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 8 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
Walk: Underperforming VC funds take a decade or more to exit
“It takes, you know, a decade or more, you know, barring a real firm, you know, a partnership breakup or you know, something illegal, you know, right? Like it takes a decade or more for a underperforming fund To actually exit the market.”
Hunter Walk: Only 5% of VCs are exceptional and 5% are horrible
“And then you get inside the industry and you realize like, actually it's a single hump. There's five percent of VCs who are really, really good at what they do. And even part of that is self-awareness, right? Oh, I'm best in these situations and this stage of …”
Walk: Giving different pitches to founders and LPs is duplicitous
“To the extent that those answers, the answers you would tell a founder are different than what you tell an LP. I think at best it's confusing and at worst it's duplicitous, right? Like you're sort of somebody's the rube, right?”
Hunter Walk: Do not use AUM growth to measure fund success
“Don't use AUM or increasing AUM as a measuring size for your success, for your momentum, for anything.”
Hunter Walk: An investor's thesis is their portfolio, not their blog posts
“Your thesis is your portfolio page. It's not your tweets. It's not your blog post. It's not your market maps. The saddest thing in the world is to be an investor who, like, gets all of those right, but then doesn't invest in the best companies. ... Then you're…”
Walk: The venture capital industry moves quickly only out of fear or greed
“Venture, venture moves quickly out of fear or greed. Everything else is slow, right?”
Walk: Fund I is raised on potential, II momentum, III results
“Fund one gets raised on potential fund two gets raised on momentum and fund three gets raised on results.”
Walk: Emerging VC managers should change only one thing for Fund 2
“Fund two shouldn't necessarily, shouldn't change too much. Like if you're adding, like, sometimes I see people try to add a partner Move up a weight class in terms of like, as opposed to one to three percent, now I'm gonna lead rounds, or, you know, they try t…”