Agentic Capital

Sources

By Rio and Cory Abdalla (@m3taversal), Founder1 min

History

The Eighty Years' War, the Dutch republic's credit and Spain's defaults; the 1602 VOC subscription, Neeltgen Cornelis, and the 1612 capital dispute: Lodewijk Petram, The World's First Stock Exchange; Yuval Noah Harari, Sapiens, ch. 16; Gelderblom, de Jong and Jonker, "An Admiralty for Asia".
American Research and Development, Digital Equipment, and the rise of the limited partnership: Hsu and Kenney (2005).
The first index fund and "Bogle's Folly": Jason Zweig; Vanguard's assets: Vanguard.

The venture industry

Accredited investors: SEC staff report, December 2023.
Private-company values, exit concentration, fund concentration and AI's share of venture dollars: Commonfund, "AI is Steepening the Power Law in Venture Capital", July 2026.
Age of companies at IPO: Jay Ritter.
The principal-agent problem: Jensen and Meckling, "Theory of the Firm", 1976.
Will Manidis, "Patient Capital Will Eat the World", 2026.
Felipe Montealegre, "The End of the Zero Illiquidity Premium Period", 2026.
SPVs: New York Venture Hub; Carta; Odin.

Figure 1

Cost of intermediation: Thomas Philippon, "Has the US Finance Industry Become Less Efficient?", American Economic Review 105(4), 2015, replication data.
Finance and insurance share of GDP: US Bureau of Economic Analysis, GDP by Industry.

Strategy and innovation

Richard Rumelt, Good Strategy/Bad Strategy, ch. 13.
Henderson and Clark, "Architectural Innovation", Administrative Science Quarterly, 1990.

Agents and markets

Agent failures: Lobstar Wilde; Freysa; aixbt.
AI in deal work: WSJ Pro, "AI Replaced Bankers on a CVC Sale Process", 8 July 2026; Boardy's seed round.
Reinforcement learning and verifiable rewards: Jay Azhang.
Coin voting: Vitalik Buterin, "Moving beyond coin voting governance", 2021.
Futarchy: Kevin Heavey, "Futarchy as Trustless Joint Ownership"; Zack Pokorny, Galaxy Research; Ben Hawkins, "Stress Testing the Futarchy".
The fluid capital stack and MetaDAO's October 2025 raise: Cory Abdalla, Fluid Capital Stacks.
MetaDAO launch mechanics: MetaDAO docs. mtnCapital's redemption: MTNCAPITAL-007.