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 16 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
Samani: Investment teams larger than 10 people are net value-destructive
“I believe that the core unit of an investment firm is the investment team. And I am of the view that if investment team is larger than 10, you are now net value destructive to the overall investment team process and culture.”
Samani: In crypto venture deals, equity will be worth nothing
“Mechanically speaking, with a lot of the private round market deals that get done these days they're legally structured as SAFs, excuse me, as SAFs with token warrants or equity rounds with token warrants, but the primary asset that we believe will have value …”
Multicoin Capital operates without reserves or formal portfolio construction rules
“We have basically no formal rules of any form of portfolio construction nature. We don't do any notion of reserves and multi coin. We just deploy and raise our next fund.”
Samani: Multicoin spends 93% of investment evaluation time analyzing markets
“Multicoin prioritizes I'd say 93% of our discussion time is on market. I would like glance at a couple screenshots of the product, but I don't really care. And founders, I only care that the founder market fit is like, makes sense.”
Samani: Multicoin only invests if intended hold horizon is forever
“It doesn't for us and the reason it doesn't is we have some basic thresholds for making investments, and one of those thresholds is we will only make an investment if our intended hold horizon at the time of investment is forever. That doesn't mean we can't se…”
Samani: Multicoin avoids SaaS investments due to weak network effects
“We basically don't do SaaS businesses for this reason. Not like, and I say this as someone who used to be very enthralled by SaaS. But very few SaaS businesses have meaningful network effects.”
Samani: Sector-based portfolio targets in venture capital are value-destructive
“I think it's extremely value destructive to do so because you can't know ahead of time what you, like, we could not forecast helium. It would not, if we had any constraints on what is in strike zone or not, then helium would have been out of strike zone.”
Samani: Multicoin's early bet on EOS was completely wrong
“Our first bet we made was EOS. That was absolutely wrong. There were a lot of valid technical criticisms that we ignored and all of those technical criticisms turned out to be correct.”
Samani: Multicoin passed on FTX seed round before buying FTT in 2019
“The original reason we passed on the FTT seed round in March, April, 2019 was because we were like, Hey man, no separation of church and state. You can't run Alameda and FTX. People are not going to trade here. And we were like, okay, pass. And then we passed.…”
Multicoin Capital hires blindly based on writing quality rather than resumes
“Step one of our hiring process is write an essay better than what's on our blog. I actually, I don't read your name. I don't read your background. I don't read your resume. I don't care. I just start reading the first words of your document.”
Samani: Finding truth in investment decisions requires active, intense disagreement
“The process of actually recognizing the truth fundamentally requires active disagreements. Because the human brain is subject to everyone has their own biases and whatever heuristics they're using. And they're, as they write a memo are, some of which are inher…”
Samani: Multicoin holds investments indefinitely and ignores asset prices
“We scrapped the trading, the market, and I no longer look at the prices of anything. We now are 100% focused on thesis formation with our holding period is indefinite.”
Samani: Multicoin has spent over a year TWAPing out of one position
“But we can happily T WAP over, over six months. We have one position we've been T WAPing for a year.”
Multicoin Capital IC begins with seven minutes of silent Google Doc commenting
“Once, you know, we are talking about a new asset in investment committee, the subsequent six or seven minutes are silent. It's everyone having a bunch of Google doc comment conversations concurrently.”