Every once in a while “we” come across a piece that is worth passing along. Even less than every once in while we come across a piece that we MUST pass along. The latter happened to me today.
I just read Heat Death: Venture Capital in the 1980s, a blog post by Jerry Neumann (long time VC). It is fantastic and traces VC investing mentality from 1970s to today. The best line is at the end “the only thing VCs can control that will improve their outcomes is having enough guts to bet on markets that don’t yet exist. Everything else is noise.”