The Ledger
Every statement that passed quotation and attribution checks. Mix any filter with any other: certainty 1/5, debate potential 5/5, or both at once.
why aren't all 7 resolved? a statement only gets an assessment when the public record can support or contradict it. opinions and what-ifs never can, and 0 checkable ones are still open, waiting for their date. predictions held up or didn't; assertions are supported or contradicted. on every card: ▮▮▮▮▮ certainty · ▮▮▮▮▮ debate potential. speakers are clickable
Tisch: Sitting between disciplined and adaptive VC strategies is dangerous
“So I think you see great firms with amazing returns just stay incredibly disciplined. Whether that's Harrison Metal or an IA Ventures, it feels like they don't change their playbook. And then there's other firms that are totally adaptive to a market condition …”
Dearing: Founder exceptionalism is independent of pedigree or brand-name experience
“That personal exceptionalism, that sense that they are special, that they are destined for really unique outcomes relative to their peer group, I think that shows up early in somebody's life. And it's independent, quite independent of pedigree or brand name wo…”
Dearing: Perfect market timing is impossible, making survival a management challenge
“I would say, though, that if you start with the premise that timing is always slightly wrong, I mean, listen, what are the odds that we invent something, we productize it, and we turn it into a company at exactly the right moment? It's practically impossible. …”
Dearing: Initial deal picking drives fund returns, not capital recycling
“I don't consider it a bulk part of the strategy because let's be honest, my numbers call it on a fund are driven by my initial investment picking. So picking is the primary thing I do. If I pick really well, I should generate great multiples and liquidity for …”
Dearing: Harrison Metal currently reserves $1.50 per $1 initially invested
“Over time, the way I've funded the reserves pool is varied between taking that ratio all the way up to two to one, back down to now I reserve about a buck 50 for every initial dollar.”
Dearing: Harrison Metal cut reserves over values violations only twice in 100+ deals
“I've rarely come into a situation where I've completely pulled out. I mean, it has happened, but usually for real values violations, you know, dishonesty, and thank God that's only happened, like, you know, two times out of more than a hundred cases.”