素晴らしい記事!
「米国の最も大きな強みの1つは非合理な楽観主義であり、日本の最も大き��弱みの1つは非合理な悲観主義である」
英語版、(日本語版もあり、右上で変換)my favorite parts
“America’s greatest strength is its irrational optimism, while Japan’s greatest weakness since 1989 has been its irrational pessimism.” 表示を縮小
We went through all 352 VC-backed IPOs in Japan, 2016-2025. An IPO here is roughly a US Series B, so we tracked where each stock peaked after listing, too.
60 peaked above ¥100B (~$650M). Almost every vintage produced several 100x outcomes. And one hit ¥1T: Mercari, $10B+ at its 2021 peak. It happened once. We think it happens again.
We went through all 352 VC-backed IPOs in Japan, 2016-2025. An IPO here is roughly a US Series B, so we tracked where each stock peaked after listing, too.
60 peaked above ¥100B (~$650M). Almost every vintage produced several 100x outcomes. And one hit ¥1T: Mercari, $10B+ at its 2021 peak. It happened once. We think it happens again.