Max Beauroyre

At critical moments in time, you can raise the aspirations of other people significantly, especially when they are relatively young, simply by suggesting they do something better or more ambitious than what they might have in mind. It costs you relatively little to do

this, but the benefit to them, and to the broader world, may be enormous.

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As research becomes abundant, wisdom is emerging as the scarcest and most valuable resource in the venture decision-making process, creating a new basis for differentiation.

To flourish together, you have to continually figure out how to find harmony between your changing voices. And when I say harmony, I don’t mean it needs to be dull and soft: it can also be a spicy jazz harmony.

“You preach balance but never show receipts,” Claude pushed. And it was right.

I’ve written “Have Kids” and “False Dichotomies” - philosophical pieces about how you can have both ambition and family. But I’ve never documented the actual costs:

• The specific deals I passed on, with names and valuations


• The actual equity I walked away from when leaving

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Every year, I write down a vision of what I want and review it weekly. More often than not, the things I envisioned start to happen—not because I read them each week but because I took small steps towards them.

All of this is to say that DeepSeek-V3 is not a unique breakthrough or something that fundamentally changes the economics of LLM’s; it’s an expected point on an ongoing cost reduction curve. What’s different this time is that the company that was first to demonstrate the expected cost reductions was Chinese.