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21:40 - Science is good at the long game of extending the tip of human knowledge. While brazen startups are good at acting boldly off of naïveté.

By definition, you will likely succeed a vanishingly-small percentage of the time, but—as the saying goes—that’s a feature, not a bug. The point is to venture—fistfuls of money in hand—at the furthest extremes of capitalism, hoping to stumble upon that rare, proper intersection of technology and commerciality.By design, most investments will miss t... See more

Venture capital has delivered great historical returns but is illiquid and hard to access. Fortunately, innovation does not occur only at venture-backed startups. 

Risks to the trend

1. LPs too slow to react, VCs lack incentives to admit limitations in current processes


2. Poor quant performance 


3. Downturn in private markets 

Despite this grandiose fervor, venture capital is not changing.Like a word’s denotation, it is unchangeable — an absolute, a fixed paradigm.Venture Capital, very simply, funds:The test of a true, novel hypothesis with…Enough capital to definitively prove or disprove said hypothesis so as to generate…Supporting data that makes it clear that the comp... See more