“A gripping fly-on-the-wall story of the rise of this unique and important industry based on extensive interviews with some of the most successful venture capitalists.” - Daniel Rasmussen, Wall Street Journal “A must-read for anyone seeking to understand modern-day Silicon Valley and even our economy writ large.” -Bethany McLean, The Washington Post "A rare and unsettling look inside a subculture of unparalleled influence.” —Jane Mayer "A classic...A book of exceptional reporting, analysis and storytelling.” —Charles Duhigg From the New York Times bestselling author of More Money Than God comes the astonishingly frank and intimate story of Silicon Valley’s dominant venture-capital firms—and how their strategies and fates have shaped the path of innovation and the global economy Innovations rarely come from “experts.” Elon Musk was not an “electric car person” before he started Tesla. When it comes to improbable innovations, a legendary tech VC told Sebastian Mallaby, the future cannot be predicted, it can only be discovered. It is the nature of the venture-capital game that most attempts at discovery fail, but a very few succeed at such a scale that they more than make up for everything else. That extreme ratio of success and failure is the power law that drives the VC business, all of Silicon Valley, the wider tech sector, and, by extension, the world. In The Power Law, Sebastian Mallaby has parlayed unprecedented access to the most celebrated venture capitalists of all time—the key figures at Sequoia, Kleiner Perkins, Accel, Benchmark, and Andreessen Horowitz, as well as Chinese partnerships such as Qiming and Capital Today—into a riveting blend of storytelling and analysis that unfurls the history of tech incubation, in the Valley and ultimately worldwide. We learn the unvarnished truth, often for the first time, about some of the most iconic triumphs and infamous disasters in Valley history, from the comedy of errors at the birth of Apple to the avalanche of venture money that fostered hubris at WeWork and Uber. VCs’ relentless search for grand slams brews an obsession with the ideal of the lone entrepreneur-genius, and companies seen as potential “unicorns” are given intoxicating amounts of power, with sometimes disastrous results. On a more systemic level, the need to make outsized bets on unproven talent reinforces bias, with women and minorities still represented at woefully low levels. This does not just have social justice implications: as Mallaby relates, China’s homegrown VC sector, having learned at the Valley’s feet, is exploding and now has more women VC luminaries than America has ever had. Still, Silicon Valley VC remains the top incubator of business innovation anywhere—it is not where ideas come from so much as where they go to become the products and companies that create the future. By taking us so deeply into the VCs’ game, The Power Law helps us think about our own future through their eyes.

A perceptive and provocative history of Henry Kissinger's diplomatic negotiations in the Middle East that illuminates the unique challenges and barriers Kissinger and his successors have faced in their attempts to broker peace between Israel and its Arab neighbors. “A wealth of lessons for today, not only about the challenges in that region but also about the art of diplomacy . . . the drama, dazzling maneuvers, and grand strategic vision.”—Walter Isaacson, author of The Code Breaker More than twenty years have elapsed since the United States last brokered a peace agreement between the Israelis and Palestinians. In that time, three presidents have tried and failed. Martin Indyk—a former United States ambassador to Israel and special envoy for the Israeli-Palestinian negotiations in 2013—has experienced these political frustrations and disappointments firsthand. Now, in an attempt to understand the arc of American diplomatic influence in the Middle East, he returns to the origins of American-led peace efforts and to the man who created the Middle East peace process—Henry Kissinger. Based on newly available documents from American and Israeli archives, extensive interviews with Kissinger, and Indyk's own interactions with some of the main players, the author takes readers inside the negotiations. Here is a roster of larger-than-life characters—Anwar Sadat, Golda Meir, Moshe Dayan, Yitzhak Rabin, Hafez al-Assad, and Kissinger himself. Indyk's account is both that of a historian poring over the records of these events, as well as an inside player seeking to glean lessons for Middle East peacemaking. He makes clear that understanding Kissinger's design for Middle East peacemaking is key to comprehending how to—and how not to—make peace.