Hello, welcome to the What is WoW episode of Sleep Money or guide to the business and

finance news of the week I'm Felix Hammond of Axios, I'm here with Elizabeth Spires.

Also, while Emily Peck is still on vacation, we have Eric Newcomer here. Eric, welcome.

Thanks for having me. If I may say so. A new comment on the show, we have not had you here before,

but we're very happy to have you introduce yourself. Who are you? I'm a former Bloomberg reporter.

I always wrote about sort of the rise and fall of Uber and a lot of starps in Magic Capital and

then during the pandemic. I quit to start my own sub-stack called Newcomer. I also holds a podcast

called Deadcat and I'm the top startup and venture capital reporter on sub-stack right now.

Well done. Sub-stack has had its own little mini puhaha this week, which we won't talk about,

but we will talk about Flow, which is the new company from Adam Newman, the founder of WeWork.

We're going to talk about the venture capital economy more broadly. We're going to manage to

talk about bedbath and beyond because we have to and we were asked to by... Who was it? Who asked

us on Twitter to talk about this? Mary Harriet Talbot. Mary, you're welcome. It's all coming up

on sleep money. Okay, so I think we have to talk about this $350 million investment

that Andrewson Horowitz made in Flow. No one really knows what Flow is, but everyone knows

what Andrewson Horowitz is. They came from nowhere to become one of the most important

venture capitalists in the world. This is their biggest investment ever, Eric.

And so, and they got their co-founder, Mark Andrewson, to write this big, long blog post, which is

frankly deranged, explaining why... That's their style. Deranged blog post for every investment.

This is just the one out of the world seems to care about, but yeah, the world cares about it

because it's so big and because it's two people that we all know very well, which is Mark Andrewson

and Adam Newman. Adam Newman, famously as the guy who managed to build a $4 billion

...