Very strong leadership and decision making from Jack. Per usual. I can agree or disagree with what he does, but I certainly don't disagree with how he does it. https://x.com/jack/status/2027129697092731343

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The fact that I'm a Christian doesn't mean that I'm perfect. Obviously far from it. It means that there's grace & peace & joy available for when I'm not. If you worship tokens or politicians or markets, this is a foreign concept, as they've proven to show no mercy.

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Forward lies the crown; onward is the goal. – Charles Spurgeon

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Since there are a lot of rumors about M&A these days, a brief primer on founder obligations: Founders, as CEOs and board members, are bound by fiduciary duties (FD). FWIW, these are akin to the duties you have with regard to "powers of attorney" for an ailing loved one. There are two fundamental types of FD: duty of care, duty of loyalty. Duty of care: pay attention, know your business, act with competence. Duty of loyalty: you serve the interest of shareholders. Note: duty of loyalty is to ALL shareholders, common and preferred, not just preferred holders (investors). Common holders usually include employees and the founders themselves. Most people get this wrong: under the duty of loyalty, the board is primarily loyal to common over preferred (because preferred holders usually have contracts to protect their interests). In regards to M&A, there are also specific case laws that applies that you may have heard. Normally, a rule known as "business judgment" applies, which is essentially "as long as you prove to be competent and act with a reasonable strategy, you're good." In M&A, there are two primary edge cases: Revlon & Unocal. Revlon: a sell is *inevitable*, and you get a really good offer that you don't like for whatever reason. Revlon states that your job is to maximize shareholder value. This is a very narrow scope: active bids are coming in, ignore long-term strategy, and there's enhanced scrutiny on your application of the business judgment rule. Unocal: you receive a bid you don't like, you can defend yourself as a company from it. Finally: the 13th amendment applies to corporate law. You, as a natural person, may not be enslaved by another person, which includes corporations. Source: a few horror stories that I'd be happy to share with you over whiskey

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The most dangerous thing is not a leader with an ego. The most dangerous thing is a leader with a 𝘧𝘳𝘢𝘨𝘪𝘭𝘦 ego.

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Cynicism is a ceiling. Optimism is an opiate. Eyes wide open. See challenges as opportunities. See progress as trade winds.

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“The Fancy was a floating commune, a seedbed for radical ideas about wealth sharing and democratic governance. She was also, inarguably, a slave ship.” This anecdote about the Fancy, Henry Every’s pirate ship, is also apt for a lot of innovations. Including modern crypto.

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Reminds me of an old adage about leadership from ranchers. There are two ways of keeping a herd together on your land. 1. Build fences. Keep livestock corraled via hard boundaries. 2. Build a well. Livestock won't leave the well to wander. Leading people is no different.

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Leadership matters.

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I've used a number of communication templates throughout the years in a variety of capacities. Here's one I've used that I hope may be helpful for fellow leaders: [yes/no] [he/she/they] [work/doesn't work] for [company] in a [part-time/full-time/contract] capacity. [he/she/they] are [responsible/not responsible] for [product/engineering/growth/operations], specifically [near-term area of responsibility]. per our general policy since [year of founding], all [casts/tweets/posts] are their opinions and are not [financial advice/opinions of [company]/contractually binding/etc.].

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The will to win and the will to not lose are different. Most obvious in sports. Also obvious in business.

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Leaders are scapegoats-in-waiting. – Giuliano da Empoli, The Hour of the Predator

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BARS from Nick Sirianni, coach of the Philadelphia Eagles: “You’re not in control of what anyone thinks. You are only in control of what you think. All noise does is distract you from getting better, finding ways to win, and finding ways to get better. What distracts you? If that’s something that distracts you then do whatever you need to block it out. You can’t let anything zap your joy or steal your focus.”

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Do things on purpose.

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Some of the best advice my dad ever gave me: “You have your name and your word. Be sure to keep both.”

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