Every year we at Concentric update our investors on the progress of our portfolio. As part of our talk, we try to impress upon them the way we see the world and how that impacts our investment strategy. For the first time, we are publicly posting a segment from the day, titled ‘7 Heresies’, outlining a number of thoughts that may be contentious but which are instrumental in shaping our thinking and approach. Intended to stir debate and arouse passions, it certainly did so on the day!

Heresy 1: Preference falsification pervades society

The technical definition for preference falsification would…

Modern Monetary Theory (MMT) has proponents in high places. Somewhat predictably given it entails unlimited government spending, Democratic nominee Joe Biden and Bernie Sanders are advocates. And whilst Donald and Boris are not ideologically wedded to MMT, it’s not like they are any better given the out-of-control deficits being run up right now. MMT would have us believe that governments can and should spend at will on all causes they deem desirable. Because governments have control of their currency, government spending should not be thought of as akin to a household budget. New money can simply be printed to pay…

Universities have been the fulcrum of our society for centuries. They have set cultural direction, uncovered great scientific advances, educated and enlightened many generations of lawmakers and policymakers. But as our society faces up to tackling potentially the biggest global recession since the Great Depression, just how well placed are these traditional institutions to help us reignite economic growth?

It’s increasingly obvious that Covid-19 will have significant consequences across society and universities are no exception. With a two-year wait likely before there is a readily accessible vaccine and the inevitability of increased airport checks to control for biological hazards going…

In order to contribute to the developing African venture ecosystem, we are publishing in full an internal note determining how we at Concentric are thinking about our emerging Venture Capital Strategy for Africa

Africa was a continent unknown. Having returned from a 2-month sub-Saharan stint, I find the assumptions I had made, the prejudices baked inside to be almost completely incorrect. To be sure, sometimes for the worse, but also often for the better. Western eyes often regard it as a homogeneous block, as if ‘Africa’ is some vast united continent of people and culture. That could not be further…

The UK govt has been unique in it’s response to Covid-19. We discuss why and try to extrapolate the implications, specifically as they pertain to the venture community

• The response of almost all other countries: immediate lockdown, shutting off of the economy
• UK: have accepted the virus cannot be contained and that the vast majority of the population (c. 60%) HAVE to get the virus. ‘Herd immunity’ is the only thing that will protect us. Therefore lockdown will only happen closer to the peak of the virus (predicted to be 10 weeks away in the UK!) …