LPs

“The difference is at some point we have to go back to our LPs and say, well, we're kind of done with that bunch of companies and here's your three or four X return. Right. Whereas Bezos doesn't have to go back to his LPs. People are just willing to let him kee…”

“Their LPs expect them to actively participate in this protocol. Imagine that you're investing in Ford, but somehow you're dropping the dividends of Ford on the floor. Or you're participating in some decision of the network. You're not actually voting on who's …”

“Venture capital is so underwhelming in that it, you know, it's a great product for investors for LPs, but it's a kind of very mediocre product for entrepreneurs because like we, you know, you get almost nothing. You get like some money and then a smart person …”

“If you talk to the LPs now, increasingly they are focusing capital either on the scale platforms or they're focusing capital into, you know, this very specific kind of early stage seed angel strategy. And their interest in funding the department of store equiv…”

“In a purely consensus world, like it all just comes down to the cost of capital. Right. And so if my LPs want five X and yours want two X, you could pay two and a half times higher prices and the company's not better. It's just like, oh, like your cost of capi…”

“The thing that we all decided is like, we're just going to aim all of our communications at the entrepreneurs versus the LPs. Because we have their numbers, we, we're not a column, and you guys got great introductions to people, but it all needs to be very ent…”

“The key is, I, he said, I realized after a long career, I realized the key is you want to treat the LPs like mushrooms. So they treat mushrooms as you put, you put them in a cardboard box, you put the lid of the cardboard box, and you put it under your bed for…”

“We got one, we did one incredibly controversial block, it turns out. Like, a few LPs really hated the headline, and it was it was in the BioNHealth team, and it said, fuck cancer”

“One of them said that we should just do, like, we'd never raise it from the LPs, so we should just raise the money from VCs and give the VCs who invested half the carry.”

“A GP can get fired for missing out, you know, the next, you know, Facebook, the next Uber, right? Like, that is error of omission, and like, that's fireable. But LPs on the flip side only get fired if you invest into a mentor. So in some respects, like, the in…”

“Because if you have an asset class where 20 firms out of 3000 do well, you should concentrate in those 15, 20 firms pretty consistently. So, when I see a portfolio with 50, 60, 70, Venture capital firms. It's very hard for me to imagine that the overall portfo…”