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.
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Randle: Founders Fund's 'never fire founders' policy is rooted in laziness
“I think it's actually a convenience for Delian and some of the Founders Fund folks to absolve themselves of that weight and that responsibility just by being like, oh, it's not part of our, it's not part of our thing. But I think, you know, it's almost out of …”
Randle: Outside of China, there are basically no good open-source AI models
“Outside of China, there are basically no good open source models.”
Randle: Mistral AI has fallen very far behind on model development
“Like Mr. All itself has fallen very far behind on, on the actual model side, and they've done a very good job becoming this inference platform and the FDE model and all these things, but they're outside of China.”
Randle: Mega-fund leaders like Andreessen and Horowitz cannot promise 5x returns
“I don't think Ravi or Hamant or even Ben and Mark at this point, I don't think that they can go to LPs and say, hey, we're going to get you five X net on that.”
Randle: Capital deployment velocity drives promotions at mega funds like General Catalyst
“If you were to say, well, our GC or Lightspeed or some of these mega funds is the strategy investment velocity as a north star. To answer that question, I would have you go talk to the principals, the junior partners and the associates at those firms. You inte…”
Randle: New partners at mega VC funds get narrow coverage
“If there's 50 investors if you come in and you're like the 23rd partner at like, I don't know, like Iconic or like one of these places like what companies do you get to cover? And so they, like that, that's the first problem is like you end up getting like a v…”
Randle: Legacy SaaS growing 7% with no AI strategy is a zombie
“And what Owen did, and what the whole team at Intercom did, or Finn did, is they took a situation where the equity of the company was essentially worthless because no, no one's gonna buy 300 growing seven. It just, you know, it's just not, it's not a SaaS asse…”
Randle: Legacy SaaS incumbents can no longer afford top AI startups
“And now every single good AI company that they could acquire is too big for them to acquire and they can't do it. And so then it's like, well, we don't have the talent internally. We can't build a good AI product portfolio because we don't have the talent. The…”
Randle: Robotics is a prime candidate to produce trillion-dollar companies
“We think it's in, in terms of the things that are still in the first inning that are going to become trillion dollar, you know, we're trillion dollar companies are going to be produced. We think it's one of the prime candidates for sure.”
Randle: Prefers OpenAI at $500B over Anthropic at $350B
“And Sonnet and all the models that they have is probably still a little bit ahead of OpenAI, but I think given ChatGPT, I think I would probably rather do OpenAI at 500 than Anthropic at three 50, but I both think that they're relatively good investments even …”
Randle: Peter Thiel's genius lies in firm building over investments
“Peter, I think so much of his cleverness and so much of his genius is actually in the way that he builds his firms rather even than his investments.”
Randle: Matthias van Tienen Is the Most Underrated Venture Capitalist Today
“I think a lot of people at Founders Fund have very underrated track records. I think Matthias van Tienen, I think he's the most underrated venture capitalist that exists today.”
Randle: Mary Meeker is the most qualitative investor I've worked with
“Everyone thinks of her as this quantitative investor. You know, she had the, her time as an equity researcher at Morgan Stanley during the.com. Bubble. And then she came to Kleiner Perkins, obviously, and everyone talks about these DCF models she creates and a…”
Randle: Mamoun Hamid's top wins combine B2B software with consumer engagement
“If you think about his huge, huge winners, whether it's Figma, Glean, Rippling, they all have like a common through line of the, you know, it's B to B software, but it's almost like consumer like software that, that demands really high user love and engagement…”