we can explore and exploit in parallel: become a jack of all trades, and a master of one. Or we can do it serially: lots of successful careers look like an initial period of exploration, followed by going deep on one thing for several years, then an exploration phase in an adjacent field, and so on. There is still a trade-off between these states,

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To thrive in a hyper-financialized world, investors must rethink their approach, moving beyond risk-on/risk-off mentalities toward a portfolio that embraces both compliance with the status quo and resistance against systemic fragility.

1. DR has commoditized “thesis development” and “market research” in VC so larger AUM and more resources no longer an advantage


2. Everyone will rely on the same research and converge on the same opportunities (defencetech! agents! )


3. To outperform, VCs will make “irrational” decisions based on non-quantifiable “gut-feel” (crypto again?, rocket cargo?

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