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Do VCs share (some) misalignment w/ LPs similar to how founders have (some) misalignment w/ VCs?

~90% of funds don't return $$?

FoF is a hits driven business too

You could imagine something like "Indie LP" (@bryce) - focused on funds targeting repeatable 3x

"Lifestyle funds"
@bryce Perhaps the the operator fund equivalent will exist but for LPs.

Today, already, people are closing entire micro funds just from other VC firms/HNI.

Maybe bigger funds will close that way too.

@bryce Alternative path: Why don’t founders go straight to LPs, or LPs go straight to founders?

They mostly don't know each other

But thanks to #openLP, the LP ecosystem is becoming more accessible.

Founders going straight to LPs is also the behind the promise of startup studios...
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Erik Torenberg
@eriktorenberg
Rough summary/takeaways of "Sovereign Individual" (written in 90s):

The thesis is that the internet is going to lead to unbundling & modularizing of government.

We'll transition from being a "citizen" of gov'ts to a "customer", + the change will mirror other tech revolutions.
Agricultural revolution led to rise of Church.

Industrial revolution led to rise of nation-state, discredited the Church.

Information age will lead to rise of sovereign individuals / startup societies, will force competition among gov'ts

Zooming out:
Consider protection:

When protection is hard, we rely on others to protect us—governments for example protect us externally w/ military, internally w/ police.

When technology makes protection easier (e.g. via encryption), we rely less on gov’t to serve that existential role.
Read 23 tweets
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Erik Torenberg
@eriktorenberg
VCs don’t have diversified portfolios partially b/c LPs don’t want them too—they’re already diversified.

This points to another interesting dynamic:

In venture, it’s often unclear whether your customers are your founders or your LPs.
Most will say founders are their customers b/c that's the popular answer, and some will truly mean it.

Others will, in practice, treat LPs as customers, b/c they understand that without LPs, there’s no $ for founders.

So VCs optimize their product for LPs

Tail wagging the dog
I predict LP/GP dynamic will evolve in the future (founders will be customers), + it will mimic how the GP/founder dynamic evolved

It used to be unclear for whether founder's customers were their actual customers or VCs

Today, it’s hard to imagine, but true
Read 10 tweets
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Erik Torenberg
@eriktorenberg
Here's a deep dive into this #gameb idea I've been fascinated by recently 👇
We face a pivotal time in our development as a species

Things are better than ever, but also more precarious

The practices that have gotten us here (AKA Game A) are not sufficient to solve the challenges that Game A has created, which is why we need to transition to Game B
All civilizations have always collapsed — Mayans, Greeks, Romans, etc — and new ones took their place.

Why should this time be any different?

Exponential technology.

You used to be able to “live and let live” and civilizations would come and go. It was fine.

Not anymore.
Read 37 tweets

Related threads

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Jyotih
@RealMightyJoe
#share #thread #poem #qanon #QArmy #realmightyjoe #original
The following is one of my favorite poems I have ever written. On my phone so excuse any typos. I think it's the time to put this out there.
"As I Wept with the Devil"
The Fallen Angel would rather,
Crawl back to the pit of Hell.
Kill himself through his prechosen,
Ritual;
Then to ever have to see the Light,
The Truth.
The face of his Makers,
Mother and Father,
Ever again.
I do believe he truly hates God.
But Worships him still, to this Day.
Secretly,
His Mother he has attempted to erase from his-story.
Storytellers tell it differently.
We will politely dis-agree.
You Have No Power Over Me!
Read 17 tweets
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DocRock1007 🇺🇸
@DocRock1007
Something's up. Peter #Strzok added Jessie Liu to his #SpyGate lawsuit.
usatoday.com/documents/6379…
en.wikipedia.org/wiki/Jessie_K.…
2. Chairman @LindseyGrahamSC sent a letter to AG Barr urging him to work with Justice Department Inspector General Michael Horowitz on declassifying key materials related to the FISA abuse investigation. judiciary.senate.gov/press/rep/rele… …
3. Judge Sullivan held a sealed #SpyGate hearing with Flynn and his defense counsel today to hear out their demand for security clearances. He told them he'd deal with their broader motion demanding more evidence from prosecutors before deciding the clearance issue. #QAnon #Q
Read 92 tweets
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𝕄𝕚𝕫𝕫𝕪
@icymizz
20 likes and i’ll expose this guy for who he really is
READ: so a while back i didn’t know who he was but i randomly liked one of his tweets and this account that was following me dm’d me asking why i liked his tweet and i really didn’t care and just ignored it. later on i saw the same abu yoshi guy a couple days telling someone —
that im good friends with that they looked like a raccoon for literally no reason, thought it was very disrespectful for someone with 9k followers to be saying stuff like that but oh well. later on i see the same abu yoshi guy making fun of other people for the way they look etc-
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Sherri Helwig
@slhelwig
(01/42) Glad to be a part of #HCTwitterConf19 today! Hi, I'm Sherri Helwig - @CanadianAAAE President, faculty at the University of Toronto Scarborough @UTSC @UofT and Queen's University @queensu - here to expound a bit about better connecting academia and practice in my field.
(02/42) My field is arts management (aka arts admin, cultural mgt, etc.), a relatively young area of study about work that was "professionalized" only in the last 3/4 century or so - though I suspect and hope the ideas here are relevant and applicable in many areas of #HigherEd.
(03/42) In other professional disciplines (#law, #medicine) there is a rich tradition of sharing innovations across the divide. In #business there are academic journals, practice-based materials, & important resources that span them like The Harvard Business Review @HarvardBiz.
Read 44 tweets
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Carol Grant
@carolaverygrant
to give you all a sense of why Eva discourse can be so maddening:

imagine if Twin Peaks: The Return somehow became the highest grossing blockbuster series in America. imagine something like Twin Peaks: The Return having superhero movie-level discourse. now jump off a bridge
Evangelion is the single most audience-unfriendly thing to ever gain as wide an audience as it has. it rules but it also makes discourse exhausting.
Evangelion marketers: here's a fun romp about teenage mecha pilots fighting kaiju!!!

Evangelion:
Read 11 tweets
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🦄🦄🦄🦄🦄🦄🦄
@Jason
#Founders: We're up against #JackMa (& #China) *enforcing* a 72-hour work-week

#996 = 6 days a week, 9am to 9pm

The same exact work ethic that built America!

You can get on your twitter pedestal & attack Ma or you can make a plan to win.
The harsh truth is America is in a war with people who want *it* more than Americans do.

We can choose to become a retirement community like Europe, with negative growth, or we can step up & compete.

What's at stake isn't just money, it's democracy vs. communism.
Not going to tell you how many hours you should work, but I will tell you that you need a plan to fight heads up against Chinese companies -- which will be going head-to-head with every startup every created in the next decade

Ignoring, deriding or dismissing China isn't a plan.
Read 3 tweets

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