The Ledger
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Venture capital will not lose its artisanal, craftsman approach
“I don't think we're going to lose it because there's folks like you or I who really treasure that, and they really view working with an entrepreneur as a partnership and not being, especially at the earliest stages, solely driven by quantitative and being data…”
Capital oversupply is depressing returns across all asset classes
“So as you're looking at a decade of a bull market, if you're looking at historically low interest rates across the board, and therefore a flight from fixed income, everything else is basically overcapitalized, and it's really depressing returns across all asse…”
Snap and Pinterest broke Google and Facebook's acquisition duopoly
“I think Snap and Pinterest have kind of broken through that duopoly, and therefore there's some heterogeneous ways to acquire customers, but not as many as you'd hope.”
Cheap, unlimited capital allowed Uber and Lyft to take bigger risks
“So Uber and Lyft basically had an infinite financing pool, and they had a very cheap cost of capital. Therefore, they were able to experiment more and push themselves more out on the risk curve.”
Venture capital has transitioned from an artisan business to buyout-style structures
“It's gone from being an artisan business on the whole to being a structured business that looks more like a buyout group.”