The bull market has inevitably dulled many a VCs sense of prudence When you have 9 years of good results, people who invest in startups tend to get a little less careful Finance is often poetically just, it punishes the reckless with special fervor.

Today, it is impossible to produce superior long term VC performance at the early stage unless you build a firm with structural advantages. The days of pure access are over at the early stage.

Excited about what Khaled Hussein is building.  CA homebuyers can sign up for beta.

Global residential real estate is worth over $168 trillion. With a T. Software is coming to remake the world’s largest marketplace through better/faster/cheaper property management and Kulveer ⚡️ and his team at Zeus Living, Inc. will be the ones to do it. thetwentyminutevc.com/kulveertaggar/

Platforms, Studios, and API-based funds are 100X harder than traditional VC They are characterized as risking taking rather than traditional rent seeking They thrive in the face of increasing entropy and uncertainty They have extreme skin in the game

The wealthiest companies are buying stock back, which is a reason why the churn in S&P is up. The AVG tenure of companies on the S&P 500 will shrink from 33 yrs to just 12 yrs by 2027

It's not the first market. It's the first to scale. Entrepreneur First is the first to scale.

Generosity is a genetic flaw No good deed goes unpunished

Mount holyoke looking to hire its inaugural CIO for its investment office buff.ly/2L4PiIt

In my first 12 years as an LP, I backed founders that backed founders. Now I simply back founders building Studios Platforms API-based funds

Startups & VC is the art of doing more with less Funding does NOT equal Success BIG Funding has gaussian distribution, not POWER LAW From the last cycle Better Place $875M Fisker Automotive $1.5B Living Social $919M Bloom Energy $1B Solyndra $800M

Smart VC managers stick to past models like AOL, Blockbuster, Kodak. Squeezing every last dollar until they fall by the wayside Four Reasons why good VCs fail - Generational Issues - Their networks atrophy - They raise too much money - The game changes; they get DISRUPTED

Sometimes it is the very VCs no LP can imagine anything of who produce the returns that no LP can imagine.

There is no credential for independent thinking buff.ly/2tejARw

Early Stage VC is 100% power-law so Diversification of returns matters less. Individual investments have capped downside /exponential upside Late-stage VC is increasingly a normal distribution w significant downside & capped upside So diversification of returns matters

All founders should read this book.

Gratitude is the single biggest indicator of integrity.

First-time founders focus on product Second-time founders focus on distribution Lifetime founders focus on the mission