Welcome to our #241 weekly newsletter.
“For women taking control of their financial future”
-Jana Hlistova
From The Purse
In this week’s newsletter, we share a short excerpt from the interview with Adeo Ressi, CEO of Decile Group, on The Purse Podcast.
Adeo is revolutionising global entrepreneurship and venture capital (VC). As CEO of Decile Group, he helped launch nearly 50% of all new VC firms worldwide in 2023, and he serves as Chairman and Co-Founder of the Founder Institute, which runs startup accelerators in over 300 cities worldwide and has over 7,000 portfolio companies.
We talk about ethical investing, backing female and diverse founders, the changing landscape of VC and startups, the impact of AI on humanity, Adeo’s investment thesis and more+
Listen to the full interview on The Purse Podcast.
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And you can review the news in brief so you stay on top of global financial, economic and investing trends.
I hope you enjoy this week’s newsletter.
Until next week,
Jana
Investing in ethical managers to address the world’s most pressing problems
We interviewed Adeo Ressi, CEO of Decile Group on The Purse Podcast.
We interviewed Adeo Ressi on The Purse Podcast.
Adeo Ressi is revolutionising global entrepreneurship and venture capital. As CEO of Decile Group, he helped launch nearly 50% of all new VC firms worldwide in 2023, and Adeo serves as Chairman and Co-Founder of the Founder Institute, which runs startup accelerators in over 300 cities worldwide and has over 7,000 portfolio companies.
He is committed to solving the world's problems by having visionary limited partners back ethical investors to fund pioneering entrepreneurs. Adeo previously served on the Board of the X PRIZE, created the original SAFE note, drafted the Mensarius Oath for ethical investing, and founded companies with over $2bn in exits.
Here is a a short excerpt from the interview:
Jana: “… can you share how your experience as an entrepreneur has shaped your approach and how you support emerging fund managers and founders…”
Adeo response:
Yeah, I think, actually a lot of people say there are two sides of the table, but there's actually three sides of the table.
There's the investors in funds that are called Limited Partners (LPs). They're the people that run the funds that are either Managing Partners or General Partners or different terms. And then of course they're founders. So there's actually three sides of the table and I am now on all three sides of the table.
I have a company, so I'm an entrepreneur. I am an investor as an angel, and I do some venture investing as well, and I'm an LP.
And that holistic view really changes your perspective on the innovation ecosystems worldwide, right? Because what we need to fix the world right now are visionary LPs that really care about things.
Right, we can't just invest in stuff because it's gonna sound cool or maybe makes a lot of money, we need people at the top which are the LPs who are visionary and care about things.
And they need to back ethical managers, ethical Managing Partners, ethical General Partners: they're not investing again only to make money, but they're investing with purpose, with passion.
They care, they want to do things the right way. They don't want to treat founders wrong. They don't want to treat female founders wrong. They want to treat everyone with dignity and respect that they deserve.
And then last but not least, all the way down, you need entrepreneurs that are passionate about problems that are going to make the world a better place.
And if we can line those three things up, then we can really make a dent in fixing some of the fundamental problems that the world is facing today. Because this is a kind of all hands on deck moment for humanity right and we need entrepreneurs that care, we need investors that care, and we need capital sources that care and that alignment is what's gonna change things.
So you know my experiences as an entrepreneur allows me to see all three sides of that equation and see how important alignment between all the stakeholders are, in order to move humanity forward….
Listen here to the full interview.
News in Brief
Financial news
S&P 500 hit its 30th record this year, defying concerns about high valuations & narrow breadth that could make the market more vulnerable to surprises.
The 10 largest stocks in the S&P 500 now account for 37% of the market’s total capitalization, far exceeding the prior peak of 26% in 1999.
Citi downgrades Europe stocks on political turmoil, upgrades US after Stoxx600 underperformed most since the 2023 banking turmoil. Strategists cite political risks as they lower Europe view.
To put things into perspective: the US currently has a total debt of $34.7tn, $24.9tn is marketable to the public.
Sterling is weakening on the foreign exchange markets, as traders anticipate that the Bank of England may cut interest rates in August.
UK inflation falls to 2%: Rachel Reeves warns cost of living crisis is not over, as inflation hits official target for first time in three years.
Nvidia now accounts for almost 6% of the total US market capitalisation. And Nvidia is now worth more than the entire stock market in France or the UK.
Crypto: bitcoin, ethereum, DeFi
CryptoQuant noted that the broader crypto market is starting to lose momentum due to a lack of new investor demand.
Bitcoin chopping sideways below $64,500, notching another 2.6% loss in the last seven days.
Most momentum-based meme coins like PEPE, DOGE, SHIB, and WIF are all down 5%, 9%, 13%, and 25%, respectively, on the week.
Bitcoin will soar thanks to failing Japanese banks, says Arthur Hayes. Freshly printed U.S. dollars will be needed, so “buy the fucking dip,” he urges.
MicroStrategy bought another $786m in BTC this week. Michael Saylor’s software firm purchased another huge sum of Bitcoin, widening its lead as the top corporate holder.
Spot Ethereum ETF issuers post fee and seed investment disclosures in latest wave of amended filings. The ETH ETF products are expected to launch by July 2.
Pantera Capital is raising funds for second TON token investment. The form notes that the minimum investment per backer is $250,000. The firm is currently also raising a $1 billion new crypto Fund V to invest in venture equity, early-stage tokens, special opportunities and liquid tokens.
The Purse Podcast
We cover the following on our conversation:
What is ethical investing
Backing female and diverse founders
The changing landscape of VC and startups
The impact of AI on humanity
Adeo Ressi’s investment thesis
How to encourage more women to invest in the startup ecosystem.
Please enjoy! Listen on Apple Podcasts and Spotify+
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We’d love to hear from you. Get in touch with Jana via the The Purse website or tweet @jointhepurse and janicka. We do no provide investment advice. Please do your own research or speak to a financial adviser.
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Investing in ethical managers to address the world’s most pressing problems. Listen to the podcast interview with Adeo Ressi, CEO of Decile Group