Non consensus and right

The last 12 years were "up and to the right". It’s easy to make IRRs work really well in a 12-year bull market but VCs have to make money in good markets and bad.

From the perspective of an operations guy, there is a lot of riff-raff in venture capital: posers, herd mentality, technology infatuation, too much education, not enough experience to appreciate what grit and focus it takes to grow a business out of nothing. To have a fighting chance, you want to be with the best firms, and the best partners in tho

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There are 3 ways to successfully generate outsized returns in venture: 1) Find an obviously great company before anyone else. 2) Compete to win an allocation into an obviously great company. 3) Have a contrarian perspective on a company that everyone else thinks isn't great, and be right. All of the above can work, but require very different sk... See more

Rory Sutherland on why group decision making is often worse than personal judgement https://t.co/Gj6CRLLF40

My baseline assumption is that I'm wrong, which makes it easier to change my mind.