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 12 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
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 …”
Lieberman: Command-and-Control Venture Capital Firms Will Become Outdated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…”
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.”
Lieberman: Hot markets compress price spreads between great and average assets
“I think in times like this, we typically average assets get priced way up. Great assets get priced up, but the spread between those assets Probably compresses.”
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.”
Lieberman: Valuation spreads between average and great assets compress during market booms
“In times like this, we typically average assets get priced way up. Great assets get priced up, but the spread between those assets probably compresses.”
Lieberman: People are either long on money and short on time, or vice versa
“There's two commodities in life. You have money and you have time. And I had a wise entrepreneur a long time ago say, you can't have both. You have one. You're either long one and short the other or short one and long the other.”
Jeff Lieberman: Managing people is harder than the analytical work in VC
“Managing people is definitely the hardest part of the job and the emotional side of it and understanding their needs. I mean, the analytical stuff is fun and easy, and you know, the numbers don't Yell back, but the people do, and like, putting yourself out the…”
Lieberman: Macro trends, not just fundamentals, drive 10x to 30x venture returns
“So kind of the company gets you to a base case, but the macros are what allows you to break out and really see tail. Because if you don't have those macros, it's kind of hard to break out and have, you know, a 10, 15, 20, 30 time your money kind of investment.”
Lieberman: Learning from failure is much easier than learning from success
“I think it's much, much easier to learn from failure than from success.”
Lieberman: Investors must moderate perspectives during market booms and busts
“I think the biggest lesson is that you got to moderate your point of view on the ups, and you got to moderate your point of views on the down. It's probably never as bad as it looks, probably never as good as it looks.”
Lieberman: A 50% margin SaaS company is 2.5x more valuable than 20%
“One SaaS company will have a 50% cash flow margin. The other will have a 20% cash flow margin. One is going to be theoretically in the long term, this is my Wharton education kicking in, two and a half times more valuable than the other.”