Conviction

“One of the VCisms I hate is conviction. Right. Because conviction can justify so much sloppy thinking, but it doesn't mean it's wrong.”

“Like we are going to invest in the early rounds of a company and we're going to leave money on the table in the later rounds. And it's an explicit decision, but what it means, it's like very focusing, right? Like we make the bets we make with them. We're align…”

“I could have raised half a billion dollars, and I thought that doing this was, if I believe constraints breed discipline and creativity for founders, like, They also do for investors.”

“For me, like I define it on a multiple basis, not an absolute dollar basis. Otherwise like I should have raised a larger fund. And like, you know, let's put best in class venture multiples on the board, right?”

“They're seed and series A investments, and we're putting a million to like eight or ten million dollars to work, and we'll, we're gonna be more concentrated than most seed funds”

“I think it is unlikely that if somebody wants to raise a hundred or two hundred million dollars at a billion dollars out of the gate, like, that is hard for us to, it's hard for me to imagine that making an impact on the fund.”

“I am increasingly convinced that, like, it's not knowable what the outcomes are from, for companies, like, at the very beginning, and specifically, like, how markets play out is unknowable, because, like, there are actors with agency determining how the market…”

“Conviction starts to not result in outcomes that you want when a lot of different people get involved and you have to rely on other people for part of your outcomes that need to happen.”

“And then I'll go, like, early I'll go with Conviction, because I think Sarah, Sarah's great.”

“And so I think beyond being like a yardstick to test your conviction, models aren't that useful, but for that, they're really, really good.”

“I remember he told me that price is a litmus test for your conviction.”