There are great consensus bets to be made, capital itself becomes the moat for some of these companies, exits may be (are presumed to be) sooner than true venture exits, and you’ll make money off the beta, highly correlated with the growth of the entire category.

I was reading funding news last week, and I came to a big realization: Andreessen Horowitz is not a venture capital fund.

A lot of people are thinking it. So there, I said it.

And it’s not just Andreessen. It’s all the big funds.

They started out as VC. They operate funds that invest in private early-stage companies. But they haven’t been VC funds for... See more