Thread by @fdestin

1/ Fascinating conversation between @HarryStebbings and @chamath - my key outtakes written in the first person.

2/ Note I’ve written before about Social Capital’s initial mission and the "platforming of VC" before
medium.com/@fdestin/socia…

3/ On the flight of Icarus that was the initial version of Social Capital - Chamath says he could not run a traditional “investment firm” whilst trying to be a mix between Berkshire Hathaway and the Red Cross

4/ “I too often optimised for capability over integrity when I hired, and that was a mistake”. As a result of “my own insecurity” I didn’t hire people who were truly mission-driven.

5/ “The only way you can find people with high integrity is to spend many, many hours together for many months — integrity will surface over time, you cannot hide from it.”

There is no shortcut and you have to trust your instinct when you know you’re not aligned.

6/ As a partner at a VC firm, it’s very easy to lack integrity.

Ego and compensation are highly amplified in traditional partnership structures and it can take a long time to find out who really has integrity.

7/ As a Venture Capitalist, you're in the Action Game.

"When I was writing smaller checks, the predisposition had to be towards action. You need to be in the game and have enough chips on the table'.

8/ "As a VC, I would put 25% of my funds into reserves, invest the other 75% over 18 months, and do this ad infinitum as long as I could raise." 🧐

9/ By contrast -- "to be a successful investor writing larger checks, I have to be completely predisposed to inaction. The bigger the check, the more I bide my time. Optionality comes from doing nothing whilst I go through the learning process".

10/ "We will spend months studying a new market, talking to the world’s best experts, and go deep deep deep. The end product is a 10-12 page narrative, which may result in an investment, or result in nothing".

11/ Re: SPACs / next-gen IPO platform - # of investable tech companies shrunk by half to 4K whilst amount of capital increased by 1000X. Tech companies are the last bastion of investable surface area - so why not create a liquid markets for founders in the public markets?

12/ Note: @Accomplices portfolio company @DraftKings chose exactly this route to go public. So did @virgingalactic (which @chamath chairs).

barrons.com/articles/the-h…

13/ Re: taking Social Capital public: exposure to financial markets is a great way to achieve self-actualisation, develop emotional resilience, humility and focus… and learning to be kind to yourself. Be vulnerable, you don’t know the answers. “| am no longer my worst enemy”.

14/

"There is only one piece of paper on my desk. It reads: “BE calm, humble, focused, kind to myself, vulnerable, authentic”

"Reminder that the only person I’m battling is myself".

15/ I’d highly recommend listening from minute 30 onwards for the journey from being robbed of his childhood to forgiveness and personal growth.

I’d detract from the richness of it trying to summarise it.

16/ 17/ Overall one of Harry’ best episodes, highly recommended.

@HarryStebbings from @twentyminutevc in conversation with @socialcapital founder @chamath:

thetwentyminutevc.com/chamathpalihap…