SNS Subscriber Edition • Volume 22, Issue 15 • Week of April 24, 2017


Global Flows
and Disruptions:
From the Economy
to the Environment

FiRe 2016 Opening
Night Keynote with

William Janeway



Global Flows and Disruptions:
From the Economy to the Environment

FiRe 2016 Opening Night Keynote with

William Janeway

Introduced by Mark Anderson


[Please open the attached .pdf for best viewing.]


This Week's Favorite Book

Doing Capitalism in the Innovation Economy by [Janeway, William H.]

In This Issue
Week of 4/24/2017    Vol. 22 Issue 15


Bill Janeway spent years working on the balance, and imbalances, between the venture investing community, true risk assessments, and positive (and negative) outcomes, highlighted by onstage Centerpiece Conversations at our yearly FiRe conferences. The result was perhaps the best book ever written on the subject. SNS members who have yet to benefit from Bill's intelligence and research should avail themselves of it now, from Amazon , and in this week's issue. - mra.


Join us for the 3rd annual

SNS Predictions : West

Tuesday, May 9, 2017, 5-8pm
Pullman Hotel, Redwood City, CA

Register now!

Twelve years after producing our first annual SNS Predictions Dinner in New York, we are pleased to invite you to our 3rd annual SNS Predictions : West evening, Tuesday, May 9, 5pm-8pm, at the Pullman Hotel in Redwood City, CA. 

For our Valley friends and members, this will be an opportunity to talk about the future landscapes in technology and the global economy, in perhaps the most turbulent year of both in recent memory. It's also a great opportunity to network with friends, company officers, and fellow members as we discuss highly likely future events, threats, and opportunities.

Following an opening reception, the evening will begin with a Centerpiece Conversation with special guest Mark Hurd, CEO of Oracle, and SNS CEO Mark Anderson.

This keynote will be followed by Mark Anderson's review of global technology markets in 2017 and an update on his Top Ten Technology and Market Predictions for 2017.


Publisher's Note: As we were realizing that we had discovered the two primary actions underlying literally everything else in the world, I had the chance to talk with Bill Janeway about giving our Opening Night talk at FiRe 2016. When I mentioned our uber-theme, "The Power of Flows," he immediately engaged on the subject, and the rest is now perhaps a fairly important part of intellectual history. 

By that, I mean that not only did Bill do a remarkable job that night of portraying the world's current challenges and conflicts in terms of Flows and Interactions, but he also, by every measure, delivered the best-received talk of the conference.

Now, for the first time, the rest of our members will have a chance to appreciate the importance of this new set of tools, wielded by one of the most experienced investors and historical economists alive today. The combination is dramatic, brilliant, and exciting. - mra.

 Global Flows and Disruptions:
From the Economy to the Environment

 William Janeway, Managing Director and Senior Advisor, Warburg Pincus

Introduced by Mark Anderson

FiRe 2016 Conference
Tuesday, September 27, 2016
Stein Eriksen Lodge
Park City, Utah

Photos 2016 Kris Krg


Mark Anderson: I learned a long time ago not to make up introductions. It's much better if you say the things about that person that that person would like you to say. I'm going to do that first, and then I'll wing it, and embarrass Bill, and then he can come up and give a talk.

Bill is based in London and joined Warburg Pincus in 1988. Prior to joining the firm, he was executive vice president and director at Eberstadt Fleming. He is the director of Magnet Systems, Nuance Communications, O'Reilly Media, and Roubini Global Economics. He also is a member of the board of trustees of Cambridge in America, the University of Cambridge, and a founding member of the board of managers of the Cambridge Endowment for Research in Finance.

Bill is a member of the board of directors of the Social Science Research Council, the board of governors of the Institute for New Economic Thinking - which is a really good thing - and the board of Science, Technology. and Economic Policy of the National Academy of Sciences. He's the author, as we all at FiRe know, of Doing Capitalism in the Innovation Economy: Markets, Speculation, and the State, published by Cambridge University Press in October 2012. Bill received his doctorate in Economics from Cambridge University, where he was a Marshall Scholar, and was valedictorian of the class of '65 at Princeton University.

Bill and I are old friends, and Bill and FiRe people are old friends.

Bill has been [at FiRe] more years than I can count. We all, I think, treasure the moments when there's  -  we call it a conversation, or an interview, but what really happens is, I'll turn to Bill and say, "What do you think about risk?" and then I just kind of look at my watch and sit back, and 29 minutes later, he's done. So, that, I think, led to a book, which we just described, and in all, it's been not just enjoyable, but really, really helpful to all of us.

I'm really pleased that Bill is here with us tonight. This conversation began, as I referred earlier this evening, with a conversation by phone, in which I said something like: "Bill, how about doing the Opening Night talk? And by the way, 'The Power of Flows' is our theme. Would  that fit?" He immediately said, "Yes, for the following five reasons." And  as we talked, both he and I got more and more excited about this idea, and I think - and I don't want to oversell this, but he's about to tell you something which will really change how you see how the world works, in terms of flow and other things.

When I first started my career, I think, Bill, you were the first guy to find me. You have good radar. I got this call from an AA in New York - who became a good friend of ours - saying, "Mr. Janeway would like to have dinner with you."

I had to figure out who "Mr. Janeway" was. And I said, "Well, that would be fascinating," you know, "Where and when?" He said, "Well, in the Valley, in three weeks, on this certain ..." "Okay." "And we'll pay for your flight, and we'll bring you down, and we'll give you a hotel ..." "Fine!"

I had no idea what was happening [laughter]. I had never met Bill. But I thought, "This is pretty interesting." So, I said yes to all the questions, and I went down, and I met Bill, and we had a wonderful conversation, and we've had a friendship ever since.

The first thing that happened after that, I think, was he invited me to keynote a Warburg Pincus event, I think at the Rainbow Room, and I did that, and I'm really happy to be exchanging keynotes back and forth. So, welcome, Bill! [applause]


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