch.…”
Howard Lindzon claims central bank policy made business failure rare recently
“The last 20 years, you gotta be really, make really bad decisions to fail. Doesn't mean, there's no shame in it, but you gotta make more bad decisions to fail in an internet era than in a retail fixed world era. The cloud expanded the playing field. And then y…”
Howard Lindzon says outlier startups serve demand users are embarrassed to admit
“Sometimes the, you can't get the information even if you ask the right people. And so Manscaped worked so well is because they offered a product that people wanted and no one was admitting to it. And that's just when you get outlier wins.”
Howard Lindzon says NFT trading requires community skills over Wall Street pedigree
“You have to be, you can't just be some fat bond trader. You have to understand community, you have to understand technology, you have to understand How to behave. You have to have social skills. You don't have to be on a high rise. You don't have to be in New …”
Howard Lindzon calls fractional asset platform Rally Road 'training wheels' for crypto
“Raleigh Road's like training wheels for a digital world, right? So Raleigh was too far ahead. And now the time is theirs, but it took NFTs for Rally Road to be cool, because for people that can't Go full digital, but let's just say that's 99.5% of the populati…”