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The other big news: paid tiers are live. You can already upgrade on the site, but I am working behind the scenes on a slate of long-form content, exclusive Q&As with tech leaders, and a founder/investor directory.

Think of it as Bear and the Bull+, designed for those who want to go deeper into global trends, insights, and analysis. And in the spirit of honesty — just like I ask of founders — my goal is to make this premium tier genuinely worth your time and money, with transparent value and no fluff.

If there’s one thread I kept pulling during my travel to Russia, it was honesty.

Blunt, uncomfortable, and sometimes refreshing honesty.

Whether it was a neighbor in Russia speaking matter-of-factly about her cancer journey (“eight years, no miracles”) or a government PSA warning citizens not to fall for scam calls (where was that energy for Zelle in the U.S.?), or a passerby you ask for directions to a site giving you not only clear instructions but also matter of fact views (“600 rubles for 10 minutes is not worth it”) - unfiltered honesty came through in unexpected ways.

I have been trying to explain to my American friends that the Anglo politeness they take for granted can actually be viewed as mean. In Russia, the kindest thing you can do is be honest.

Maybe Taylor Fritz needed some of that energy during his U.S. Open match last week, when his headband slipped into upside-down territory:

In startups, honesty is equally essential. But it is often the first thing to bend under pressure. After all, fundraising isn’t about collecting VCs like infinity stones on the cap table. It’s about securing the future of your company for your employees.

So here’s 3 takeaways for founders navigating that line:

1️⃣Do not misrepresent your numbers.

Investors see through fuzzy math.

You do not need to inflate traction to be compelling. Instead, sell the direction of travel: where you are headed, why your growth matters, and what gives you the right to win.

Convince me that the story is bigger than the spreadsheet.

2️⃣ Own the uncomfortable truths

Every startup has weaknesses: customer churn, messy ops, regulatory friction.

The founders who admit them outright — and then explain how they are tackling them — earn trust.

Pretending everything is smooth sailing only erodes credibility when reality surfaces.

In every founder intro call, I always ask for context around the uses of funds. The best founders do not just say, “to improve outbound sales.” They connect the dots between where they are today and where they want to be — and frame their resource allocation as the bridge.

That clarity signals both honesty and strategic thinking.

3️⃣ Focus on the long haul

The best founders are not pitch robots.

They are willing to joke, share an honest opinion, even admit when something is not working according to plan.

VCs often talk about founder–market fit, and this is the founder’s chance to really hone in on that. It is one thing to start a company because of a personal pain point. It is another to craft, refine, finesse, iterate, break, mess up, and start again in service of finding a better way. That process — messy, human, and driven by honest reflection — is what separates someone simply chasing a market from someone truly built to win in it.

Honesty is not weakness. It is a competitive advantage in a world where hype is cheap.

Money Memories episodes and Forbes content are cooking.

As I mentioned at the beginning of my newsletter, I’m working on some really exciting collaborations with the most well-known and forward-thinking tech innovators in the industry today.

I want to hear from you - if you could ask these founders any question, what would it be?

🎧 As always, listen and subscribe wherever you listen to podcasts, including Apple and Spotify.

If you are attending any of these upcoming events, let me know. I would love to find time to connect:

Investors are rethinking the old 60/40 portfolio split between stocks and bonds.

New approaches—like splitting money across stocks, bonds, cash, and commodities, or flipping to a 30/70 mix—aim to lower risk while keeping returns competitive.

The takeaway: markets are shifting, and it might be time to update how you balance your portfolio.

Have you made changes to your portfolio allocation? Share in the comments!

📌For the First Time, Both US Open Winners Share a Birthday: This is a team Alcaraz newsletter.

📌Doorbell prankster that tormented residents of German apartments turns out to be a slug: Wholesome.

Till next week,
Ilona

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