Everything Will Quist said on any show that made the record, most notable first. Each card names its show and opens the statement there.
Quist: Only 5% of venture capital funds classic early-stage venture bets
“Five percent of the industry or the capital of the industry, I think is really seeking out classic venture bets and the rest of it is piling on into growth”
Quist: Mid-sized VC funds will struggle to find alpha by 2027
“I think the pie gets bigger. But unfortunately it subsists less people. Goldman and Morgan are much more profitable than a lot of other investment banks. And so I think you'll see firms that have picked a quadrant and set up their organization and strategy wor…”
Quist: Accumulating top companies beats holding a diversified venture portfolio
“You're almost always better off accumulating stock in those companies over the first eight years of their life than you are in any diversified venture portfolio.”
Quist: Tiger Global will retrench and deploy less private capital annually
“I think they retrench probably at slightly smaller scale on the private side, the public book. I don't know. There aren't a lot of firm, not a lot of public books that have recovered from being down that far. But they're kind of an unprecedented institution in…”
Quist: Effective TAM analysis focuses on past spending on inefficient solutions
“I think a lot of TAM analyses, like, starts off on the wrong foot. I like to ask, and I think the question you want to have about marketizing is, most products are built to solve a problem. Most problems are solved, but inefficiently. And so the question I hav…”
Quist: Underwriting startups with multiple novel theories is exponentially riskier
“Being novel, having a novel theory and being correct, having one of them in your life is a low odds proposition. There just aren't that many. Having two isn't linear risk or the odds of being right on two vectors is exponentially lower. And I think that there'…”
Quist: Slow Ventures passed on leading Deel's seed round over valuation
“We were negotiating to be the lead of the seed, and I literally were like this far apart and decided that was too far apart.”
Quist: Venture capital exists to fund testable high-upside experiments
“I fundamentally believe the point of venture capital, right, is to allow a founder to run an experiment against a hypothesis that is knowable, testable, right? Where a true answer dramatically changes the enterprise value of the company.”
Quist: Venture capital follows the evolutionary path of private equity
“When I look at whether it's investment banking, mutual funds, hedge funds, private equity, and now venture, they've all followed a very similar curve where early on in the assets class lifestyle or business model lifestyle, it's really subscale and it's volati…”
Quist: Slow Ventures avoids consensus seed deals to back non-consensus ideas
“I think we would say we concede the consensus game at the earliest stages. We think our job is to go a click out further on a belief system than in other people.”
Quist: All competitive startup moats eventually erode over time
“I think as soon as you begin talking about a product, there's only a few ways people have ever created defensibility. And I know it all erodes. There's no sure thing modes, but there are higher walls than others, right? Around network effects, intellectual pro…”
Quist: Industry Ventures returned 10-12x on LiveRamp's Series B acquisition
“There's a company called LiveRamp that Oren Hoffman founded, that I was lucky enough to lead the Series B. And this was at a time when ad tech related products were kind of written off, right? As hard to differentiate, hard to find novelty, hard to find defens…”
Quist: Slow Ventures will not pursue a multi-stage fund strategy
“I think the amount of human capital and what it means on a daily basis to be a competitive multi-stage firm is not what we do. It's not our strength. It's not our DNA.”
Quist: Every venture capitalist should read Michael Mauboussin's The Success Equation
“Professionally, it's the success equation by Mike Mabusian. No, no, no, no full stop. Everyone in venture should read it. It's, it changed how I operate day to day.”