You see, the last time Substack raised, the Fed hadn’t started its rate hikes yet. Startups — like Substack — are particularly vulnerable to being squeezed when the interest rates go up. It gets harder to raise money because conservative investors can simply invest in safer assets.
https://www.theverge.com/2023/3/28/23660473/substack-retail-investors-revenue-profit
Ed McQuarrie talks the REAL History of Stocks and Bond performance.