In the opening moments of "Top Gun," an ace Navy pilot flies upside down about 18 inches above a Russian-built MiG and snaps a Polaroid picture of the enemy pilot. Then he flips him the finger and peels off.

1/ I am seeing more and more founder secondary in venture rounds (Secondary = founders selling some of their shares before some other shareholders are able). Series B-D. I see both as an investor and through entrepreneur circles.

2/ I like secondary for entrepreneurs. Moderation is key but in a lot of situations I think it helps accelerate the co. Lots of very smart investors disagree. Here are my thoughts.

3/ Magnitude: My basic rule of thumb from what I see is market is 4+ yrs and up to 10% of founder’s equity stake with some $ cap that makes sense given stage etc. (typically <$10m)

4/ The entrepreneurial journey is brutally hard. Giving some financial relief helps remove one piece of pressure. I don’t think that secondary in the magnitude mentioned impacts the drive/persistence of great entrepreneurs.

5/ That secondary means they will be able to just sleep knowing they can pay their kids’ tuition. Secondary will make most founders better at their jobs, thus accelerating the co.

In regards to the #CapitolCoup, I’m in a unique position. I monitored forums ahead of time and then was present for the coup itself.

These are my observations based on what I saw and the evidence that’s been collected so far. I reserve the right to adjust my analysis as needed.

Let’s talk about the organization of the coup first. Seeing some people insist that the coup must have been highly planned and coordinated.

Yes and no. This was a #StochasticCoup. We’ll see little evidence of direct communication between Trump and the insurrectionists.

Within the insurrectionists, there was not one group that executed the storming of the Capitol.

Rather, there were a number of smaller groups working independently towards the same goal. I expect you’ll see little evidence that these various groups communicated with each other.

What you will see is detailed planning and coordination within these small groups.

Then there were the joyriders, those Trump supporters who weren’t directly involved in any plotting but who were more than happy to go along for the ride once the coup was in motion.

After four years, the insurrectionists were carefully attuned to Trump’s messaging.

Every tweet and statement of his was treated as marching orders and carefully dissected for meaning.

It’s why shutting down Trump’s Twitter account was so important.

The Haas / Force India argument is fascinating, and the decision of the stewards may still have consequences. The first key finding is that the stewards ruled Racing Point Force India to be a valid constructor. That means that it builds its own cars.

Haas had argued that the cars had been designed by Force India, but as Haas knows only too well, "outsourcing" is legal. The stewards decided that "there is no regulatory support for the argument that Outsourcing of Listed Parts cannot come from a former or excluded team."

In determining this, the stewards also came to the following conclusion: "In relation to the submission by the Racing Point Force India F1 Team that it is not a new team, the Stewards decide that the Racing Point Force India F1 Team is indeed a new team."

This will have a big knock on effect for Haas in its continued arguments over the rights of RPFI as relates to its eligibility and rights under the complex payments structure. Haas has argued all along that RPFI should be treated as a new team and tread the same path that it did.

TLDR? Haas lost the fight but may have won the war. In having its argument that Racing Point hadn't designed their own car thrown out, they gained clarification that RPFI was a new team.

Joanna Cherry:"Alex Salmond secured a concession that nothing in Scotland Act would preclude the people of Scotland from subsequently choosing an independent future. This is recorded in Hansard during second reading of Referendums (Scotland & Wales) Bill, May 21, 1997."

Donald Dewar said: “I should be the last to challenge the sovereignty of the people, or deny them the right to opt for any solution to the constitutional question they wished. For example, if they want to go for independence, I see no reason why they should not do so." JC

"In same debate Alex Salmond went on to emphasise that “… the Claim of Right referred to sovereign right of the Scottish people to determine a form of Govt best suited to their needs. It did not suggest sovereignty resides with English Members of Parliament." Joanna Cherry

Joanna Cherry: "Donald Dewar articulated the democratic norm later enshrined in the Edinburgh Agreement. His concession laid the foundation for the 2014 referendum in recognising the rights of Scots to choose whether to remain part of our voluntary union with England."

"I am wholly in agreement with view that we must find a legal & constitutional way to demonstrate that public opinion in Scotland has changed since 2014 referendum, in order for our independence to be internationally recognised & therefore meaningful." Joanna Cherry