By 1983, there were more than 70 companies competing in the disk drive sector alone, and valuations collapsed. There were plenty of people whose fortunes were established in the 1970s and 1980s, and many VCs made their names in that era. But the biggest advantage to being an irruption-stage investor was building institutional knowledge to invest... See more

We tend to index what has worked before. The future often rhymes but doesn’t repeat the past. Looking back on the past decade, one can observe how cloud and mobile have created massive companies and crowned multiple venture funds as beneficiaries. However, one needs to consider that these markets might have matured and are not as high-volatility... See more

Indeed, the analysis from Pitchbook suggests that emerging managers offer an effective hedge against systematic risks in venture capital. This aligns with research that shows that “centrally located” firms (i.e. well networked incumbents) see a temporary performance edge in hot markets where gaining access to competitive deals is potentially more... See more