mj
@ivi
mj
Taste will be paramount as the key driver for the long tail of smaller funds, and sub-sectors (deep-tech, climate) will further specialise (chips, energy) with value compounding in those comfortable with getting creative around new sectors, business models, technologies or markets.
Max Bray • We need to talk about Venture Capital
I’ve long joked venture is finance for people who don’t understand how money works, and it really has felt like this for a while - with certain exceptions there has been minimal innovation on the 2% management fee, 20% carry model in the 25 years venture has been active in Europe. Perhaps little wonder when you consider the classic path of... See more
Max Bray • We need to talk about Venture Capital
Anecdotally, the concepts of Seed-Strapping (one round to get going, then drive towards profitability fast) and “minimum viable venture” (the smallest possible angel/VC round to minimise dilution early on) have rapidly normalised.
Max Bray • We need to talk about Venture Capital
I believe that within a decade the number of funds will be 30-50% less than it is today , even if the money into the sector remains similar. This will kill the middle of the industry , bifurcating venture into massive scaled platforms who look more like offshoots of government-come-hedge funds, and a long tail of specialists who will capture all... See more
We need to talk about Venture Capital
The Pope is concerned that “the digital world will follow its own path and we will become pawns, or be brushed aside.” He has gone so far as saying that it is going to be “very difficult to discover the presence of God in AI.”
Nathan Gardels • ‘Only God Can Save Us’
In a famous last interview in Der Spiegel in 1966, Heidegger declared, “Only God can save us,” because the planetary domination of modern technology had deprived humanity of the wherewithal to change course and rescue itself.
Nathan Gardels • ‘Only God Can Save Us’
We believe the best way to bet on the success of these reforms is simple: buy a portfolio of stocks trading at the lowest possible P/B multiple, prioritizing the quality of the assets on the balance sheet and the robustness of earnings and free cash flow generation, and then wait for the repricing. The playbook is crystal clear: as regulators drive... See more