The quote below, from @WillManidis, is worth the consideration of every venture investor, GP and LP. (It's also core to the mission of @equidam: making idiosyncratic ideas more legible for finance.) As a product of incentives, capital in VC has gravity. It is inclined to collect in pools,... See more

"In the early days of Valar, a lot of VC’s passed on us because they didn’t believe we could raise the money." Yes, VCs will pass on a company out of fear that other VCs will pass on it. This is institutionalised insecurity. Venture capital emerged from opportunity of frontier technologies;... See more

A tiny slice of firms sits on policy-backed certainty and captures most of the gains, massively outperforming the market (because if you are the one writing the revenue checks for your portfolio companies, there’s something wrong if you’re not winning!), while the long tail does “venture capital” in the old sense: sourcing founders, haggling over... See more

The future of venture capital, and whether financialisation deepens, depends on narrative dominance. If the market continues to reward consensus seeking, concentration and dogmatic belief, the trend will persist.

It’s the kind of existential question which would lead large firms to fund social media bot farms, groom tech influencers, and play a... See more