“So first we're going to get the construction jobs … and then over the coming months, we will see a pickup in factory jobs,” he said.He argued that the timeline for manufacturing job growth is largely “a matter of sequencing.” Bessent said that unlike financial markets, where transactions happen instantly, corporate investment takes time. He added that when companies reshore production or foreign firms build new factories in the U.S., there are planning and permitting stages before ground is broken.In this ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - Germany's GDP growth in 2025 was 0.2%, recovering from contractions in 2023 and 2024, with inflation easing to 1.8% in December 2025, suggesting potential for interest rate cuts in 2026 to stimulate growth [8] - Venture capital activity in Germany reached €2.1 billion across 158 transactions in Q4 2025, with a notable increase in deal value but a decrease in deal count compared to the previous quarter [9] - Private equity investment totaled €18.5 billion across 196 deals in Q4 2025, indicating a year-over-year increase in overall activity, with significant deals highlighting the appetite for global private equity investments [10] - The DAX 40 index returned 23% in 2025, outperforming the S&P 500, driven by strong performances in utilities, industrials, and financials [11] - The German government launched a €30 billion Deutschlandfonds to mobilize private capital for higher-risk projects, aiming to boost investment in infrastructure, technology, and defense [12] Market Overview - In Q4 2025, venture capital deal value was €2.1 billion, while private equity deal value was €18.5 billion, with median deal values of €43.8 million for venture capital [6][10] - The number of German unicorns reached a record high of 22, valued at an aggregate €88 billion by the end of 2025 [9] - PE-backed public listings have been rare, with only six fund closures in 2025, down from 14 in 2024, and capital raised in private equity was €3.4 billion, the lowest since 2022 [10] Venture Capital Activity - Major Q4 2025 VC deals included €308 million for Tubulis and €259.4 million for Black Forest Labs, indicating continued funding for mature companies [9] - VC exit activity was flat at €1.2 billion across 27 exits, with the acquisition of Cognigy by NiCE being a notable transaction [9] Private Equity Activity - The standout Q4 deal was the €7.7 billion carveout of BASF's coatings business, reflecting strong interest from US investors, who participated in 42.4% of PE deal value in Germany [10][71] - PE exit value fell to €6.5 billion in Q4, with notable exits including the sale of Xella for €1.9 billion [10][75] Public Equity Markets - The DAX 40's P/E ratio increased to 19.1x in Q4 2025, up from 12x in Q4 2023, indicating rising valuations in the public equity market [11] City Comparison - Berlin led in VC deal value with €36 billion and 4,064 deals, while Munich followed with €14.4 billion across 1,649 deals [17]

Economic Growth and Tariffs - The U.S. economy experienced a significant growth rate of 4.4% in the third quarter of 2025, marking the fastest pace in two years, driven by consumer spending, exports, government spending, and investment [2] - A narrower trade deficit contributed 1.62 percentage points to overall GDP growth, with imports declining [1][2] - President Trump attributes this economic turnaround to his tariff policies, claiming they have transformed the U.S. from a "DEAD" country to the "HOTTEST" economy in the world [3][5] Stock Market Performance - The stock market has seen a strong bull run, with the S&P 500 up approximately 24% since Trump's tariff announcement in April 2025, and the Dow Jones Industrial Average nearing 49,449 [6][9] - Trump predicts the Dow will soon break 50,000, reflecting his bullish outlook on the stock market's continued growth [6][10] Retirement Accounts and Wealth Creation - The average 401(k) balance rose by 9% year-over-year to an all-time high of $144,400 in Q3 2025, benefiting from the stock market surge [9] - The U.S. stock market is emphasized as a powerful engine of wealth creation, with significant gains flowing into retirement accounts [9] Investment Opportunities - Platforms like Moby provide market research to simplify stock analysis, with their recommendations outperforming the S&P 500 by nearly 12% on average over the past four years [11] - Fundrise has disrupted the venture capital space by allowing retail investors to invest in private tech companies with a minimum investment of $10, aiming to build a portfolio of valuable firms [13][14] Real Estate Investment - Real estate is highlighted as a cornerstone of wealth-building, with properties providing consistent rental income and a hedge against inflation [16] - Crowdfunding platforms like Arrived enable investors to buy shares in rental homes with as little as $100, making real estate investment more accessible [17][18] - Institutional-quality real estate investments are available through platforms like Lightstone DIRECT, which requires a minimum investment of $100,000 and has a strong historical performance [20][21][22]

Core Insights - Leigh Marie Braswell, a partner at Kleiner Perkins, has emerged as a notable figure in venture capital, particularly in the AI sector, despite her unconventional entry into the field [2][3] - Braswell's investment strategy is influenced by her background in poker, emphasizing the importance of tracking probabilities and making informed decisions in uncertain environments [5] Company and Industry Highlights - Braswell began her venture capital journey by angel investing in 2020, with her first investment in Ambience Healthcare, which is now valued at $1.1 billion [2] - At Kleiner Perkins, Braswell has been instrumental in backing significant AI deals, including Windsurf (an Alphabet acquihire) and Neon (acquired by Databricks), showcasing her impact in the venture capital landscape [3] - The current portfolio at Kleiner Perkins under Braswell includes companies like Nooks, Convoke, Reevo, Avoca, and Forge, indicating her diverse investment interests [3] - The venture capital firm Kleiner Perkins is undergoing a turnaround, led by Mamoon Hamid and Ilya Fushman, with Braswell being recognized as a rising star within the firm [2]

Core Insights - eQ has successfully raised EUR 155 million across four new private equity and venture capital funds, continuing its growth strategy in the investment sector [1] Private Equity Funds - The eQ PE XVIII North fund targets unlisted lower middle market companies in Northern Europe, with investments diversified across approximately 200 portfolio companies [2] - The eQ PE SF VI fund focuses on acquiring fund interests in the secondary market and continuation funds, mirroring the geographical focus and target company size of the eQ PE XVIII North fund [3] - eQ has launched its first dedicated co-investment fund, eQ PE Direct I, which will make direct co-investments in about 20 Northern European lower middle market companies [3] Venture Capital Funds - eQ has introduced its third venture capital fund, eQ VC III US, which invests in leading North American venture capital funds focusing on seed, early-stage, and growth-stage companies [4] - The investment advisor for the eQ VC III US fund is TrueBridge Capital Partners, recognized as a leading investor in venture capital funds [4] Capital Raising and Financial Performance - Capital raising for all funds will continue throughout 2026, with eQ having raised over EUR 2.0 billion for its European private equity funds over the past twelve years, and a total of EUR 3.1 billion including North American funds [5] Team Expansion and Expertise - eQ is enhancing its private equity organization with the addition of Janne Holmia, who brings 17 years of experience from Verdane Capital Advisors [6] - The team at eQ is among the largest and most experienced in the Nordics for lower middle market investments, with a focus on operational value creation and selective investor partnerships [7][9] Market Insights - In the lower middle market, eQ emphasizes moderate entry valuations and lower leverage levels, with exits primarily through sales to industrial buyers or larger private equity funds [7] - The venture capital landscape shows significant performance dispersion, with strong returns concentrated among a small group of managers, highlighting the importance of market insight and access [8] Company Overview - eQ is a Finnish asset management and corporate finance group managing approximately EUR 13.7 billion in assets, offering a range of services including private equity and real estate asset management [10]

图片来源： a16z 本文编译自 a16z2026 年 1 月 13 日的访谈，由 Jen Kha 对话 Ben Horowitz ，探讨了顶级风投机构的管理哲学与 AI 时代投资趋势。 Ben Horowitz 分享了其 团队管理的核心：聚焦竞争优势而非短板，通过关键节点实时评估决策质量，并以垂直化结构保持篮球队般的精简规模以避免政治内耗。 Z Highlights 团队管理哲学：高智商人才的优势与陷阱 Jen Kha : 首先我想从您如何管理公司谈起，特别是您多年来积累的经验教训 —— 当然也包括作为创始人总结的经验。接着我们会探讨日常运营的具体方 法。 第一个问题源自您的著作，我觉得与本次讨论密切相关，因为您在书中提到： 科技企业很少能一开始就掌握所有信息。 如今我们正身处人工智能浪潮的初 期阶段，但平庸公司与卓越公司的关键差异，往往在于是否允许员工进行创造性冒险，同时又是否过度追究责任。因此我们有很多可能的解决方案。这个 问题或许可以从管理 GPS 团队入手：相较于管理公司，管理 GPS 团队有何不同？又有哪些共通之处？ Ben Horowitz : 是啊，这和公司运作模式确实大不相同。像公司这种组织 ...

Core Viewpoint - Rocket Internet AG, a former prominent German venture capital firm, has gone "dark" and delisted in 2020, with its stock price remaining low until recent developments involving an activist's criticism of accounting practices [3]. Group 1: Company Overview - Rocket Internet AG was once a leading venture capital company in Germany, managed by the Samwer brothers [3]. - The company has been criticized for "low balling" its accounting numbers by an activist, which has brought attention to its financial practices [3]. Group 2: Investment Potential - The current share price of Rocket Internet is believed to reflect less than 50% of its net asset value (NAV) [3]. - The portfolio includes valuable assets such as a stake in SpaceX and the prediction market company Kalshi, which are seen as potential catalysts for share price appreciation [3]. - There is a possibility of Rocket Internet distributing another special dividend, similar to what occurred in 2024 [3].

Investment Rating - The report does not explicitly state an investment rating for the Netherlands market Core Insights - The Dutch economy is projected to grow by 1.8% in 2025, supported by consumption and government spending, while inflation has slowed to 2.8% in December 2025 [9] - Private equity (PE) deal activity in Q4 2025 was the weakest of the year, with limited US investor participation impacting dealmaking [10] - Venture capital (VC) deal value improved in 2025, with significant rounds raised by companies like Picnic and Perpetual Next, indicating a trend towards fewer but larger transactions [12][13] - The AEX index finished 2025 up by 8.3%, underperforming compared to other major indexes, largely due to its concentrated composition [15] Market Overview - The Netherlands recorded a deal value of €6.4 billion in Q4 2025, with a median deal size of €34.9 million and a year-to-date return of 8.3% [7] - The private equity fundraising continued to slow in 2025, with notable fund closures including Bencis raising €625 million and Nyver raising €335 million [11][12] - The venture capital fundraising remained low throughout 2025, although four of the five largest VC fund closes occurred in Q4, indicating a slight increase in market confidence [14] Private Equity Activity - PE exit activity was stronger in the second half of 2025, highlighted by Blackstone's sale of NIBC Bank for €960 million [11] - The report notes a higher proportion of add-on acquisitions relative to primary buyouts and growth deals in the Dutch PE market [10] Venture Capital Activity - The largest VC rounds in Q4 2025 included Picnic raising €430 million and Perpetual Next raising €207 million [12] - Two new unicorns were added in 2025: Destinus with a valuation of €1.5 billion and Framer at €1.7 billion [13] Public Equity Market - The AEX index's performance was hindered by weaker performances from technology and consumer-oriented stocks, despite a rebound in ASML shares [15] - Unilever's IPO of its ice cream business, The Magnum Ice Cream Company, marked the only public listing in Q4 2025, with a market cap of nearly €8 billion [15]

Group 1 - The core argument presented is that globalization has failed the West and the U.S., leading to a call for an "America First" approach that prioritizes American workers and industries [4][5][6]. - U.S. Commerce Secretary Howard Lutnick emphasizes that over-reliance on foreign countries for essential products can create vulnerabilities, particularly in critical industries like medicine and semiconductors [2][3]. - Recent data suggests that the U.S. is experiencing a narrowing trade deficit, indicating a potential success in the trade war, with trading partners continuing to purchase more American goods and services [7][8]. Group 2 - Major companies are showing confidence in the U.S. economy, with significant investments announced, such as Toyota's $10 billion investment in U.S. operations, TSMC's $100 billion for chip manufacturing, and Hyundai's $26 billion for steel, automotive, and robotics production [9]. - The U.S. stock market has demonstrated strong performance, with the S&P 500 returning 16% in 2025 and approximately 79% over the past five years, reflecting the resilience of the American economy [14][16]. - Real estate remains a cornerstone of wealth-building in America, with platforms like Arrived allowing investments in rental homes starting at $100, making real estate accessible to a broader range of investors [21][23].

Core Insights - The S&P 500 index fund is recommended for most investors as it provides exposure to 500 of America's largest companies, offering diversification without the need for active trading [1][2] - Long-term investment in American businesses through the stock market has historically generated significant wealth, with optimism about future growth [2] - The S&P 500 saw a return of approximately 16% in 2025 and has increased roughly 80% over the past five years, indicating a strong market performance [3] Market Performance - The Dow Jones Industrial Average is nearing 49,400, with expectations to reach 50,000, suggesting continued bullish sentiment in the market [4] - Recent market fluctuations, including a 2.1% drop in the S&P 500, are part of normal market behavior, even during strong uptrends [3][4] Investment Accessibility - Investment platforms like Acorns allow individuals to invest in an S&P 500 ETF with as little as $5, making investing accessible to a broader audience [8] - Moby provides simplified stock research, with its recommendations outperforming the S&P 500 by nearly 12% on average over four years, catering to both novice and experienced investors [9] Venture Capital Opportunities - Fundrise has disrupted traditional venture capital by allowing retail investors to invest in private tech companies with a minimum investment of $10, focusing on transformative technologies like AI [11] - The venture capital product managed by Fundrise has grown significantly, managing billions in private market assets [11] Real Estate Investment - Real estate remains a key asset class for wealth-building, with properties providing reliable income even during economic downturns [13][14] - Lightstone Group, a major player in real estate investment, offers access to institutional-quality properties with a strong historical performance [15][16] Financial Advisory Services - Advisor.com connects individuals with vetted financial advisors to tailor investment strategies based on personal financial situations, enhancing the decision-making process for investors [18][19]