- Not enough investors think through a reserves strategy.
- Power law curves dominate venture, but in order for power laws to kick in, you have to have a large piece in your winners.
- Sales and trading is on the opposite of the spectrum compared to venture.
- Taking skillsets from different fields gives you an edge. The ability to think differently than the pack is what leads to outsized returns in venture.
- You can add value through differentiated networks, subject-matter expertise, and capital.
- Figure out your value add angle, then spend all of your time making this a moat for your fund.
- Partnerships allow funds to cover more ground with less resources. Find places you can collaborate instead of compete.
- Former athletes are worth betting on because of their ability to be coachable, handle adversity, overcome steep learning curve, and solve complex problems.