Thread by @KyleSamani

0/ On finding the truth

https://twitter.com/harrystebbings/status/1550297778542313475

1/ finding the truth requires overcoming human psychological biases

Our brains use heuristics constantly. Heuristics are inherently backwards facing. They are based on a mental model of the world that currently exists

2/ but venture investing is about imagining a new world

This is why heuristics are bad. And especially why analogies are bad

To find the truth about how new markets can function, or how you can reshape existing markets, you must therefore *actively fight* heuristics

3/ our IC process is at its core designed to fight heuristics that lead to sub optimal decisions

The only way to do that is meticulous market structure examination. And that means arguing over every detail

4/ our investment memos our littered with comments questioning almost every statement - or even outright claiming that statements are false

This is the only way to overcome the heuristics that our brains naturally use to actually find the truth

5/ it sounds brutal. And it kinda is. Multicoin IC is not fun. But everyone adapts to it over time

We bicker over minutia. And then we laugh and make jokes and banter.

6/ Although it can feel personal, it never is. Tushar and I always push the team to get back up and try again, and to continue to explore and imagine, and everyone does

Finding the truth isn’t fun. But it is super intellectually rewarding.

Onwards and upwards. LFG!