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Nongaap Investing
Personal blog · nongaap.substack.comeconomicsbusiness
Nongaap Investing is a personal blog at nongaap.substack.com about economics and business. Since 2019, 7 different Hacker News readers have linked it 8 times, most often “When did SVB insiders begin to realize they were in trouble?”. It is still writing: the last post was on 2026-09-03, and you can follow it by feed.
Too few sampled comments (4) to say how often HN recommends it.?
Why HN links it
HN readers link this Substack on investing and business strategy, such as a chess-strategy analogy post and posts on SVB's collapse and governance. Comments cite its SVB posts as sources and do not judge the writing.
Summarised by Claude from a sample of 4 HN comments that link here. Each comment is marked recommending, critical or neutral (citing without judging); how this works.
An ex-activist investor who writes about corporate governance, the power & friction of incentives, strategy, interpersonal board dynamics, activist fights, and other random topics.
Most-linked posts?
- When did SVB insiders begin to realize they were in trouble?4 people · 5 mentions · first linked 2023-03-10
- Shopify: A StarCraft Inspired Business Strategy2 people · 2 mentions · first linked 2019-12-19
What Hacker News says?
There are some strategic elements that are important for both chess and business but they are so incredibly high-level (like "think ahead" and "control vital resources") that it becomes almost a joke. I am reminded of [this article]( https://nongaap.substack.com/p/shopify-a-starcraft-inspired-... ) which tries to claim a link between starcraft and shopify strategy. Any links presented in the article are present betw…
Comment linking /p/shopify-a-starcraft-inspired-business
on “Seizing the Middle: Chess Strategy in Business”Submitted Shopify: A StarCraft Inspired Business Strategy as a story · 114 points
HN discussionIt looks like they may have done a little bit of lying. https://nongaap.substack.com/p/sivb-held-to-mortem-governanc...
Comment linking /p/sivb-held-to-mortem-governance
on “Signature Bank Closed by FDIC”Submitted When did SVB insiders begin to realize they were in trouble? as a story · 48 points
HN discussionIt was "prearranged" by one month. This honestly just demonstrates how easy it is to game 10B5-1 plans. I submitted this guy's newsletter separately, but it appears that SVB also lacked a Chief Risk Officer for most of 2022 and failed to explicitly disclose that until March 8 (i.e. two days ago).[1] It all looks pretty shady. [1]: https://nongaap.substack.com/p/sivb-held-to-mortem-governanc... (submission: https://n…
Comment linking /p/sivb-held-to-mortem-governance
on “SVB CEO Greg Becker cashed out $2M just before the collapse”Submitted SIVB: Held-to-Mortem Governance as a story · 2 points
HN discussionhttps://nongaap.substack.com/p/sivb-held-to-mortem-governanc... claims they didn't have a Chief Risk Officer for most of 2022 however, so if true, might that have contributed to not seeing the approaching difficulty as mortgages became stressed?
Comment linking /p/sivb-held-to-mortem-governance
on “A Bank of One's Own”Submitted SVB: Available-Fud-Sale as a story · 1 points
HN discussion