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Welcome back to Dry Powder.
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Happy Sunday. In today’s issue, I consider two questions that many Wall Streeters and Wall Street observers have asked themselves this past week: What’s the logic behind ex-Disney C.E.O. Bob Iger’s signing on as a venture partner with Thrive Capital, Josh Kushner’s New York-based V.C. shop? And what’s the skinny on Apollo co-founder Josh Harris’s alternative asset management firm, 26North? Then, I offer some notes on the loudest voices in the interest rate peanut gallery. I hope you enjoy.
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| Iger’s New Act, Apollo Drama, & JPow Tea Leaves |
| Observations on the great Wall Street stories of our age, or at least of this week: Josh Kushner’s new venture partner, Josh Harris’s $5 billion kiss-off to Leon Black, and the Elon-Cathie deflation delusion. |
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| Bob Iger has had a strange and varied post-executive afterlife in the two years since announcing to Ben Smith that he was semi-un-retiring from Disney, after handing reins to his successor, Bob Chapek, in order to help steer the company through the Covid pandemic. Since then, of course, Iger has finally relaxed his grip on Disney, officially stepped away, and moved onto other projects, such as joining the board of Perfect Day, a dairy replacement company, and Genies, a digital avatar startup.
Earlier this week, Iger announced that he is going to be sprinkling some of his pixie dust on Thrive Capital, the New York-based V.C. shop run by Josh Kushner, as a venture partner. Josh, not to be confused with his older brother, Jared, has managed to keep his head about him as all others were losing theirs, to paraphrase Rudyard Kipling, and he’s built for himself a successful firm. Thrive Capital, which he founded as a 25-year-old scion in 2009, has some $16 billion in assets under management and closed, earlier this year, on its eighth fund, for about $3 billion... |
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| FOUR STORIES WE'RE TALKING ABOUT |
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| The Lasso Conundrum |
| How, exactly, are streaming blockbusters valued in the post-TV era of television? |
| MATTHEW BELLONI |
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| Kavanugh’s Triller Thriller |
| The onetime Hollywood wunderkind is backing a social media app—and battling a flurry of lawsuits. |
| ERIQ GARDNER |
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