In 2009, @a16z raised a brand-defining fund. The plucky EMs — on a mission to steamroll the @benchmark model of VC — are believed to have delivered >5x for LPs from AH Fund I. Much of their founding story is at-odds with how the firm is perceived today: Describing their strategy in 2009,... See more

A tiny slice of firms sits on policy-backed certainty and captures most of the gains, massively outperforming the market (because if you are the one writing the revenue checks for your portfolio companies, there’s something wrong if you’re not winning!), while the long tail does “venture capital” in the old sense: sourcing founders, haggling over... See more