Episode #54: Preference Stacks, Power Games, and the Future of War
In this episode of Stewart Squared, Stewart Alsop III and Stewart Alsop II explore the mechanics of the preference stack in venture investing, the difference between economic and voting rights, why Delaware dominates incorporation, and how governance plays out through independent directors and board structures. The conversation ranges from startup financing and information asymmetry to the U.S. government’s new equity stake in Intel under the CHIPS Act, the precedent of the GM bailout, and the Defense Department’s secure enclave program. They trace the lineage from ARPA to DARPA, contrast…
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