The 19th-century whaling industry is similar to the modern venture capital system

From 19th-century whalers to startup accelerators, venture capital has a pretty exciting history

While the aforementioned whaling industry has a lot of similarities to today’s venture fund models, the first modern venture capital firm wasn’t founded until 1946.

80% of a VC firm's returns come from 20% of the deals, per VC's 'power law'

Early-stage startups are highly risky investments. Many companies in a VC portfolio will not provide any significant return.

Venture capital is a form of funding provided to early-stage companies with high growth potential, typically in exchange for an equity (or ownership) stake

Once whale songs were discovered, conservation efforts boomed

Until the 1950s, humans believed whales were mute. Once American underwater surveillance systems caught their sounds during the Cold War, the perception of the creatures changed, leading humans to campaign for whaling bans and long-term conservation efforts. These captivating whale songs can be heard throughout the ocean.

The venture capital mindset is shaping the US into a 'portfolio state'

For decades, the US has operated as a low-regulation, private-sector-driven, globalized economy (also known as neoliberalism). In recent years, the Trump administration has taken direct stakes (rather than providing subsidies) in private companies with strategic products like semiconductors and rare earths. This paper argues the approach allows the US to capture the upside of growth.

In 1820, a sperm whale sank a ship and inspired 'Moby-Dick'

The Essex's crew hoped to capture sperm oil, a lucrative material found in the heads of sperm whales. However, a whale charged and crashed into the ship. Survivors of the attack drifted at sea for months, and many experienced starvation, dehydration, and cannibalism. The ordeal inspired author Herman Melville.

One in five 16th century Spanish ships sank while crossing the Atlantic

Despite the incredibly high rate of catastrophic wrecks, during the Age of Exploration Spanish investors continued to fund voyages. Here, economists break down the incentives that led to increased risk, including short travel seasons and the propensity to overload ships.

Legendary venture capitalist Peter Thiel once wrote that 'competition is for losers'

With Peter Thiel's "Monopoly Theory," the Founders Fund partner argued that investing in companies that create new categories, rather than those that compete with other businesses in existing ones, is a best practice in venture capital.

How ‘vulture’ hedge funds make money

Some hedge funds specialize in snapping up distressed assets, like failing newspaper chains, and further stripping down their operational expenses in a bid to make a profit from the initial capital outlay. Delve into how one secretive firm known for the practice operates—and what’s at stake for the broader economy.

Venture capitalists were once bullish on DTC brands

While a physical store can only hold so many objects, online retailers without the limits of four walls that could sell their products direct-to-consumer could theoretically be great investments. But they didn’t always provide investors with expected returns.

How the ocean is the new frontier of innovation

Space has been called the final frontier of innovation and investment for decades. Many innovators say the ocean is the new space, the vast majority of whose hidden depths remain obscure. In this podcast episode, business-minded experts discuss the opportunities founders see in the ocean, including seagrass restoration, underwater cable networks, and more.

The South Sea Bubble was an 18th-century scandal that redefined speculation

This video illustrates how the South Sea Company in Britain sparked a stock boom in 1720, with promises of huge trading profits, driving shares to unprecedented heights before a sudden crash wiped out the fortunes of investors—including Isaac Newton, who lost an estimated £20K.

Special-purpose acquisition companies let companies skirt the IPO process

A video explains how private companies have taken advantage of this loophole, why investing in these companies isn’t always a good idea, and how blank-check companies (as they’re commonly called) work.

The economics of horseshoe crab blood

Horseshoe crabs are older than dinosaurs and have survived five mass extinctions that wiped most life from the planet. But it's only now that their future as a species is in danger. This blood, worth about $60,000 per gallon, is hyper-sensitized to certain bacteria that are fatal to humans. This 17-minute podcast dives into humanity's pursuit of horseshoe crab blood, a "somewhat magical" mixture heavily relied on by the pharmaceutical industry.

What revisiting a 1979 experiment reveals about ecosystem recovery after deep-sea mining

A 2023 study co-led by the National Oceanography Centre and the Natural History Museum, London, found that tracks made by the mining vehicle remained largely unchanged since 1979. Small animals, such as amoeba-like xenophyophore, were seen in the cleared areas, but sightings of larger animals known to live in the region were much rarer. (Some readers may experience a paywall.)

Eleven of modern history's greatest investors

The greatest investors have all made a fortune off of their success and, in many cases, have helped millions of others achieve similar returns. Read about the lives and approaches of Carl Icahn, Warren Buffett, George Soros, and more.

A brief introduction to modern-day pirates

Modern piracy is rarely punished and costs over $35M per day. Unlike the pirates of the past who often spent their lives living at sea, today's pirates typically operate from shore.

Invasivorism is a form of ethical eating focused on eating invasive species

The culinary approach helps combat the growth of invasive species populations by increasing demand for dishes made with them, but some suggest that creating a market for these species may help prolong their presence by moderating control. Some diners have expressed reluctance toward consuming more exotic species, such as nutria—raccoon-sized rodents.

Hedge funds, the private investment firms that trade a wide swath of financial assets, make money by imposing steep fees on investors and from the fund's investment performance.

Find out the difference between prediction markets, sports betting, and investing

As one expert put it, "investing is a long-term strategy to build wealth over time, speculation is an attempt to predict the future, and gambling is a game of luck."

Why endowments took off at the turn of the century

After the Civil War, economic growth boosted philanthropy, much of it ending up in universities and colleges. Charles Eliot, the longtime president of Harvard, realized a university’s success was determined by how much money it could hold in the endowment. His approach to endowments radically changed their role in the modern university.

Before the modern banking system, most lending resembled private credit

Before the creation of the modern banking system, the majority of loans were negotiated directly between the lender and the borrower—effectively making them private credit transactions.

How a failed investment bank almost became the name of a whiskey line

In the fallout of the Great Recession of 2008, Barclays bought several assets from the failed investment bank Lehman Brothers in a fire sale and maintained the company's trademark, despite the bank's collapse. Tiger Lily Ventures attempted to launch a whiskey line parodying the name, but the product was rejected in court due to questions over Barclays' maintenance of the trademark.

The business models behind vaccines

Watch experts weigh in on the prevailing business models of vaccine production, including how the Covid-19 pandemic has disrupted the industry for good in this 20-minute video from Financial Times.

WeWork’s competitors in the coworking space include Industrious and The Malin

WeWork’s story is colored by the times it just couldn’t make its numbers work. Its competitors in the coworking industry, such as Industrious and Convene, seem to be prioritizing slow and stable financial growth instead.

Visualizing the AI investment wave

This data visualization from Reuters shows how massive AI investment has become by December 2025—revealing that, in today’s dollars, spending has surpassed the combined total of the Apollo program and the Manhattan Project.

How 'Nevermind' realigned the music industry

Nirvana's breakout album inspired other major labels to hunt for similarly loud, countercultural bands. That led to a fascinating period in popular music that found defiantly anticommercial indie acts like the Melvins, the Butthole Surfers, and Ween (among many, many others) suddenly offered lucrative contracts.

Warren Buffett's former professor Benjamin Graham is known as the 'father of value investing,' a strategy in which investors seek to buy stocks trading below their intrinsic worth.

How Amazon operates a 'flywheel' business model, a self-reinforcing cycle that drives continuous growth

SpaceX's S-1 or 'prospectus' revealed many previously unknown details about the company, including its unprofitability despite doing $18.7B in revenue in 2025, exactly how many voting shares Elon Musk will have in the company (roughly 85%), and more.

Explore the animals that populate the depths of the ocean, from fish and coral in the first few hundred feet, all the way down to the bottom of the Mariana Trench.

A Yale student wrote a profound essay about the consulting industry's influence on elite college students that was published in a book of her writing after she died in a post-graduation car accident.

Human-to-human transmission of hantavirus remains extremely rare, so the 2026 hantavirus cruise ship outbreak doesn't mean we're facing a COVID-style pandemic risk.

A vending machine run with Anthropic's AI went out of business after it was convinced to give away items for free and sell a video game console.

Indefinite cloning of some endangered species may not sustain their longevity because cloning success rates decrease as genetic mutations accumulate.

Art theft is the third-largest source of criminal revenues worldwide, thanks in part to the subjective nature of valuing a work of art.

In 2018, 26-year-old missionary John Allen Chau was killed by tribesmen after attempting to reach and evangelize on India's isolated North Sentinel Island

The history of many kitchen appliances involves unexpected discoveries and applications, including wartime radar turned hamster defroster and replacing an 'ice king' with heat-stealing boxes.

The Nasdaq's 'Magnificent 7' companies are responsible for roughly 40% of the Nasdaq 100 index's gains, while the remaining 93 companies account for the other 60%.

Fast-casual restaurant Chili's is experiencing a resurgence, with its parent company recently reporting a nearly 32% increase in sales, thanks to passionate Gen Z fans on TikTok.

The idea for the Federal Reserve was conceived in secret in 1910—with bankers donning duck hunt gear for disguise while traveling to a remote country club on Georgia's Jekyll Island

Memecoins are a type of cryptocurrency—a form of digital currency with a wide variety of uses—created around popular 'memes,' or viral internet jokes.

Explore the archaeological treasures of Pompeii, the city buried under volcanic ash when Mount Vesuvius erupted in 79 CE.

The Dracula character, now seen as the vampire archetype, was inspired by a seafood-induced nightmare its creator experienced.

Crows are believed to have intelligence on par with a seven-year-old child and demonstrate complex behaviors, from problem-solving with tools to recognizing human faces.

The 19th-century painters of the Hudson River School were among the first American romantics, with portraits that displayed the natural beauty of the young country.

The word 'jazz' evolved from 'jasm,' 19th-century American slang for 'energy'

'Silent' fireworks have gained more interest in recent years as a quieter celebratory option.

Gerrymandering works through two techniques: cracking opposing voters across districts to dilute their power, and packing them into a few to waste their votes in lopsided majorities.

Explore chaos in this simulation of two double pendulums, where small differences in the release angles produce wildly different outcomes.