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The Outsiders: Eight Unconventional CEOs and Their Radically Rational Blueprint for Success

A few months ago I was at a conference where Robin Hanson spoke about prediction markets.[1] He argued that given how much of companies' outcomes are driven by who they choose to hire, and how non-rigorous the process of selecting employees and revisiting those selections is, there's a literal trillion-dollar opportunity in getting it right. Predic... See more

Byrne Hobart • How Many Trillion-Dollar Companies Should There Be?

Investment Memo: Earnest Fund 2

Earnest Capital earnestcapital.com

How the Greatest Entrepreneurs Hire (h/t David Senra)

Steve Jobs stated that each new hire became a percentage of the company, so why wouldn’t you take the time to find all A-players?

David Ogilvy, as an already established businessman, would see advertisements that he liked and then cold call the person who made the ad — this is how he sourced his t

The best example of this alternative product is Indie.VC, run by Bryce Roberts. Over the course of 6 years, Indie invested in 40 companies. It held the two key components of limited fund size and gave equity optionality through redemption clauses or equity buybacks. The results are encouraging, with a 51% IRR and 4.3x TVPI, while 87% of the compani... See more

Evan Armstrong • Venture Capital Is Ripe for Disruption

For early-stage investing, I believe that the small flat partnership is the best structure if the goal is to produce high return on capital funds. Here are some reasons why this model is superior for early-stage investing:- At the early stage, investors must bet on teams and ideas that have not been proven. The biggest winners almost always come fr... See more

Fred Wilson • The Partnership - AVC

VC is a Power Law business which means only a few cos deliver most of the returns - David Clark from VenCap breaks it down with data on 11.350 companies from 259 funds from 1986 - 2018. Only 1.1% out of 11,350 cos returned the whole fund!

David Clark responded to my tweet that median fund size for fund returners was $350M and many funds >$1b

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Each quarter we try to study an admirable company and discuss it with our Operating Group managers and board members. We focus on high performance conglomerates that have demonstrated at least a decade of superior shareholder returns.

Ryan • Mark Leonard Letters

The Valley’s venture investors were typically Boston merchant princes, men such as Israel Thorndike, S. A. Eliot, Samuel Cabot, Francis Stanton, and Harrison Gray Otis. Edmund Dwight, a Morgan cousin on his mother’s side, wasn’t in the same financial stratum as a Cabot, but gained access through his work at the law firm of Fisher Ames, the old Mass

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The Outsiders: Eight Unconventional CEOs and Their Radically Rational Blueprint for Success

Byrne Hobart • How Many Trillion-Dollar Companies Should There Be?

Investment Memo: Earnest Fund 2

Evan Armstrong • Venture Capital Is Ripe for Disruption

Fred Wilson • The Partnership - AVC

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Ryan • Mark Leonard Letters

Charles R. Morris • The Tycoons: How Andrew Carnegie, John D. Rockefeller, Jay Gould, and J. P. Morgan Invented the American Supereconomy