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Justin Fishner-Wolfson

12 statements across 3 episodes · 3 bullish · 5 bearish · 1 people on the record · first statement Feb 4, 2021 by Justin Fishner-Wolfson · said 6 times in 1 episodes since 2025 · across every show →

On the record as a speaker too: Justin Fishner-Wolfson's record, appearances and statements → this page counts the times other people say the name.

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brought up most by Shervin Pishevar (6)

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2025 6 mentions in 1 episode

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Everything said about Justin Fishner-Wolfson, oldest first

Feb 4, 2021 positive
Disclosure
Fishner-Wolfson: 137 Ventures targets roughly 12 core portfolio positions
“I mean, we run our portfolio to be sort of a dozen core positions for this exact reason, right? You don't want to dilute all of your good returns with a bunch of other noise.”
Justin Fishner-Wolfson Feb 4, 2021 ▶ 17:12 20VC: Why VCs Should Care More About Cost of Capital and Less About Ownership, Investing Lessons from working with Peter Thiel at Founders Fund, Why Liquidity Aligns Incentives Between Founders and Investors & Why It Is The Last Double That Matters in Ven
Feb 4, 2021 negative
Insight
Fishner-Wolfson: Founders change behavior once liquidity reaches complete financial independence
“I worry about people getting so much liquidity that they sort of never have to work again. And that number can obviously somewhat change depending upon who you are and your family and where you live and a bunch of other factors, but there's always something th…”
Justin Fishner-Wolfson Feb 4, 2021 ▶ 24:41 20VC: Why VCs Should Care More About Cost of Capital and Less About Ownership, Investing Lessons from working with Peter Thiel at Founders Fund, Why Liquidity Aligns Incentives Between Founders and Investors & Why It Is The Last Double That Matters in Ven
Feb 4, 2021 bearish
Prediction Open · timeframe Feb 2041
Fishner-Wolfson: Unprecedented 2021 tech revenue multiples will not persist long-term
“Are they going to be true in 20 years that everything's going to trade this high? That seems relatively unlikely.”
Justin Fishner-Wolfson Feb 4, 2021 ▶ 21:14 20VC: Why VCs Should Care More About Cost of Capital and Less About Ownership, Investing Lessons from working with Peter Thiel at Founders Fund, Why Liquidity Aligns Incentives Between Founders and Investors & Why It Is The Last Double That Matters in Ven
Feb 4, 2021 positive
Insight
Fishner-Wolfson: Secondary liquidity leads founders to reject early acquisition offers
“And they will then, and I've watched entrepreneurs do this consistently, turn down acquisition offers that would put huge amounts of money in their bank account. And that's really ultimately To the benefit of the venture investors, because they really want to …”
Justin Fishner-Wolfson Feb 4, 2021 ▶ 22:44 20VC: Why VCs Should Care More About Cost of Capital and Less About Ownership, Investing Lessons from working with Peter Thiel at Founders Fund, Why Liquidity Aligns Incentives Between Founders and Investors & Why It Is The Last Double That Matters in Ven
Feb 4, 2021
Insight
Fishner-Wolfson: Investors must focus on decision-making process over short-term outcomes
“And I think the lesson from poker that I think very much applies to investing is to focus on process and not outcomes, right? Outcomes matter over a long period of time, but there's a lot of noise. And the better you can focus on making the process, you know, …”
Justin Fishner-Wolfson Feb 4, 2021 ▶ 8:04 20VC: Why VCs Should Care More About Cost of Capital and Less About Ownership, Investing Lessons from working with Peter Thiel at Founders Fund, Why Liquidity Aligns Incentives Between Founders and Investors & Why It Is The Last Double That Matters in Ven
Feb 4, 2021
Assertion Not checkable as stated
Fishner-Wolfson brought in the anchor LP for Founders Fund's first fund
“I ended up You know, bringing in one of the largest investors who ended up anchoring the first institutional phone.”
Justin Fishner-Wolfson Feb 4, 2021 ▶ 4:18 20VC: Why VCs Should Care More About Cost of Capital and Less About Ownership, Investing Lessons from working with Peter Thiel at Founders Fund, Why Liquidity Aligns Incentives Between Founders and Investors & Why It Is The Last Double That Matters in Ven
Feb 4, 2021
Insight
Fishner-Wolfson: Entry price only matters in VC if overpriced by 5x
“Price doesn't matter unless you're off by five X, in which case then price is the only thing that matters.”
Justin Fishner-Wolfson Feb 4, 2021 ▶ 12:04 20VC: Why VCs Should Care More About Cost of Capital and Less About Ownership, Investing Lessons from working with Peter Thiel at Founders Fund, Why Liquidity Aligns Incentives Between Founders and Investors & Why It Is The Last Double That Matters in Ven
Feb 4, 2021 negative
Insight
Fishner-Wolfson: Applying 90% margin multiples to 40% margin companies causes losses
“You can't put the same revenue multiple on a 90% gross margin business with super high operating leverage as you would, you know, a company with 40% gross margins and less operating level. Like if you do that, you'll just never make any money. And eventually t…”
Justin Fishner-Wolfson Feb 4, 2021 ▶ 20:41 20VC: Why VCs Should Care More About Cost of Capital and Less About Ownership, Investing Lessons from working with Peter Thiel at Founders Fund, Why Liquidity Aligns Incentives Between Founders and Investors & Why It Is The Last Double That Matters in Ven
Feb 4, 2021 positive
Insight
Fishner-Wolfson: Maximizing VC returns strictly favors investing in one winning company
“At the end of the day, the way to make the best returns is to invest in one company that does incredibly well. Everything else is basically pulling you down. That's clearly the correct answer if you're Only focused on returns.”
Justin Fishner-Wolfson Feb 4, 2021 ▶ 15:24 20VC: Why VCs Should Care More About Cost of Capital and Less About Ownership, Investing Lessons from working with Peter Thiel at Founders Fund, Why Liquidity Aligns Incentives Between Founders and Investors & Why It Is The Last Double That Matters in Ven
Aug 12, 2022 negative
Insight
Fishner-Wolfson: Rigid VC ownership targets blind investors to massive opportunities
“Focusing strictly on ownership percentage really, I think, blinds people to opportunities that may be much larger, and they just can't get over the hump from a process perspective to make those investments.”
Justin Fishner-Wolfson Aug 12, 2022 ▶ 18:53 20VC: 13 of the Great Investing Minds on When to Pay Up vs When To Remain Disciplined and Walk Because the Price is too High: The Ultimate Guide to Price Sensitivity
Feb 9, 2024
Insight
Fishner-Wolfson: Valuation price only matters in VC when off by 5x
“I think this is an interesting question because my answer is oftentimes price doesn't matter unless you're off by five X, in which case then price is the only thing that matters.”
Justin Fishner-Wolfson Feb 9, 2024 ▶ 16:38 20VC: Doug Leone, Bill Ackman, Bill Gurley and Orlando Bravo on "Does Price Matter"; When to Pay Up vs When to Stay Disciplined, The Biggest Lessons on Price Discipline from 8 of the World's Best Investors
Feb 9, 2024 negative
Insight
Fishner-Wolfson: Rigid target ownership blinds VCs to massive opportunities
“And so focusing strictly on ownership percentage really, I think, blinds people to opportunities that may be much larger, and they just can't get over the hump from a process perspective to make those investments.”
Justin Fishner-Wolfson Feb 9, 2024 ▶ 19:06 20VC: Doug Leone, Bill Ackman, Bill Gurley and Orlando Bravo on "Does Price Matter"; When to Pay Up vs When to Stay Disciplined, The Biggest Lessons on Price Discipline from 8 of the World's Best Investors
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