Jeff Lieberman, Managing Director at Insight Partners, discusses how asset quality and pricing dynamics shift during inflated market cycles.
Prediction Held up
Lieberman: VC industry's 50% returns are ridiculous, unsustainable, and will mean revert
“50% returns I read this weekend across the industry. Like, as an industry, that's ridiculous. Massively unsustainable. We're not all that smart. We're not all that good, including myself. It's not possible. So there's clearly something going on, and there'll b…”
Insight
Lieberman: Entry price does not matter long-term for truly great companies
“If you own the ones that are really good long-term, I don't think the price overly matters. Your returns will be worse if things correct, but they're still going to be good. And if things don't correct, your returns will be spectacular. But if you own the bad …”
Insight
Lieberman: Command-and-Control Venture Capital Firms Will Become Outdated
“In a world that's decentralized, in a world that's global, in a world that's innovating very quickly, you need to hire super, super smart, super energetic, super passionate, inquisitive people to go find really interesting stuff, and if it's command and contro…”
Insight
Lieberman: Business Classrooms Don't Work for Venture Capital Training
“I would argue in our business, and in most business, classrooms don't work. I mean, I took marketing classes. You know, most business classes aren't practical relative to what it is to be a VC.”
Assertion Supported
Lieberman: Insight Partners analysts have full control over senior partners' calendars
“When an analyst joins Insight, they basically have full cart, blanche control of senior partners' calendars, and what I mean by that is if an analyst walks into my office and says, Jeff, I got this really cool company. I want you to talk to them tomorrow. I ta…”
Insight
Lieberman: Entrepreneurship is a process, not an epiphany
“I didn't realize, really because of my upbringing, that entrepreneurship was a process, not an epiphany, and it's something that I just never really had thought about or was exposed to.”