David Bloom

“Whenever you have these massive up-rounds led by smart investors, almost as a rule of thumb, they are undervalued,” he said. “It’s because when these companies have momentum, people undervalue that momentum. When things change, they underestimate how much things have changed.” A willingness to concentrate on the fund’s winners would become a Thiel... See more

Gross provides the gentle structure, serving as a kind of mediator. “The thing that probably takes up most of my time is serving as a neutral party at the investment table,” she said. “I have no personal agenda. I don’t care if the next investment gets through or doesn’t.”

The small minority of managers who reach this level are truly “absolute return”-oriented: they define success in terms of what they believe they can achieve over decades, not relative to what others are achieving at a given moment.

Something similar will happen with AI: Knowledge-intensive services will get cheaper, allowing consumers to buy more of them, while services that require person-to-person interaction will get more expensive, taking up a greater percentage of household spending. This points to obvious opportunities in both. But the big news is that most of the new... See more

“I feel like I’m allowed to trash investors because I was one for most of my career,” Sam Altman told Colossus last month. “Most investors don’t work that hard, they’re usually not available for midnight calls or won’t drop everything to fly across the country on short notice to do a small favor for you the next day. Josh is consistently willing to... See more

It made markets more competitive, but also enabled new types of investing, like programmatic, quantitative strategies and technology-native investment firms.

“If you’re a founder who thinks, ‘Oh, I’m working on this thing and it’s slightly weird, who will understand this?’ You seek out Peter and Founders Fund.”

The best example of this alternative product is Indie.VC, run by Bryce Roberts. Over the course of 6 years, Indie invested in 40 companies. It held the two key components of limited fund size and gave equity optionality through redemption clauses or equity buybacks. The results are encouraging, with a 51% IRR and 4.3x TVPI, while 87% of the... See more