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I have been working in the tech industry for 20 years and learned so much from this fantastic book. Mallaby entertains as much as he informs, bringing the characters he discusses to life with anecdotes and stories peppered throughout. As such, The Power Law is an excellent read, deftly explaining the fascinating history of Venture Capital. It's a must-read if you want to better understand how Silicon Valley became what it is today, what we can learn from that in the rest of the world, how VC has evolved, how Venture Capitalists think and why VC investing is so different from traditional finance, and the impact VC has had on society.
A nice account of the complex dealings in Silicon Valley.
How there was a kind of equality for the gifted and mostly highly qualified people that new projects needed. Some were also self-taught and had no formal qualifications, but had proved their talents. Looking after them was part of the process.
He does not mention the bad treatment of those who were not particularly needed, like Amazon warehouse staff. The book also fails to give details of how the three basics - advanced electronics, the package-switching for the internet and the easy-to-use hyperlinks of the World Wide Web - were all pioneered by rather different people. And made with public money and no thought of profit, either for military research or particle physics at CERN, where Tim Berners-Lee invented the World Wide Web.
Nor does he notice that the gigantic profits going to a few people have no clear benefit to the society as a whole. Allowing for a population increased by vast numbers of immigrants, the USA grew no faster after the changes begun by Reagan than it had before.
But what it does say is interesting and informative. Some of the human stories have the same fascination as the early episodes of Dallas, or even The Sopranos.
An excellent historical, eye-opening and well-written account of the rising influential role of VC in the US and globally. The book is easy to follow, well-structured and full of amusing anecdotes about the early days of Facebook, Google, Amazon etc before they became world-famous, and the VCs who helped to shape and build their future. A highly enjoyable book!
This is not a good book, it is the best book on investing and what it takes to build a culture of successful investing I have ever read. Well researched, thorough, even-handed, thoughtful and also a good read. Well done Sebastian.