Evergreen fund

“By definition, you end up doing what is relatively best within that given sector or stage versus what’s absolutely best across the board.”

Venture capital is a service business. Relationships and trust don’t scale; reputation does.

Sub-verticals become consensus at lightning speed. AI legal, AI healthcare, AI customer service. There are few secrets in Silicon Valley anymore.

VC right now is noisy AF. If you’re running a contrarian playbook and it works, you deserve the win. But most VCs aren’t Peter Thiel.

LinkedIn made it dramatically easier for applicants to apply for roles, and a founder in the recruiting technology space we recently spoke with described a sharp decrease in callback rates as a result—and a tendency for recruiters to prioritize employee referrals.

We think that adoption of automated, infinitely personalized sourcing tools in PE and... See more

The point is not to just play the game

The point is to win your game

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

Historically, I’ve believed no one really has special insights. It all comes down to execution and focus

As The Consensus Capital Machine has raged on, it has only further eradicated the survivability of contrarian perspectives.