Into The Mindset Of Power-Law Masters (Part 1: Intuition)
Venture Capital is one of the few professions where a gut feeling can be worth billions, but where the same intuition can veto the very outliers that define exceptional careers. …
Aram
83 posts
The Ultimate Guide to VC Portfolio Construction (with Fund Model)
Over the last few months, I’ve spoken with more than 100 Emerging GPs. A pattern keeps showing up. They have a clear thesis, strong sourcing instincts, and real ambition. But…
What A $2.2 Billion Exit Taught Me About Investing
I sat down with Jason Kirby, a four-time exited entrepreneur who hosts the excellent $100M Exits podcast. Jason is a thoughtful interviewer and, as a former entrepreneur who now helps…
Michael Ströck (Allocator One): Best Practices from 32 VC Fund Investments
Michael Ströck has built and exited startups, co-founded multiple VC firms, and now runs Allocator One (“A1”), one of the few global platforms dedicated to backing first- and second-time GPs.…
Peter Walker (Carta) on Investing in Emerging Managers
I sat down with Peter Walker, Head of Insights at Carta, one of the most attentive observers of Venture Capital trends today. Peter and Carta have published helpful data on…
5 VC Fund Mechanics That Decide Which Startups Get Backed
I recently hosted a panel at Austin Tech Week on a topic that rarely comes up in Founder circles: how Venture Capital funds actually work. Before the panel, I delivered…
Emerging VCs: Selection Through Mindset (Report)
Investors in Venture Capital funds are presented with a dilemma: top-decile performers capture most of the asset class’s alpha, yet it’s quasi-impossible to get access to established funds with stellar…
Startup Valuation: How Venture Capitalists Value Early-Stage Companies
Startup valuation, often seen as more art than science—and sometimes even as black magic—is a process fraught with ambiguity. Unlike mature businesses with years of historical data and steady cash…
Venture Capital Is Not Dead, Just Stretching At The Top
“Venture Capital is dead. Long live private equity.” That provocative headline flooded social media recently, triggered by a Bloomberg piece announcing that Lightspeed Ventures had registered as a Registered Investment…
“I don’t look for companies. I look for Founders.” – Masayoshi Son
Softbank’s Masayoshi Son has been credited with the largest win (Alibaba) and loss (WeWork) in Venture Capital’s history. As he’s commonly referred to, “Masa” is reported to be a very…
Emotional Intelligence Is A Board Meeting Skill. Here’s How To Use It
One of the hardest parts of Venture Capital is navigating bad news. Over the years, I’ve seen some Founders handle those moments with clarity and composure. I’ve seen others spiral…
How Top Emerging VCs Nail Their Investment Thesis to Win LP Commitments
A common mistake I’ve seen among Emerging VC Managers, especially when their fundraising stalls, is thinking they just need to find more LPs. More meetings, more outreach, more names. But…
How To Preserve Entrepreneurs’ Mental Health
Entrepreneurs’ mental health issues, like Aliens, are the unwelcome passengers of what was supposed to be a pleasant voyage. Navigating the entrepreneurial landscape can be an exhilarating journey ripe with…
LPs Beware: The “Super Power Law” in Venture Capital
Every few months, a debate resurfaces on social media: Is the Venture Capital power law a bug or a feature of the asset class? This question often overlooks a deeper…
A Manifesto For Mindset-Based Investing
Mindset-Based Investing is a new approach to select VC fund managers based on their personality traits and approach to risk vs. track record and other usual metrics. It also helps…
The Most Underrated VC Due Diligence Item: How Founders Learn
Why do so many Founders make the same mistakes, costing Investors substantial capital? My previous explanations—overconfidence and fear of failure—capture part of the problem. There’s a third factor that VCs…
Are Entrepreneurs Delusional? The Overconfidence Factor in Startup Success
One of the most consistent personality traits I’ve observed in entrepreneurs over the years is a tendency to live in denial. They don’t seem to perceive the inherent risks of…
How The Legendary VC Arthur Rock Evaluated Startup Founders
Arthur Rock’s name is tied to early Silicon Valley, that’s why he thrones among our collection of VC quotes. A decade before Don Valentine founded Sequoia Capital and Eugene Kleiner…
Is Money The Main Driver of Successful Entrepreneurs?
I recently attended meetings where experienced VCs and Founders claimed that money is the primary driver of successful entrepreneurs. This idea stood out because it conflicted with much of what…
Why Series A Graduation Is So Hard: Lessons from Paul Graham
Securing a Series A round has always been a major hurdle for startups, but recent data highlights just how difficult this milestone has become. Historically, roughly one in four startups…