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<ul class="summary-list"><li>In his new book, journalist <keyword id="13064871" type="UNKNOWN" weightage="60" keywordseo="sebastian-mallaby" source="Orion">Sebastian Mallaby</keyword> breaks down the structures and processes of modern venture capital.</li><li>But the book fails to mention the danger of funneling capital into a sector that seems destined to underperform.</li></ul>In his new book, <a href="https://www.amazon.com/Power-Law-Venture-Capital-Making/dp/052555999X/ref=asc_df_052555999X/?tag=hyprod-20&amp;linkCode=df0&amp;hvadid=509245866633&amp;hvpos=&amp;hvnetw=g&amp;hvrand=9340495377039463271&amp;hvpone=&amp;hvptwo=&amp;hvqmt=&amp;hvdev=c&amp;hvdvcmdl=&amp;hvlocint=&amp;hvlocphy=9001926&amp;hvtargid=pla-1322871736310&amp;psc=1">The Power Law: Venture Capital and the Making of the New Future</a>, respected journalist Sebastian Mallaby has paired a deeply researched history of the venture capital industry with a full-throated polemic in defense of the social value of a venture market that doubled in size in 2021, as over <a href="https://www.businessinsider.com/total-global-us-venture-capital-funding-in-2021-broke-records-2022-1">$600 billion dollars</a> in funding pumped into <keyword id="6362513" type="UNKNOWN" weightage="60" keywordseo="startups" source="Orion">startups</keyword> around the world. . Coming just weeks after the <a href="https://www.businessinsider.com/elizabeth-holmes-trial-guilty-verdict-fraud-silicon-valley-culture-scam-2022-1">conviction of Theranos founder Elizabeth Holmes</a> reinforced the public's worst preconceptions of Silicon Valley arrogance, greed, and deceit, the book will undoubtedly spark vigorous debate. Mallaby sheds important light on the structures and processes behind what has become a powerful (and cloistered) force in American life. But although the accounts of the key figures that established modern venture capital are often fascinating, his own excellent reporting does not fully justify the observations and policy proposals in support of the industry — like providing tax breaks for venture investors and government incentives for startup employees. <h2>Understanding venture capital </h2>The "power law" of the title refers to the fact that venture funds cannot achieve success without at least one bet so extraordinary that its gains return the entire value of the fund to investors, like <a href="https://www.businessinsider.com/how-much-sequoia-made-on-whatsapp-2014-2">Sequoia's early investment in Apple</a>. A certain number of complete failures are to be expected, and precisely how well the rest that aren't home runs do is almost beside the point. "Each year brings a handful of outliers that hit the proverbial grand slam," Mallaby writes, "and the only thing that matters in venture is to own a piece of them."This is in sharp contrast to <keyword id="12061432" type="UNKNOWN" weightage="60" keywordseo="private-equity" source="Orion">private equity</keyword> investing, a much larger sector of the economy about which Mallaby says almost nothing. (In 2021, <a href="https://www.businessinsider.com/private-equity-2022-trends-investing-themes-hiring-recruiting-jobs-2021-12">private equity firms</a> raised almost three times as much as venture). Private equity investors more modestly target doubling or tripling their money, and losing the entire investment — known as a donut — can be career, or even fund, ending. Venture capitalists, on the other hand, don't get out of bed without the prospect of making ten times their money on an opportunity, and a venture capitalist who hasn't experienced multiple donuts just isn't doing his or her job right.<div type="image" title="Jonathan A. Knee" height="760" width="540" msid="89225995" hostid="261"></div>Venture startup investors back "businesses" that can sometimes be little more than a concept, but they need conviction that, if the idea works out, it will create massive value. In the absence of any track record, this process of selection does not lend itself to traditional economic analysis — what Mr. Mallaby calls "finance without finance" — and success is ultimately about identifying and attracting the only real asset these enterprises have: talented entrepreneurs. <h2>How the startup sausage gets made</h2>Where The Power Law is most enlightening is in its detailed descriptions of the diverse approaches of the most storied venture capital firms: <a href="https://www.businessinsider.com/accel-raises-3-billion-european-competition-2021-6">Accel</a> emphasized specialization and research; <a href="https://www.businessinsider.com/inside-kleiner-perkins-fellowship-figma-startup-venture-capital-2021-7">Kleiner Perkins</a> incubated its own startups; <a href="https://www.businessinsider.com/leadership-shakeup-at-vc-firm-sequoia-capital-is-underway-2021-11">Sequoia</a> was brutally disciplined with both its partners and its founders; <a href="https://www.businessinsider.com/benchmark-still-barely-has-a-website-heres-why-2021-7">Benchmark</a> stayed small and highlighted its coaching and advising role; <a href="https://www.businessinsider.com/peter-thiel-founders-fund-growth-fund-airbnb-palantir-report-2019-10">Founders Fund</a> took a completely hands off approach.The detailed stories of how the most iconic companies of the current era, from Apple to Facebook and Google, got financed in the first place make for a compelling read. At a variety of key points in the historic narrative, however, The Power Law goes strangely silent. For instance, the book vividly relates how Yuri Milner, a quiet, unassuming Russian digital oligarch who started Russian clones of Amazon, Yahoo, and eBay, changed Silicon Valley by beating out the incumbent venture capitalists to take a major early stake in Facebook. We are told that Milner's father was a Soviet management professor and that Milner returned to Russia after studying in the US and losing his banking job in the financial crisis of 1998. But, despite extensive interviews with him, Mallaby provides no clues to the mystery that has followed Milner for decades: <a href="https://www.nytimes.com/2017/11/05/world/yuri-milner-facebook-twitter-russia.html">Where did his money come from in the first place?</a>With respect to the fall of Theranos, Mallaby argues that the episode actually represents "a vindication for VCs, because almost none of the money that Holmes raised came from Sand Hill Road practitioners," but instead was sourced from "billionaire Valley outsiders." Fair enough. But his broader call for venture capital tax breaks and incentives for startup employees is undercut by the data on the sector he provides.It turns out that not just venture investments follow the power law — the venture industry itself does as well. As Mallaby notes, "counting venture funds raised between 1979 and 2018, the median fund narrowly underperformed the stock market index, whereas the top 5 percent of funds trounced it." Indeed, unlike their private equity counterparts, the same few venture firms outperform over and over again. But these rarefied superstar funds have been closed to new investors for years. <h2>So what is left for the rest of us? </h2>Well, if the sector as a whole does worse than the market even incorporating the returns of these spectacular outliers, you don't need a finance degree to know that an invitation to participate in the remaining venture funds that are available should be politely declined. Yet the returns of the few increasingly attract the interest of the many as unprecedented sums of capital flow into the sector and unprecedented numbers of our most talented graduates eschew established companies for early-stage opportunities. The venture/startup euphoria has become so pronounced that even industry stalwarts have begun to send up loud flares. "The numbers just don't add up," Fred Wilson of Union Square Ventures <a href="https://www.wsj.com/articles/a-booming-startup-market-prompts-an-investment-rush-for-ever-younger-companies-11641119403">recently warned</a>, referring both to the early stage valuations and the amounts of capital being raised for speculative ventures with questionable business models. And the societal cost of misallocating our financial and human capital disproportionately to a sector that seems destined to underperform overall is not insignificant. The Power Law performs a useful service in revealing the roots and accomplishments of a poorly understood but increasingly significant economic sector and cultural bellwether. Its central urgent claim, however, that "governments must do everything possible to foster technology startups" makes little sense when we're likely in the midst of a startup bubble.Jonathan A. Knee is professor of professional practice at Columbia Business School and a senior advisor at Evercore. His most recent book is <a href="https://www.amazon.com/dp/0593189434?asc_campaign=commerce-pra&amp;asc_refurl=https%3A%2F%2Fwww.businessinsider.com%2Fcold-start-problem-by-andrew-chen-review-2021-12&amp;asc_source=browser&amp;tag=biauto-52377-20">"The Platform Delusion: Who Wins and Who Loses in the Age of Tech Titans." </a>

A new book defends venture capital against detractors. But should we really be fueling the bubble?

I can tell you how hedge-fund land used to operate because I was there.A few times a year in locations around the world — <a target="_blank" href="https://www.businessinsider.com/what-hedge-fund-managers-do-in-vegas-2014-5">Las Vegas</a>, <a target="_blank" class="" href="https://www.businessinsider.com/anthony-scaramucci-skybridge-capital-salt-conference-hedge-funds-2021-9">New York City,</a> Singapore — thousands of money managers and their juniors would gather in an over-air-conditioned ballroom, make polite conversation over stale coffee, and sit through boring lectures about portfolio construction or talent acquisition or some no-name undervalued asset. Then a superstar hedge-fund manager would take the stage, and the vibe would shift. It was time to pay close attention, to take in what the congregation believed to be the insights of a superior mind observing the market.At some conferences, these supposed masters of the universe would <a target="_blank" class="" href="https://www.businessinsider.com/sohn-coffey-elliott-einhorn-return-to-fundamentals-2024-4">give detailed presentations</a> about a woefully mispriced security. At others, they would wax philosophical about their investment style, dropping breadcrumbs about where their money was flowing. No matter the topic, the room would be rapt. When company or asset names were dropped, the market would follow, moving up or down to whatever tune the superstar played. This was the ultimate power of a hedge-fund king. They played music, and the market danced.Then all that stopped. It's hard to pinpoint when this changed or why the hedge-fund megastar is in decline. Maybe <a target="_blank" class="" href="https://www.businessinsider.com/hedge-fund-launches-ground-to-a-halt-by-coronavirus-pandemic-2020-3">it was the pandemic,</a> when meeting in over-air-conditioned ballrooms became an absolute no-no. Perhaps it was the rise of other glamourous investment vehicles — <a target="_blank" class="" href="https://www.businessinsider.com/how-institutional-investors-view-hedge-funds-private-markets-push-2022-2">private equity</a>, <a target="_blank" class="" href="https://www.businessinsider.com/private-credit-lenders-middle-market-deals-2023-11">private credit</a>, and venture capital slowly eating up the institutional money that used to be handed to hedge funds helmed by a single all-powerful trader. Maybe there was a psychological shift in the managers themselves — like when David Tepper, the founder of Appaloosa Management and a regular on the list of best-paid hedge-fund managers in the world, <a target="_blank" class="" href="https://www.businessinsider.com/david-tepper-carolina-panthers-owner-hedge-fund-billionaire-2024-1">bought the Carolina Panthers</a> and left Wall Street to go play with his new toy. It's all hard to say.What is clear is that hedge funds run by an individual star, by one prodigious mind, are not raising the massive money they used to. Clients who once were proud to hand their money to a specific person are pushing back; they want to pay lower fees and see less-volatile returns. The funds that have survived rely on a stable of faceless traders testing out different ideas, brokering transactions, and harvesting the returns for the collective. Quant strategies — which are built on algorithmic trading — have also become more popular with the ultrawealthy. More robots, fewer people, lower overhead.A decade ago, this kind of open rebellion from those blessed enough to invest with the best would've been unthinkable. Back then, Anthony Scaramucci could hire Lenny Kravitz to play for a ballroom full of guys with lanyards at the Bellagio because people were willing to shell out thousands just to get a peek into what big-name managers were doing. That party is over. Hedge-fund land, which was once a collective of <a target="_blank" href="https://www.businessinsider.com/waiters-at-marea-know-never-to-seat-bill-ackman-near-carl-icahn-2012-9">boisterous shit-talkers</a> from around the world flinging ideas at one another, has gone strangely quiet. What you hear now is the click-clack of quant nerds building a new algo, a few blasé words from a legendary manager who has closed up shop in frustration, and rumors of one nondescript portfolio manager being poached from one huge, flavorless fund to another. I would never say Wall Street was a fun place exactly, but this state of affairs is — frankly — boring.<h2>Catch a falling star</h2>The signs of our new, staid norm are everywhere. The most glaring is the inability of hedge-fund land to mint new stars. A new generation of superstars shows there's still demand for their minds as a financial product. Even more-seasoned names who are raising their shingles can't launch with the same panache as before. Bobby Jain, the former co-chief investment officer of Millennium Management, announced in 2023 that he planned to <a target="_blank" class="" href="https://www.businessinsider.com/jain-global-trading-strategies-hiring-pm-investment-talent-2023-12">raise $8 billion to $10 billion</a> to set up his own shop. It would have been a historic sum for a hedge fund, but he has what was once considered the perfect pedigree: 20 years at Credit Suisse in various executive investment positions, then a stint as co-chief investment officer at Millennium Management. When he <a target="_blank" href="https://www.businessinsider.com/bobby-jain-global-hedge-fund-launch-2024-6">finally opened his firm, Jain Global, in late June</a>, he did so with about half of what he expected. And Jain may be the high-water mark in a bleak time; Goldman Sachs released a report in February based on 358 interviews with hedge-fund clients that found that investments in hedge-fund launches fell to new lows in 2023. Denise Shull, a performance coach with a Rolodex full of hedge-fund clients, told me that in the first half of the year, money managers told her they could "not buy an investor meeting this year." Even the old lions are struggling to roar in the same way. Take activist hedge funds, which buy up a percentage of a company's stock (or an asset) and then use their weight to push for operational changes. It used to be that when an activist investor with chops demanded those changes, the company's CEO would sit up and listen. Or there would be a fun, splashy war between the hedge fund and the C-suite. Nowadays, that kind of activity is met with a shrug. <a target="_blank" class="" href="https://www.businessinsider.com/saba-capital-performance-november-boaz-weinstein-2023-11">Saba Capital's Boaz Weinstein</a> could not budge BlackRock in his quest to change the way it managed closed-end funds. Disney basically rolled its eyes when Nelson Peltz launched a monthslong campaign to get the company to shake up its board and ditch CEO Bob Iger. Even Paul Singer's Elliott Management — a hedge fund that <a target="_blank" href="https://www.businessinsider.com/hedge-fund-elliott-capital-management-seizes-ara-libertad-ship-owned-by-argentina-2012-10">impounded an Argentine naval vessel in 2012</a> because the country's government owed it money — has failed in its efforts to reshape Salesforce. The board does not seem concerned about Elliott, and other shareholders are not jumping on Elliott's bandwagon. Or, as one surviving fund manager, ValueWorks founder Charles Lemonides, put it to me simply: "There's no posse behind them." The vultures can circle all they want, but no one fears them anymore.It's gotten so bad that even the people who have entrusted their money to hedge-fund land are pushing back. In May, a group of clients including sovereign wealth funds, pension funds, and endowments representing about $200 billion in invested capital published an open letter to the hedge-fund industry. They said that in recent years a misalignment between the hedge-fund world's fee structure and its returns (some of them gasp "skill-less") had become evident — and so, in an effort to realign managers with their clients, cash hurdles in incentive fees must be implemented. "The long-term health of the industry," they wrote, depends on it.<h2>So last season</h2>The waning power of the hedge-fund personality comes down to two big factors. The first is performance. One would think that a stock market that has charged up relentlessly would be good news for the hedge-fund community. Instead, it has had the opposite effect. Hedge funds rely on outperforming the market when times are hard and it's easier to find pockets of outperformance and exploit them. When the market is rewarding people just for parking their money in it, it's harder to beat — <a target="_blank" class="" href="https://www.businessinsider.com/alpha-generating-returns-2010-9">to generate alpha</a>, returns in excess of what the market provides. If the waters are not choppy, anyone can sail.The performance issues also reinforce a vicious cycle. There's fashion in finance. Investing in hedge funds used to be the mark of a sophisticated investor. Meir Statman, a behavioral economist at Santa Clara University who wrote the book "A Wealth of Well-Being: A Holistic Approach to Behavioral Finance," told me that he was at a conference years ago discussing mutual funds with an attendee when the man interrupted: "I'm into hedge funds." It was a status symbol, Statman said, a way for him to "tell you that I'm a wealthy man without saying I'm a wealthy man, which sounds crass."That's shifted. Hedge funds, Statman said, "have been losing power for a while," while other kinds of investing, like private equity and private credit, have taken on the air of sophistication. This has had a psychological effect on clients, not unlike the chill Paris Hilton must feel when she looks at <a target="_blank" class="" href="https://www.businessinsider.com/gen-z-brands-trends-they-brought-back-made-2023-4">the Marc Jacobs bags</a> she wore back in the early 2000s."When you think about buying a car, you care about utilitarian features, but you also care about expression and emotional benefits, the style: 'What does it say about me?'" Statman told me. It's the same with being a big-money client, and what you want your investment to say is that you know how to get the best. Of course, hedge funds are having a hard time coming up with a crew because the clients have changed too. In decades past, clients were mostly <a target="_blank" class="" href="https://www.businessinsider.com/what-ultra-high-net-worth-investors-are-buying-family-office-2024-6">HNWIs: high-net-worth individuals.</a> Nowadays the biggest money runners are institutions, and institutions are more exacting. One legendary but shy fund manager told me that these institutions are more interested in steady returns, and the wild swings in performance that hedge funds offer simply give them heartburn. "They can sleep better at night," the person said. "The economy can turn bad, the stock market can crash, and they're not going to share losses."Sebastian Mallaby, the author of "More Money Than God: Hedge Funds and the Making of the New Elite," told me that institutions are also less willing to be enchanted by the personal magnetism of a founder like <a target="_blank" class="" href="https://www.businessinsider.com/julian-robertson-dead-tiger-cubs-hedge-fund-spinoffs-2022-8">Julian Robertson</a>, the founder of the <a target="_blank" class="" href="https://www.businessinsider.com/julian-robertson-memorial-service-tiger-cubs-2022-9">legendary fund Tiger Management</a>."In the old days, Julian Robertson would hold a party for HNWIs and have some kind of wacky show for them at the Met, and they'd say 'Julian, what a guy' and leave him alone for a year," Mallaby said. "That's gone away because individual investors aren't as important as institutional investors, who have to show they've been careful where they put the money."And it's not just about where hedge funds put money anymore — it's about how. To prove that they're cautious with cash and avoid the wrath of regulators, hedge funds must stay on top of disclosure requirements, employ the appropriate compliance officers, and pay the right lawyers. This has gotten more complex, tedious, and expensive over the years. It is the kind of drudgery that is the parlance not of rockstar traders but of CEOs. So it is unsurprising that the most successful funds these days are multi-strategy firms helmed by a business operator. Firms like that are structured to handle eye-watering overhead costs, staff dozens of anonymous portfolio managers, and are managed by staid executives whose idea of a joy ride in their Ferrari is taking it through the McDonald's drive-thru.<h2>A beautiful washout</h2>Now, with all this said, I am by no means asking you to feel sorry for these (maybe) former so-called masters of the universe. They will be fine even if they have to sell their yachts. What we are observing here is simply that the market can be unforgiving. This is a bull market whose length and breadth have made a fool of professionals and made professional fools. "In bull markets, people get run over," Lemonides said.Of course, no one knows how long the market will keep going up or how long swashbuckling hedge funders will be out of favor. We know only that nothing lasts forever — not bull markets, not bear markets, not investment strategies."At the end of the 1960s, the bubble burst, and everyone thought, 'That's the end of hedge funds,'" Mallaby said. "Certain styles have come to an end because they have become saturated. The great traders are the ones who morph what they do every five years." If you do not adjust to the market, the market adjusts you. All of a sudden, everything that worked doesn't work anymore. Then Wall Street demands new names and new faces. For now, we live in a world dominated by bizarro retail traders and wonky quants. Keith Gill, aka "Roaring Kitty," became a folk hero to social-media-pilled day traders and an obsession of the financial media by looking buffoonish and talking up GameStop's withering stock on the internet in 2021. It crashed, just like the hedge-fund guys said it would. But the episode — and <a target="_blank" href="https://www.businessinsider.com/roaring-kitty-tweets-gamestop-amc-meme-stocks-crypto-sad-2024-5">Gill's return this May</a> — seemed to show that the ability to move a stock had transformed from a magic power into a magic trick."I'm not inclined to take a side between traders," Mallaby said, "but when David Einhorn" — the founder of Greenlight Capital — "was banking on the classic fights that he fought, I remember watching some of his arguments as to why such and such was overpriced. And they were arguments; they were based on forensic accounting." He added, "I do have more respect for that than someone who puts on wacky sunglasses, but it is fair game, and I'm not inclined to get moralistic about it."For now, as the old methods of making money in the market seem to be floundering, everyone is looking for the new, the different, the smarter. Even the old pipelines of talent seem passé."Don't give me another Harvard or Princeton grad saying, 'Look at my analysis,'" Andrew Left, the founder of the activist short-selling fund Citron Research, told me. "It's like, 'Fuck off, bro.'"No one knows where the market is going, but we know that it will change. Maybe dramatically, maybe less so. Perhaps what we are witnessing right now in hedge-fund land is less an extinction and more a pause as the industry waits for the market to reveal a more familiar new normal. That has happened before, but heads tend to roll rather violently along the way.Months ago, I asked that shy legendary hedge-fund manager to name one — just one — rising star in their industry. They could not. But they were sure that person was out there. Somewhere. Right?<a target="_blank" rel="" href="https://www.businessinsider.com/author/linette-lopez">Linette Lopez</a> is a senior correspondent at Business Insider.

The last gasp of the swashbuckling Wall Street titans

<ul class="summary-list"><li>Julian Robertson, the father of hedge funds and founder of Tiger Management, died at 90.</li><li>He founded Tiger Management in 1980, which at its peak had $21 billion in assets under management.</li></ul>Julian Robertson, the father of hedge funds and founder of Tiger Management, has died at 90 years old.Robertson died on Tuesday at his home in Manhattan due to cardiac complications, according to a statement from his representative Fraser Seitel. Since closing Tiger Management to outside investors two decades ago, his name is still closely linked to some of the biggest names in the hedge fund industry that he helped pioneer. He was the chairman and chief executive of Tiger Management, which he co-founded in May 1980 with <a href="https://www.bloomberg.com/news/articles/2022-08-23/julian-robertson-hedge-fund-guru-to-tiger-cubs-dies-at-90#:~:text=He%20was%2090.,be%20launching%20his%20own%20firm">reportedly</a> $8.8 million. The fund grew to more than $21 billion in assets under management. His flagship fund compounded at a rate of 31.5% between 1980 and the return of capital to investors in 2000.Robertson is also known for his group of proteges, known as the Tiger Cubs, which include Chase Coleman's Tiger Global, Lee Ainslie's Maverick Capital, Andreas Halvorsen's Viking Global, and Philippe Laffont's Coatue Management.Coleman described Robertson as a "pioneer and a giant in our industry," he said in a statement to Insider."He made the time to be a true mentor, always leading by example and pushing all of us to become the best versions of ourselves," Coleman said. "For that and for his friendship, I am forever grateful."Robertson, a North Carolina native, had an estimated net worth of $4 billion, according to <a href="https://www.bloomberg.com/news/articles/2022-08-23/julian-robertson-hedge-fund-guru-to-tiger-cubs-dies-at-90#:~:text=He%20was%2090.,be%20launching%20his%20own%20firm">Bloomberg's billionaire index.</a>"Robertson drew people in by sheer force of personality," Sebastian Mallaby wrote in the 2010 book "More Money Than God" about hedge funds. He was able to persuade singer Paul Simon to invest in Tiger on the strength of a shared passion for baseball, Mallaby wrote. "The writer Tom Wolfe was a Tiger investor too, and Robertson knew how to use these stars to recruit others," according to the book. In late 2019, Insider mapped out these connections to show the influence Robertson has had on the industry. The list is massive, with hundreds of names and nearly 200 different firms. Since then, more Tiger Cubs have been born and <a href="https://www.businessinsider.com/mala-gaonkar-hires-cfo-george-landrove-divya-nettimi-unveils-name-2022-3">some are still launching.</a><h2><a href="https://www.businessinsider.com/billionaire-julian-robertsons-tiger-network-spans-hundreds-of-funds-2019-11">See our exclusive Tiger Management family tree here.</a></h2>A graduate of the University of North Carolina in 1955, Robertson served as an officer in the US Navy prior to joining securities firm Kidder Peabody in 1957. By 1974, he became chairman of the board and chief executive of Webster Management, Kidder Peabody's investment advisory subsidiary, and served in that capacity until his departure in 1978. Robertson and his wife Josephine, who he married in 1972, also were active philanthropists. He founded the Robertson Foundation with his wife in 1996, which gives grants across education, environment, religion, and medical research in the US. They also created the Robertson Scholars Program in 2000 to award 36 students annually at Duke University and the University of North Carolina full tuition and travel funding."He will be dearly missed, but his impact on me and countless others, as well as the many communities he touched through his philanthropic efforts, will endure," Coleman said.Robertson is survived by his sons, Spencer and his wife Sarah, Julian III and his wife Claire, and Alexander and his wife Alexandra; nine grandchildren, Tucker, Charles, Daisy, Hollis, Hart, Josephine, Whit, Julian IV and Jinny-Josephine; and his sister, Wyndham. Robertson's wife died in 2010.

Julian Robertson, the legendary investor at the center of a quarter-trillion-dollar web of hedge fund spinoffs, has died. Take a look at his legacy.

Welcome back, readers. Today we're covering <a href="https://markets.businessinsider.com/news/stocks/okta-stock-price-lapsus-hackers-claim-cyberattack-todd-mckinnon-2022-3">the Okta hack</a>, and showing you a new way to <a href="https://www.theverge.com/2022/3/22/22990983/zoom-virtual-avatars-animal-face-replacement">spice up Zoom meetings.</a>Ready? Let's get started. If this was forwarded to you, <a href="https://www.businessinsider.com/subscription/newsletter/10-things-in-tech">sign up here</a>. Download Insider's app – click <a href="https://apps.apple.com/app/apple-store/id554260576">here for iOS</a> and <a href="https://play.google.com/store/apps/details?id=com.freerange360.mpp.businessinsider">here for Android</a>.<a href="https://markets.businessinsider.com/news/stocks/okta-stock-price-lapsus-hackers-claim-cyberattack-todd-mckinnon-2022-3"></a>1. Okta confirmed a hack. The authentication service, which is used by thousands of companies, confirmed that a hacker had access to one of its engineers' laptops for five days in January, but says its service "has not been breached and remains fully operational."<ul><li>The confirmation comes after hacking group <a href="https://markets.businessinsider.com/news/stocks/okta-stock-price-lapsus-hackers-claim-cyberattack-todd-mckinnon-2022-3">Lapsus$ posted screenshots</a> claiming to be of Okta's internal systems to its Telegram account. </li><li>In a <a href="https://www.okta.com/blog/2022/03/updated-okta-statement-on-lapsus/">blog post</a>, Okta's chief security officer said an attacker would have had limited access during the five-day period, and that the potential impact to Okta customers is confined to the access that support engineers have (which he lists <a href="https://www.okta.com/blog/2022/03/updated-okta-statement-on-lapsus/">here</a>).</li><li>An Okta hack would have a massive impact on businesses worldwide, as the company touts Peloton, T-Mobile, and the FCC — as well as Insider — among its customers. The incident has put thousands of <a href="https://www.theverge.com/2022/3/22/22990637/okta-breach-single-sign-on-lapsus-hacker-group">businesses on high alert</a>, The Verge reports. </li></ul>In other news:<a href="https://www.businessinsider.com/leaked-audio-buzzfeed-staffers-react-to-news-cuts-internal-meeting-2022-3"></a><div type="image" title="Buzzfeed CEO Jonah Peretti" height="2633" width="3511" msid="90398393" hostid="261"></div>2. Buzzfeed had a tumultuous day yesterday. The company announced <a href="https://www.businessinsider.com/buzzfeed-layoffs-and-commerce-struggles-2022-3">it's laying off 1.7% of its workforce</a>, and is asking for voluntary buyouts in its news division — prompting questions <a href="https://www.businessinsider.com/leaked-audio-buzzfeed-staffers-react-to-news-cuts-internal-meeting-2022-3">from furious staffers</a>. Three of its top editors are leaving, and sources told CNBC that investors have pressured the CEO <a href="https://www.cnbc.com/2022/03/22/buzzfeed-investors-have-pushed-ceo-jonah-peretti-to-shut-down-newsroom.html">to shut down Buzzfeed's entire newsroom.</a>3. We read the book that VCs are raving about. In "The Power Law," author Sebastian Mallaby offers a deeply researched history of venture capital, covering the figures and forces shaping the industry. <a href="https://www.businessinsider.com/the-power-law-book-sebastian-mallaby-history-of-venture-capital-2022-3">Read our 11 takeaways from "The Power Law."</a>4. Tesla's Berlin Gigafactory delivered its first vehicles yesterday. After a nearly nine-month delay, the Berlin-Brandenburg factory delivered 30 Model Y cars on its first day of production. <a href="https://www.businessinsider.com/tesla-germany-berlin-gigafactory-ships-cars-265-day-delay-2022-3">More on that here.</a>5. The cofounder of Owner.com used this pitch deck to raise $15 million. Alex Guild, the 21-year-old founder who started the software firm for independent restaurants, wooed investors with <a href="https://www.businessinsider.com/owner-startup-for-independent-restaurants-fundraising-pitch-deck-2022-3">this 20-page deck.</a> (PS — check out other slides from companies like Uber and Airbnb in our full <a href="https://www.businessinsider.com/searchable-database-of-business-insider-pitch-decks-2020-7">pitch deck library</a>.)6. Amazon has been dropped as a sponsor of the Seattle Pride Parade. Seattle Pride said it was cutting ties with the marketplace giant due to its "financial donations to politicians who actively propose and support anti-LGBTQIA+ legislation," among other things. <a href="https://www.businessinsider.com/amazon-dropped-as-sponsor-for-seattle-pride-2022-2022-3">More on that here.</a>7. Google's quantum "Sandbox" group is spinning out as an independent company. Now known as Sandbox AQ, the venture-backed SaaS business has secured funding from former Google CEO Eric Schmidt and Marc Benioff. <a href="https://www.businessinsider.com/google-alphabet-quantum-sandbox-independent-marc-benioff-eric-schmidt-2022-3">Get the full rundown here.</a>8. Buy now, pay later loans like Affirm and Klarna will soon affect your credit score. Three major US credit bureaus, TransUnion, Equifax, and Experian, are starting to collect data on these purchases. For now, Experian will be the only one to count the loans toward — or against — credit scores. <a href="https://www.businessinsider.com/buy-now-pay-later-loans-count-toward-credit-score-affirm-2022-3">Here's what you need to know.</a>Odds and ends:<a href="https://www.businessinsider.com/gas-prices-buy-electric-car-ev-ukraine-russia-2022-3"></a><div type="image" title="The 2022 Ford F-150 Lightning winter testing in the snow." height="1668" width="2223" msid="90398397" hostid="261"></div>9. Want to buy an electric car to escape spiking gas prices? Good luck. The increasing price of gas has pushed many drivers to consider switching to an electric vehicle, but dealerships across the country are low on inventory, and the ones that are available are pretty pricey. <a href="https://www.businessinsider.com/gas-prices-buy-electric-car-ev-ukraine-russia-2022-3">What you need to know if you're on the hunt for an EV.</a>10. Spice up your Zoom meetings with an animal avatar. With Zoom's new <a href="https://blog.zoom.us/avatars/#:~:text=Introducing%20Avatars&amp;text=When%20you%20turn%20on%20the,stored%20or%20sent%20to%20Zoom">Avatars feature</a>, you can sign into your next meeting as a dog, fox, rabbit, or other animal that mimics your facial expressions. <a href="https://www.theverge.com/2022/3/22/22990983/zoom-virtual-avatars-animal-face-replacement">See how the filter works (and how to enable it).</a>What we're watching today:<ul><li>Tencent and others are reporting earnings today. <a href="https://markets.businessinsider.com/earnings-calendar">Keep up with earnings here.</a> </li><li>The World Blockchain Summit kicks off <a href="https://tresconglobal.com/conferences/blockchain/dubai/">today in Dubai.</a></li><li>Business intelligence conference <a href="https://www.domo.com/domopalooza/agenda#/overview">Domopalooza</a> is happening today.</li><li>The Paris Peace Forum is publishing its <a href="https://parispeaceforum.org/">report on AI governance.</a></li></ul>Curated by Jordan Parker Erb in New York. (Feedback or tips? Email <a href="mailto:jerb@insider.com">jerb@insider.com</a> or tweet <a href="https://twitter.com/jordanparkererb?lang=en">@jordanparkererb</a>.) Edited by Michael Cogley in London.

10 Things in Tech: Okta engineer hack

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Evan Vucci/APPresident Donald Trump talks with Canadian Prime Minister Justin Trudeau during the Women's Entrepreneurship Finance event at the G20 Summit in Hamburg, Germany, Saturday, July 8, 2017.</div></div></div><ul><li>The US is heading to the G7 meeting in Canada all alone as other countries fume at a new set of steep tariffs on steel and aluminum that risk derailing global trade relations. </li><li>The only thing that will fix the damage the Trump administration has done to the US relationship with its closest allies is a change of guard in the US government, according to Sebastian Mallaby at the "Council on Foreign Relations."</li><li>US allies will "be looking forward to the day when there's a different government in the United States," Mallaby told reporters during a press call. </li><li>CFR's Edward Alden warned relations with Canada and Mexico may be tougher to rekindle Trump's repudiation of NAFTA: "It's a little worse within North America."</li></ul>Regime change.That's pretty much the only way to restore America's friendships with traditional allies like Canada, Mexico, and the European Union, which have been blindsided by President Donald Trump's aggressive trade restrictions, including steep tariffs on steel and aluminum.As Trump heads to Canada for this week's meeting of the G7 Group of Nations, the general consensus is that this is <a href="https://www.cbsnews.com/news/g7-summit-trump-lashes-out-at-us-allies-emmanuel-macron-justin-trudeau/">more like a G6 plus one</a> - with the US under Trump the odd country out. "Is there a future for the G7? So long as the US government persists on its present course where the instinct is to undo anything that is already there," said Sebastian Mallaby, senior fellow at the Council on Foreign Relations, in a phone call with reporters ahead of the weekend summit."If there were to be a different US government with a different agenda the [relationships] would come back really quickly" because of the US economy's massive size and the dollar's preeminent role in global finance."US allies will "be looking forward to the day when there's a different government in the United States," he said.However, Edward Alden, also a CFR senior fellow, said repairing relations with our immediate neighbors Mexico and Canada, who had felt NAFTA would shield them from the American government's more extreme protectionist measures, have found themselves essentially abandoned."It's a little worse within North America - the underlying bargain was that US neighbors would receive special treatment," Alden said in the same press call. "Both Canada and Mexico have believed that their economic interests would be protected to some extent by the US government. With both countries that expectation has been quite seriously damaged."Ian Bremmer, head of the political risk firm Eurasia Group, stated the state of US-relations with its allies succinctly in the following devastating tweet:<div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="https://twitter.com/ianbremmer/status/1004833832653283330?ref_src=twsrc%5Etfw&amp;ref_url=http%3A%2F%2Fwww.businessinsider.com%2Fpost%2Fpreview%3Fpost_id%3D5b1aae911ae6621e008b547e%26mode%3Ddesktop">Twitter/@ianbremmer</a></div></div></div>As for the prospect of new trade deals touted by the Trump administration, Alden says they are a pipe dream."Any possibility of negotiations is going to be on hold for a period of time," he said."The countries are all going to retaliate - what you will get is a period of time where each of the countries is going to have to evaluate the impact of the new tariffs. I expect the Trump administration will double down and try to impose more tariffs," he added.Because the US has vowed to ignore the <a href="https://piie.com/blogs/trade-investment-policy-watch/us-exit-wto-would-unravel-global-trade">rules of the global trading system</a> that it helped put into place, including the World Trade Organization, trade deals are stalled for the foreseeable future."These issues are too fundamental for the World Trade Organization process to resolve," said. "They're going to have to be negotiated by the countries themselves. The WTO is in an no win situation." <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/why-siri-sucks-2018-5">Why Siri sucks</a></h3> <div> </div> </div>

There's only one thing that can repair the damage Trump is doing to America's relationship with its closest allies

<div class="KonaFilter image-container display-table float_right"><div><div class="image"></div></div></div>The government has clamped down on Wall Street banks, but that doesn't mean money goes to sleep. 
In a shift decades in the making, the hedge fund world has exploded in size, filling the void banks have left open to take finance's biggest risks and reap its greatest rewards. 
Sebastian Mallaby's book <a href="http://www.amazon.com/More-Money-Than-God-Making/dp/B004HILSZ2">'More Money Than God,'</a>documents the rise of hedge funds, from the very first venture in 1949 to the giants that they are now. It also provides insight into how many of today's star hedge fund managers go their starts.
We've gone through Mallaby's book for you, and highlighted the most important people that made hedge funds into the powerful, driving market force it is today.

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10 Things in Tech: Okta engineer hack

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