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The PGA Tour purchased TPC Sawgrass for just $1 (but ended up making billions).

Today's newsletter includes a detailed account of how the PGA Tour turned a $1 land purchase into a network of more than 30 golf clubs worldwide, generating $150 million in annual revenue.

This is fascinating even if you don't like golf.

The PGA Tour purchased TPC Sawgrass for just $1 (but ended up making billions)

CFOs used to just look backwards. Then we learned to look forward.

Now, we have to operate. The best CFOs today move between high-level strategy and ground-level execution—like a dolphin diving above and below the surface.

You made it, you own it

You always own your intellectual property, mailing list, and subscriber payments. With full editorial control and no gatekeepers, you can do the work you most believe in.

Democrats should have shut it down

Interesting that Trump’s team isn’t polling Musk’s favorability or job approval. Are they just relying on public polls and already know he’s underwater? Or does Musk’s popularity (or lack thereof) not factor into their thinking about whether to keep him around?

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A16Z average deal size >2x the average Accel deal size.

Starting to see some interesting comparisons from the Fund Codex.

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