peHUB First Read
* Maybe you should have invested in NYC taxi medallions, whose value has jumped 179% over the past decade.
* James Surowiecki: The American consumer won’t stay frugal forever.
* Michael Milken: Prosperity rests on human and social capital.
* Andrew Ross Sorkin delves into Stanford University’s attempt to raise around $1 billion via secondary market sales, but I think he overstates the case. Specifically, my understanding is that while Stanford wants (needs) short-term liquidity, it also wants to maintain existing relationships with general partners. As such, Stanford isn’t doing a Harvard-like auction, in which it just wants to wash its hands of dozens of fund relationships. Instead, it’s hoping to forge joint ventures that will provide liquidity while maintaining the University’s ability to invest in future funds.
* Morning Call: U.S. futures point higher, London rises early, European shares climb, the Nikkei edges up on banks and Hong Kong closes up 1.9%.
* Verizon forms a venture capital consortium, to invest in the 4G space.
* Matt Taibbi falls for a naked short-selling hoax video.
* Charles River Ventures tries to explain its lack of participation in the most recent funding round for Twitter, arguing that the deal didn’t fit the firm’s size or strategy. Basically the same argument (theoretically) made by Union Square Ventures. The big — and unmentioned — difference is that CRV also didn’t participate in a $17 million Series C round and the subsequent $35 million Series D round (both of which the smaller USV was part of). In other words, CRV made a giant mistake and is now trying to justify it.
* I’ll be in Dallas next week for Buyouts Texas, where my duties will include the moderation of a debt panel and a keynote interview with Bob Boldt, former UTIMCO CEO and current partner with Perella Weinberg Partners. Get more info and tickets here.
* In Memoriam: Luis Villalobos, co-founder of Tech Coast Angels, has passed away at the age of 72.
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Sam S said on October 6, 2009
What giant mistake?
Perhaps CRV doesn’t buy the recent Twitter valuations and thinks they’d rather cut their (future) losses.
Call it a giant mistake when Twitter exits