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May 10, 2013


Tim Cunningham

Hey Chris,

Nice post. It's been a while since you wrote something. The trouble with venture is that it's really, really hard! It's so hard, in fact, that few have the juju to make it work (and, as you know, juju is otherwise known as "consistent voodoo"...). So much ambiguity. So many dreams. And, these days, in many corners of the VC world, so much capital efficiency that institutional LPs have a hard time putting money to work in the amounts they find meaningful. When you couple that with the incredibly wide dispersion of results among VC firms...well, it's just darned hard to raise a fund these days. I can appreciate your passionate embrace of the VC arts, they are seductive. And yes, being alone and right can produce outsized returns. But in most of the LP world, if you are alone, you have to hit the ball and drag your organization to first. And you'd BETTER be right if you do it that way!

Tim Cunningham

Andrei Vorobiev

Sorry, Chris, turns out I was flat wrong when I thought you gave up blogging...

Just a question that I suspect anyone looking at your table would ask: So, how do you distinguish which quadrant you're in? (Or which quadrant that friendly GP with whom you invest is occupying)?

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