venture

“You can do venture, but why don't you get some real world experience first? Why don't you go somewhere for five years? And actually know what it means to go through cycles, know what it means to hire and fire people, know what it means to have to work on a tea…”

“Maiden Lane is being built and AngelList is being built, you know, in the middle of a city center of a major city, and I think that's sort of the bigger trend of where venture is going. It is no longer going to be a skill set or knowledge of the very few. It's…”

“Increasingly, I think we're seeing, we've been talking a little bit about this, Harry, like that shift in venture towards being more of a personality and expressing yourself and not being you know, a wilting lily and sort of going out there. And being more fro…”

“If you look at venture, in a lot of ways, they're just kind of judging you inside of 30 minutes, and wow, I have data of thousands of hours with the CEO. In this company, and they're judging it in, in a 30 minute moment, whether it's just, they want to continu…”

“Knowing if you're any good at venture takes, you know, five years, seven years, sometimes 10 years, so I can't really speak for if I'm”

“You can decide you want to do venture, but that's like deciding you want to get married. You know, these are like, you know, it does depend who the girl is or the guy”

“I do think, though, that we've got too much money coming in, and so I do think returns are going to suffer a bit. For these vintages, and that we probably need some kind of a correction to decrease the amount of capital that's coming into venture.”

“I think social media in general, like, you know, the amount of information, the amount of opinions, the amount of knowledge out there has a lot of positives, but it also has some negatives, and we talk a lot here about being in a bubble, and kind of the echo c…”

“In most of my working experience, I've been a leader and a manager and someone who had not just the leverage of a team around her, but also the leverage of the software that we were building, and so in venture, you have to be incredibly choosy with how you spe…”

“In venture, there's so much money today where you need to move so fast that by the time you make the investment, actually, you don't know them very well at all because we're all just throwing money so fast around because there's just too much money.”

“Private equity is much easier than venture.”

“It's so gossipy. For all this talk about being focused on the future, I feel like half the industry is wondering what are the other people working on or thinking about at this very moment.”

“This wave that might be cresting now in venture was really just starting back then in 2012.”

“Buyouts, by the way, have consistently been a little bit better than private equity have been a little bit better than venture. They're much less episodic or dramatic, and they tend to chug along a little bit over one PME.”

“If you have a top brand, you're going to get into one or two good deals a year by hook or by crook. If you play the game and it's enough, that's the beauty in venture.”

“The average discount to venture ticked up as high as just 12% in 2021, so quite low overall, but if you were to fast forward that forward to 2022, it's back down at an industry level to 34%”

“Fundamentally, you know, some of the largest pension funds in Europe don't invest in venture. I mean, that's like, unthinkable in the US. You know, I think when you look at a lot of educational facilities in Europe, we don't have any allocation to venture.”

“I tend to agree. I think that markets are significantly more markets are huge, huge, huge input into outcomes, particularly in venture.”

“But I think it's splintering off of professionalization of turning into asset management is really going to happen in venture in the next couple of years.”

“Everyone that's been doing venture for a while that is elite has at least one ten billion dollar outcome.”

“I don't think, I think founders have lost all perspective on the risk they're taking in the next round. Venture has been so gamified the last five years, and everyone's to blame.”

“I think the impact that will have is that the concentration of returns in venture is going to be even smaller as they're going to be fewer companies that ultimately account for that, that performance.”

“I think for the math to pencil out in venture, we do need a rebound. The math. And this is, forget about the unicorn rounds and the crazy. We just, we do need some, we do need a 30 to 40% multiple reflation, or we just can't make any money on any round north o…”

“In venture, we're all pretending. You know, early-stage folks have never worried about liquidity, and the late-stage guys gotta deploy money. The time's ticking on these funds, so you gotta deploy them. We're praying, we're hoping liquidity comes back. We're i…”

“After 2700 shows, I've learned that one of the biggest mistakes people make is they try and copy someone's style that's not authentically theirs, and think that's the right one. And actually, it's about finding where you are uniquely great in the three pillars…”

“Venture is not sitting in a nice office with borrowed power of LPs and playing like in old Caesar's times, thumbs up, thumbs down.”

“It won't stop because the venture guys will be mature. It won't stop because the founders will kind of be more careful. It won't even stop because the LPs will stop. It will stop because the LP's bosses, the overall CIOs will stop allocating capital to venture…”

“One of the depressing facts about venture is we make an embarrassingly large percentage of our money once every seven years when you're in the white heat of must acquire, must own high growth venture assets.”

“I always tell the great operators who talk about coming into venture, don't be crazy. Your highest and best use is operating.”

“The lesson that punches you in the stomach in venture is you can't make a company succeed.”

“The dirty little secret adventure I get is how much of your money you make in that one year in 10 when everybody buys the dream.”

“Now the holding period of venture is longer than the technology platform chain cycle.”