GP partnerships are highly time and attention constrained, making them the opposite of scalable. Most processes are run manually, and there is rarely much use of software or automation to help source, assess, or execute deals.

Perhaps because of the raw intelligence on the team, Founders Fund’s investors do not have formal specializations. While Joey Krug spends more of his time on crypto and Trae Stephens on defense, there are no fiefdoms, and the expectation is that every investor is capable of analyzing anything that comes through the door. By doing so, Founders Fund ... See more

The common factors that are most likely to recur in the narratives of great investments are that the company should have open-ended growth opportunities that they should work hard never to define or time, that it has initial leadership that thinks like a founder (and almost always is one) and that has a distinctive philosophy of business – almost a... See more