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 9 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
Bartlett: LP prisoner's dilemma keeps private startup prices elevated
“Now we're at this prisoner's dilemma where it would be theoretically a great time for everyone to lean in if other people backed out because then prices would depress, but everyone's staying in. And so it's actually leading to prices staying elevated”
Bartlett: Early-stage funding is largely uncorrelated with macro conditions
“That said, it does seem pretty uncorrelated what's going on at like a high level macro with the early stage funding environment.”
Bartlett: Institutional VCs still face social stigma selling secondary shares early
“I'm not sure it's totally socially acceptable, at least for the institutional funds to do it. I think it's far easier if you're an angel, people are a little bit more understanding of that”
Bartlett: Private equity firms have institutional moats preventing spin-out competitors
“So if you're a private equity firm, if you're Apollo, or Blackstone, or BlackRock, or whoever it is, right, and you're this big entity the people within your firm can't really leave and compete with you, because there's so much institutional infrastructure aro…”
Bartlett: Individual VCs can easily spin out and raise $100M-$400M funds
“In venture, it's so beholden, I think, at least to individuals and individuals can walk out the door and they can go raise a 102 103 104 hundred million dollars. And like, effectively compete with you in some way, shape or form.”
Bartlett: Over-optimizing startup entry price signals doubt about ultimate outcome
“What I've realized is like price very rarely within some zone has mattered. And when I find myself iterating a little too much on on like, oh, I'll do it at this price versus that price. It probably says something about what I think the ultimate outcome for th…”
Logan Bartlett: Blue-chip VC firms prohibit LPs from cherry-picking fund vintages
“If you leave a firm, then they don't let you back in the next fund. Like you don't get the cherry pick. Okay. I'm going to be a part of this vintage but not that vintage for the most part with the blue chip names.”
Bartlett: Cycle Peaks Drive Heavy SPV Formation for Outsized Checks
“This is a common phenomenon at the, not the end, but at the peak of a lot of cycles is you end up with a lot of these SPVs getting
Formed in a meaningful way. And you end up with managers trying to get write bigger checks for rounds than their funds can actual…”
Bartlett: Founders now prioritize individual board partners over firm brands
“It feels like we've rotated a little bit more back to like, who is my individual board member? Who is going to be on the ground with me day to day? Like I'm going to solve for that person rather than the soul, like just the brain past a certain point, right? L…”