Dave McClure — @davemcclure


  • 1

    • @Samirkaji note that data distribution reflects the overall universe of returns, and thus is more representative of Series A/B/C investments -- seed-stage funds likely have more skewed outcomes (more failures, bigger multiples).
    • @Samirkaji in my experience, ~50% of seed-stage deals go to zero, you get 1X back on another 20-30%, maybe 5X back on another 10-20%. you'd be lucky to get 1X back on the long tail, but regardless it's the last 5-10% that generates most of the economics (or not).
    • @Samirkaji in short, i'd agree strongly it's really unlikely you'll do 5X, but it might be more common in small seed-stage funds where 100X+ outcomes are perhaps easier than in larger/later funds. my old post on this topic is here: https://t.co/O3UVZFUXll
    • many folks are re-cycling some old blog posts on portfolio math -- here's mine from 5 years ago: https://t.co/O3UVZFUXll
    • here are the 4 basic spreadsheet models i used to show distribution of returns for portfolios of size n=15,30,100 https://t.co/nbZr5ghJKb

    2 days ago ago via Twitter

  • 2

    • @vc @stratechery @benthompson
    • @vc @stratechery @benthompson
    • @vc @stratechery @benthompson also @HackerNoon
    • Where is “The New Yorker” for tech? A publication where the articles are so long you don’t want to have to read them but they’re so well researched and written that you can’t help yourself? — (RT @vc)

    3 weeks ago ago via Twitter

  • 3

    • i've invested for ~20 yrs, met 1000's of founders, seen 1000's of decks, done 100's of deals -- yet it's still humbling how often i'm wrong or uncertain about what's going to happen. like Yogi Berra sez: "It's tough to make predictions... especially about the future". #sigh🤷
    • i read about a lot of other VCs bragging about their big investing wins (and how they had #CONVICTION about investing early), but i'll be honest it's rare that i'm sure things are going to go great... and again, often that i'm wrong when i feel that way.
    • now don't get me wrong, i've met some amazing founders and had the good fortune to write a check / not fuck it up, but i've also passed on amazing deals more often than i've said yes -- so i'm painfully aware my hitting % is at best only around .300 (maybe).
    • but seriously, the more deals i've done, the more i feel like a fucking idiot that i haven't figured out that #PatternRecognition thing everyone else talks about... and in fact as i get older i think i may be getting worse (less technical, more clueless, more out of touch).
    • at best, i can probably tell "good" from "not-so-good" (and even then i'm wrong sometimes), but i certainly have a tough time with "good" vs. "great", or also "not-so-great" vs. "terrible"... only over time and more exposure can i figure those things out.
    • i've also seen inexperienced entrepreneurs get a LOT better, and very smart people who i think are amazing still FAIL. so many false positives and false negatives, it's just difficult to "have CONVICTION"... and i'm jealous (or skeptical?) of those who claim to have it.
    • maybe i'm just a slow learner, or maybe other investors are just a shit ton better... but i guess i wonder if there isn't just a lot of unicorn survivor bias / non-unicorn amnesia by many VCs? sort of like great cornerbacks -- we seem to forget our mistakes quickly.
    • so at least for me -- with apologies to malcolm gladwell -- CONVICTION isn't something that happens in the blink of an eye. sure, i can make quick decisions, but they're just as likely to be wrong as right (more likely wrong, actually).
    • at same time, it doesn't mean that my decisions get any better just bcz i do more "due diligence", or bcz i talk to lots of other smart VCs & get their opinions -- more chimpanzees typing on keyboards doesn't improve the quality of the novel. (we are all idiots, just diff levels)
    • anyway i don't know what lessons i take away from all of this except that i think "investing with conviction" is a bit of a myth. some of us are smart, some of us are lucky, some of us get both, and some of us get both more than once. and maybe i'm just fucking clueless.
    • but the lessons i take from 1000's of deals over the past 20 years is just this: - the more swings i take - the more shots i make - the more likely i hit a home run or score a goal. it's not some great mystery or even much practiced craft. it's just gradual and quantitative.
    • you want to place all $100 on one spin of the roulette wheel because you have conviction? hey buddy, go for it -- to each their own. for me, i'd rather bet $1 on 100 bright-eyed entrepreneurs, and feel like i'm lucky as pie when 2 or 3 of them make it big. YMMV. /end
    • sorry, one caveat -- most of this thread was about doing very early-stage / first-check investing, not so much about later-stage investing (where there is often more traction / customer data to look at)

    1 month ago ago via Twitter

  • 4

    • i've invested for ~20 yrs, met 1000's of founders, seen 1000's of decks, done 100's of deals -- yet it's still humbling how often i'm wrong or uncertain about what's going to happen. like Yogi Berra sez: "It's tough to make predictions... especially about the future". #sigh🤷
    • i read about a lot of other VCs bragging about their big investing wins (and how they had #CONVICTION about investing early), but i'll be honest it's rare that i'm sure things are going to go great... and again, often that i'm wrong when i feel that way.
    • now don't get me wrong, i've met some amazing founders and had the good fortune to write a check / not fuck it up, but i've also passed on amazing deals more often than i've said yes -- so i'm painfully aware my hitting % is at best only around .300 (maybe).
    • but seriously, the more deals i've done, the more i feel like a fucking idiot that i haven't figured out that #PatternRecognition thing everyone else talks about... and in fact as i get older i think i may be getting worse (less technical, more clueless, more out of touch).
    • at best, i can probably tell "good" from "not-so-good" (and even then i'm wrong sometimes), but i certainly have a tough time with "good" vs. "great", or also "not-so-great" vs. "terrible"... only over time and more exposure can i figure those things out.
    • i've also seen inexperienced entrepreneurs get a LOT better, and very smart people who i think are amazing still FAIL. so many false positives and false negatives, it's just difficult to "have CONVICTION"... and i'm jealous (or skeptical?) of those who claim to have it.
    • maybe i'm just a slow learner, or maybe other investors are just a shit ton better... but i guess i wonder if there isn't just a lot of unicorn survivor bias / non-unicorn amnesia by many VCs? sort of like great cornerbacks -- we seem to forget our mistakes quickly.
    • so at least for me -- with apologies to malcolm gladwell -- CONVICTION isn't something that happens in the blink of an eye. sure, i can make quick decisions, but they're just as likely to be wrong as right (more likely wrong, actually).
    • at same time, it doesn't mean that my decisions get any better just bcz i do more "due diligence", or bcz i talk to lots of other smart VCs & get their opinions -- more chimpanzees typing on keyboards doesn't improve the quality of the novel. (we are all idiots, just diff levels)
    • anyway i don't know what lessons i take away from all of this except that i think "investing with conviction" is a bit of a myth. some of us are smart, some of us are lucky, some of us get both, and some of us get both more than once. and maybe i'm just fucking clueless.
    • but the lessons i take from 1000's of deals over the past 20 years is just this: - the more swings i take - the more shots i make - the more likely i hit a home run or score a goal. it's not some great mystery or even much practiced craft. it's just gradual and quantitative.
    • you want to place all $100 on one spin of the roulette wheel because you have conviction? hey buddy, go for it -- to each their own. for me, i'd rather bet $1 on 100 bright-eyed entrepreneurs, and feel like i'm lucky as pie when 2 or 3 of them make it big. YMMV. /end

    1 month ago ago via Twitter

  • 5

    • i know most people are focused on #coronavirus #unemployment #USeconomy #blacklivesmatter #policebrutality #votingrights however if you aren't paying attention to the constitutional crisis with #Barr #Trump trying to fire US Attorney #Berman #SDNY you're missing the big picture.
    • i know most people are focused on #coronavirus #unemployment #USeconomy #blacklivesmatter #policebrutality #votingrights however if you aren't paying attention to the constitutional crisis with #Barr #Trump trying to fire US Attorney #Berman #SDNY you're missing the big picture.
    • the sitting US President and the US Attorney General trying to fire #Berman, US Attorney of #SDNY (who *they* appointed!), and who is currently investigating #TeamTrump and Giuliani, is arguably the most serious federal political corruption scandal in the past 50 years.
    • Trump on firing Berman, “I’m not involved.” 🤦🏻‍♂️ https://t.co/BtBoKWSpfK — (RT @ProjectLincoln)

    1 month ago ago via Twitter

  • 6

    • 1/ random rant on negotiation: we tend to under-value people who are NICE and REASONABLE in negotiations, and forget about how easy and pleasant they are to deal with.
    • 2/ similarly, we often praise people who negotiate HARD or TOUGH in a way that seems positive -- like "wow that person drove a hard bargain; they stuck with it and got what they wanted" -- when in reality, they were just a pain in the ass and you just gave up / gave in / caved.
    • 3/ to be clear: in fairness to yourself (and everyone else), you should actually reward the NICE behavior and penalize the TOUGH behavior, rather than the other way around.
    • 4/ what does that mean? well actually for the NICE person, you should actually GIVE THEM STUFF WITHOUT ASKING because they were NICE, and because they DIDN'T ASK for anything.
    • 5/ similarly, for the HARD person, you should actually negotiate HARDER, and TAKE AWAY things from the deal, so that they realize when they negotiate in a hard or unfair way, they actually get a shittier deal.
    • 6/ of course, this is incredibly difficult in practice, especially when you are in a weak negotiating position and/or don't have much leverage.
    • 7/ and then realizing the above, you should be NICE to NICE people EVEN MORE when you *do* have leverage... by NOT USING IT. (in fact, this is the essence of true power: having leverage and knowing when to NOT use it)
    • 8/ so while i realize it's very difficult to stand up to TOUGH negotiators and drive a fair bargain (for yourself as well as others), I will leave you with this bit of advice -- even if you aren't tough with the tough people, be NICE to the NICE people (even when they don't ask)
    • 9/ in summary: please be sure to recognize NICE people who are easy and reasonable to deal with, and try and reward them for being that way. in reality, you are really just rewarding yourself as well... that is, assuming you're a nice person. which i hope you are :)

    2 months ago ago via Twitter

  • 7

    • @Samirkaji true altho this was already a general trend; just that it’s been accelerated. technology increases competition and reduces incumbent advantages. this likely decreases avg # of years of free cash flow for established co’s, which in turn reduces P/E multiples.
    • @Samirkaji true altho this was already a general trend; just that it’s been accelerated. technology increases competition and reduces incumbent advantages. this likely decreases avg # of years of free cash flow for established co’s, which in turn reduces P/E multiples.
    • @Samirkaji another “tech trend” people seem to overlook is widespread adoption of internet marketing for non-tech products & svcs — look at mattress co’s like Purple & Casper, then imagine that same competition coming after EVERY public co that doesn’t use current internet mktg techniques.
    • This pandemic will hopefully mark the end of the perversion of higher education. Since the 1980s, kids and parents have been forced to play a series of stupid finite games - grades, extra curriculars, influence peddling, donations for infinite assets: skills and knowledge. — (RT @chamath)

    2 months ago ago via Twitter

  • 8

    • 1/ Observation: most public market investors (+ even some late-stage private investors) are uncomfortable making quick decisions on limited/imperfect data. This is the *essence* of private company investing -- and most great angels & VCs I know conquered this fear long ago.
    • 2/ note this isn't to say you won't make mistakes -- you will (& some will be doozies) -- but the very nature of private investing is exactly that u don't have access to detailed company info, and in competitive situations w/ good/great companies, you'll have to decide quickly.
    • 3/ one way to conquer this fear is to just do a lot of deals, & get comfortable making uncomfortable decisions (hopefully w/ some after-the-fact results to adjust your intuition). however, this can be challenging if check size is large and/or your portfolio is concentrated.
    • 4/ in my experience, diversification across a larger portfolio of companies allows one to make this type of quick and imperfect decisions more quickly / confidently, knowing that any individual failure won't crater the overall portfolio.
    • 5/ this can also be accomplished by spreading risk across a team, across time, across sectors or geographies, or other typical diversification strategies. we did this in multiple ways at 500 Startups (primarily via large portfolios + global geographies, but also sectors).
    • 6/ once you realize you can make lots of little bets and any individual one won't crash your strategy, you can then start making VERY quick and fearless decisions (again, this doesn't mean they won't be WRONG decisions).
    • 7/ most people were incredulous we could make so many quick decisions on such limited info -- one year we did ~400 deals. they thought we were crazy, foolish, or stupid (which may have been true)... they just didn't understand & thought were were fucking insane.
    • 8/ however, it was really just basic math & probability -- we knew we would have limited info, but if we made hundreds of decisions we would be right ~20-30% of the time, which was enough to generate significant positive returns.
    • 9/ eventually, larger portfolios & quick/limited decision-making became a core strategic advantage -- altho we weren't the first, others like YC, Techstars, AngelList, First Round, SV Angel, and even Sequoia also understood this.
    • 10/ still it always surprised me that most investors didn't really get this, and to this day I run into very smart, very successful traditional investors who just think this method of investing is crazy. oh well.

    3 months ago ago via Twitter

  • 9

    • @DavidSacks fyi, we certainly *aren't* quarantining the entire pop -- and several states never were. that said #3 is only achievable if #masks4all is actually practiced (and enforced). based on recent events, POTUS & VPOTUS appear to be actively discouraging that behavior.
    • @DavidSacks fyi, we certainly *aren't* quarantining the entire pop -- and several states never were. that said #3 is only achievable if #masks4all is actually practiced (and enforced). based on recent events, POTUS & VPOTUS appear to be actively discouraging that behavior.
    • @DavidSacks that said, if we *DID* encourage / enforce #masks4all then I'd be all for getting people under 50 back to work (altho hopefully with better testing / PPE as well).
    • Uber reports Q1 revenue of $3.54B, up 14% YoY, gross bookings of $15.8B, up 8%, net loss of $2.9B; rides gross bookings fell 5%, Eats bookings were up 52% YoY (@lorakolodny / CNBC) https://t.co/Fy5nl0PWg4 https://t.co/RT77r9wPcu — (RT @Techmeme)

    3 months ago ago via Twitter


    • 1/ guaranteeing follow-on pro-rata participation seems like VC vanity signaling to me. purely for dealflow marketing, not good investment strategy.
    • 2/ i’m not even sure it’s good for founders; it encourages sloppy execution IMHO — i’d rather invest in founders who know that if they fail to execute i’m not automatically writing a follow-on check to save their ass (#COVID19 issues notwithstanding)
    • 3/ more importantly, automatically guaranteeing follow-on is arguably a dereliction of fiduciary responsibility to LPs — why would you want to pre-commit to follow-on w/o knowing what kind of situation you’re getting into? again seems a bit desperate VC vanity signaling.
    • 4/ letting founders know in advance that you’re not an automatic follow-on check isn’t founder-unfriendly — it’s just rational investment behavior. (and it certainly *IS* LP-friendly / responsible fiduciary oversight)
    • 5/ personally i want to invest in founders who are confident in their own team & execution & leadership, and also understand that I have a responsibility to my LPs to make good investment decisions — just as they have a responsibility to their employees, shareholders & customers.
    • 6/ in closing: sometimes too much safety net — whether too much cash or other commitment, or an automatic “hey don’t worry i’ll bail you out of jail” card — can encourage irresponsible & bad behavior. everyone should know they face accountability from their stakeholders.

    3 months ago ago via Twitter


    • looking for summary of low-cost tools to host and manage #WFH online conf/events (ideally with paid options / other monetization) -- links and/or examples? (multiple groups asking; compiling list of basic options)
    • assuming some basic tools would be: - slack - zoom - whatsapp - slideshare - twitter - others i'm forgetting? - good examples of integrating the above?
    • assuming some basic tools would be: - slack - zoom - whatsapp - slideshare - twitter - others i'm forgetting? - good examples of integrating the above?
    • Video Of The Week: The Bill Gates TED Interview https://t.co/uocZ56QWeu — (RT @avc)

    4 months ago ago via Twitter


    • @davidrgoldberg @Samirkaji @semil @infoarbitrage @shaig more controversial take: recycling typically goes into follow-on / later-stage deals, but your first checks usually have better IRR (again, if you're a "good" VC) -- so if you (& your LPs) don't care about distribution timing, recycle into new deals rather than follow-on. #YMMV
    • @davidrgoldberg @Samirkaji @semil @infoarbitrage @shaig more controversial take: recycling typically goes into follow-on / later-stage deals, but your first checks usually have better IRR (again, if you're a "good" VC) -- so if you (& your LPs) don't care about distribution timing, recycle into new deals rather than follow-on. #YMMV
    • @davidrgoldberg @Samirkaji @semil @infoarbitrage @shaig (caveat: this isn't practical after year 4-5, so most recycling will prob still go into follow-on deals)
    • Just found @LeadEdgeCapital's "Hierarchy of Information Disclosure." Companies choose which data to present -- ranging from "cash profits" to "being voted the best place to work in our city." So true! (Shared with permission) https://t.co/Uekc4hHarT — (RT @joshk)

    5 months ago ago via Twitter


    • 1/ when IPOs fall below their IPO price, why does media criticize the company (supply) rather than the banker/broke… https://t.co/1JftCfr0hG
    • 2/ one might suggest the company (and definitely the banker/broker) have an ethical & reputational responsibility t… https://t.co/DU4e2kBnTO
    • 3/ OTOH, IPO buyers have a responsibility to make a good purchase (especially on behalf of their fiduciaries, if th… https://t.co/BZJ6jCxiVe
    • 5/ at the very least, business media should hold [typically “wholesale” institutional] IPO buyers publicly accounta… https://t.co/yd7bKZxAYX
    • 4/ seems like the business media almost immediately declare companies at fault or “broken” when IPOs trade below th… https://t.co/a0TSsSvFvG

    1 year ago ago via Twitter


    • @Samirkaji 2/while i don’t disagree most seed funds investing in SF/SV companies with median valuations @ $10-20M p… https://t.co/fFmqm6hDWI
    • @Samirkaji 3/ case in point: 500 Fund I currently tracking 3.5x net (0.9x dpi), and i doubt we own >3-5% in any 1 c… https://t.co/hRKMR6hvUz
    • @Samirkaji 4/ what *is* definitely true is that it’s rare to see portfolios with unicorns (or more specifically >50… https://t.co/Wa7UQP54YG
    • @Samirkaji 5/ while it’s debatable whether increasing or decreasing portfolio size has material impact on your chan… https://t.co/BBlCzy0K5D
    • @Samirkaji 6/ in summary i’d suggest spending less time worrying about ownership % and considerably MORE time on:… https://t.co/qf3vJaOTBA

    1 year ago ago via Twitter



  • 1 year ago ago via Twitter


    • 1/ from my experience, learning how to change personal belief systems comes from *first* stating those beliefs, and… https://t.co/ieBxktFCpp
    • 2/ however if i worry too much about whether i'm going to look stupid or wrong, then i won't speak up or state my b… https://t.co/xAy15gVJox
    • 3/ along with publicly stating my beliefs, in order to learn & change i also have to make sure i'm open to criticis… https://t.co/Pcvt3AVYxW
    • 4/ the collection of these vulnerable behaviors makes me look quite foolish: i state my beliefs publicly / ask stup… https://t.co/1rjLEN6t8q
    • 5/ still, i've come to realize that being comfortable with looking like a fool in public is one of my superpowers..… https://t.co/AcWYKOPiEb
    • 6/ this behavior is also an interesting way to test uncertain beliefs & practice how to say them more eloquently (a… https://t.co/RtyR60wVpw
    • 7/ the extreme version of this (not for faint of heart) is to state your uncertain beliefs when they are still not… https://t.co/uqdPSzXWNn
    • 8/ of course the challenge is that if you do this *too* often or too publicly, people will really think you're a co… https://t.co/lwd1w1tw4c
    • 9/ so it's probably prudent to develop some area of expertise or authority that is acknowledged by others, and bala… https://t.co/FSaPRsFr2x
    • 10/ this is a particularly delicate balance: how long do i wait to say something stupid i'm not sure about? how muc… https://t.co/3ak2XmxXGi
    • 11/ this decision is even more challenging for people who are in underdog roles (women, minorities, marginalized gr… https://t.co/OlbpyGWTFa
    • 12/ so i suggest a slight hack to the initial approach -- first, find/build a few allies in your new groups & roles… https://t.co/iFojzDAkFh
    • 13/ summary: - state your uncertain beliefs publicly & be open to criticism - alternate btwn stupid/vulnerable st… https://t.co/3CMObvUOMJ
    • My “cognitive bias cheat sheet” post from a year-and-a-half ago just passed 1 million views! 📈🎉🔥 Woah. Thoughts: https://t.co/G6C2l8vhnZ — (RT @buster)

    1 year ago ago via Twitter


    • 1/ from my experience, learning how to change personal belief systems comes from *first* stating those beliefs, and… https://t.co/ieBxktFCpp
    • 2/ however if i worry too much about whether i'm going to look stupid or wrong, then i won't speak up or state my b… https://t.co/xAy15gVJox
    • 3/ along with publicly stating my beliefs, in order to learn & change i also have to make sure i'm open to criticis… https://t.co/Pcvt3AVYxW
    • 4/ the collection of these vulnerable behaviors makes me look quite foolish: i state my beliefs publicly / ask stup… https://t.co/1rjLEN6t8q
    • 5/ still, i've come to realize that being comfortable with looking like a fool in public is one of my superpowers..… https://t.co/AcWYKOPiEb
    • 6/ this behavior is also an interesting way to test uncertain beliefs & practice how to say them more eloquently (a… https://t.co/RtyR60wVpw
    • 7/ the extreme version of this (not for faint of heart) is to state your uncertain beliefs when they are still not… https://t.co/uqdPSzXWNn
    • 8/ of course the challenge is that if you do this *too* often or too publicly, people will really think you're a co… https://t.co/lwd1w1tw4c
    • 9/ so it's probably prudent to develop some area of expertise or authority that is acknowledged by others, and bala… https://t.co/FSaPRsFr2x
    • 10/ this is a particularly delicate balance: how long do i wait to say something stupid i'm not sure about? how muc… https://t.co/3ak2XmxXGi
    • 11/ this decision is even more challenging for people who are in underdog roles (women, minorities, marginalized gr… https://t.co/OlbpyGWTFa
    • 12/ so i suggest a slight hack to the initial approach -- first, find/build a few allies in your new groups & roles… https://t.co/iFojzDAkFh
    • 13/ summary: - state your uncertain beliefs publicly & be open to criticism - alternate btwn stupid/vulnerable st… https://t.co/3CMObvUOMJ

    1 year ago ago via Twitter


    • if there was ever a journalist who deserves your attention and support right now it’s @mariaressa — we are looking… https://t.co/UwoJ9wTP4E
    • cc @randizuckerberg @ariellezuck
    • cc @ev @biz @dickc
    • cc @smithmegan @elatable

    1 year ago ago via Twitter


    • #protip for VCs: in typical portfolio with 30 deals (& no reserves) your "winners" should aim to return ~30X (ideal… https://t.co/4oKIyTSCRD
    • #protip for VCs: in typical portfolio with 30 deals (& no reserves) your "winners" should aim to return ~30X (ideal… https://t.co/4oKIyTSCRD
    • some followup Qs: Q1: how many of you are modeling for 50-100X outcomes? Q2: how many of you have actually *experie… https://t.co/QamvW8zSx5
    • another look at #VC fund portfolio construction... in my 10+ yrs as VC we did ~2,000 seed-stage deals. current data… https://t.co/I445zonWPb

    1 year ago ago via Twitter



  • 1 year ago ago via Twitter


    • 🐅 on 🔥 first 6 holes ⛳️ (5 birdies) https://t.co/cW7nxlaav9
    • 🐅 on 🔥 first 6 holes ⛳️ (5 birdies) https://t.co/cW7nxlaav9
    • make that 6 birdies on first 7 holes ⛳️🕊⛳️🕊⛳️⛳️🕊⛳️🕊⛳️🕊⛳️🕊 🐅🔥🐅🔥🐅🔥🐅🔥🐅🔥🐅🔥
    • Shared some thoughts with @ahhensel on #OpportunityZones and the venture capital industry while we await regulatory… https://t.co/NLJadOE971 — (RT @StevenGGlickman)

    2 years ago ago via Twitter


    • Osaka has Serena‘s number in first set. impressive. #USOpen
    • 🔥🔥 @Naomi_Osaka_ comes up with a blistering forehand winner on the run... #USOpen https://t.co/LoGJw9nFES — (RT @usopen)
    • wow. Naomi Osaka just *crushed* Serena 6-2 in the first set. she’s the real deal. 🇯🇵👊🏿💥 #USOpen
    • intense match. #USOpen
    • #COMEON !!! #USOpen
    • ok now we have a real Finals match going here. first break for Serena. #USOpen
    • Serena double faults *twice*, Osaka breaks back... on serve again in 2nd set but Osaka has regained the momentum. #USOpen
    • Serena starting to lose her cool. #USOpen
    • Watching Serena and Naomi in the #USOpen championship like https://t.co/yzAHABhT62 — (RT @MatthewACherry)
    • "You owe me an apology! I have never cheated in my life!" Things getting heeeeeated between Serena and the umpire... #USOpen — (RT @SI_Tennis)

    2 years ago ago via Twitter


    • @stevecrossan excellent post & analysis. cc @ganeumann @sether @TrevorKienzle @matthlerner
    • @stevecrossan excellent post & analysis. cc @ganeumann @sether @TrevorKienzle @matthlerner
    • @stevecrossan @ganeumann @sether @TrevorKienzle @matthlerner one might also consider what level of “fault tolerance… https://t.co/X1xsVjGA4y
    • @stevecrossan @ganeumann @sether @TrevorKienzle @matthlerner @Samirkaji @Beezer232 looking back at 500 Startups fir… https://t.co/D2Bnr1lLyN

    2 years ago ago via Twitter


    • WSJ: last-minute McCabe firing clearly politically motivated; rather obvious & pathetic attempt to influence Muelle… https://t.co/F2Ovba1ksR
    • WSJ: last-minute McCabe firing clearly politically motivated; rather obvious & pathetic attempt to influence Muelle… https://t.co/F2Ovba1ksR
    • actually, seems like Trump doing pretty good job destroying America so far, including: the executive branch, the ju… https://t.co/dhRVXjUwDp
    • WaPo: McCabe said to have written memos detailing his interactions with Trump https://t.co/FMCvUXNYR5

    2 years ago ago via Twitter


    • @hughmason and yes, opportunity to follow-on at A/B/C is attractive, but still risky until companies get to 10-20M… https://t.co/FTsFmeiDL2
    • @hughmason given attrition rates & uncertainty, my suggestion for min 100 company seed portfolio likely collapses t… https://t.co/mhNoFopgPC
    • @hughmason given attrition rates & uncertainty, my suggestion for min 100 company seed portfolio likely collapses t… https://t.co/mhNoFopgPC
    • @hughmason in fact even with 100 seed-stage companies, no guarantees you will see unicorns... thus the concept of “… https://t.co/iS4Wh1ZkAP

    2 years ago ago via Twitter


    • 1/ i'm no crypto expert, but for #ICOs to become real trading platform, need #transparency re: underlying business, not just #liquidity
    • 2/ ideally want infrastructure incentive for analyst coverage, equiv to BTC mining function, with some kind of check on prediction accuracy
    • 3/ cray-cray to see so much capital invested with limited info on business potential -- reminds me of late 90s dotcom IPOs (didn't end well)
    • 4/ crypto + blockchain have tremendous potential, but w/o rational basis for trading / biz analysis it's just #DigitalTulips #CaveatEmptor

    3 years ago ago via Twitter


    • 1/ usually i agree w/ @bfeld but here i strongly disagree. YES, "differentiation" MATTERS. brand & mktg drive dealf… https://t.co/pLb77VX8YQ
    • @bfeld 2/ while i DO completely agree with Brad that "strategy and returns" also matter a helluva lot, your "strate… https://t.co/jlCSjxwPFG
    • @bfeld 3/ like Brad, i've met hundreds of smart, new/aspiring micro-VCs who seem incredibly undifferentiated, w/ li… https://t.co/ZwphTuE98V
    • @bfeld 4/ while your strategy might be great (or, not), w/o a compelling mktg pitch, or no unique value prop, you won't see many good deals.
    • @bfeld 5/ what does get my attention? a track record of investments, as well as an investment thesis (hopefully tho… https://t.co/oO8mG11ikB
    • @bfeld 6/ it's actually the COMBINATION of thesis, brand, value prop, track record, and subsequent markups (& yes,… https://t.co/zlTvzhpEE2
    • @bfeld 7/ but to suggest that differentiation doesn't matter while strategy does, is narrow-minded as saying only p… https://t.co/BuMeB0dzpD
    • @bfeld 8/ now i'm surely not as experienced as Brad at running/investing in funds, but i do know a thing about mktg… https://t.co/ZumdD1F8Ra
    • @bfeld 9/ while it may have taken me a few hundred investments & a decade to see 3 unicorns + realized returns, tha… https://t.co/hI0uH1GRcA
    • @bfeld 10/ much of what i learned angel/VC came from mistakes in my first 20-50 deals + 3-5 yrs investing, adjustin… https://t.co/qKShcwOVUg
    • @bfeld 11/ thankfully, i am grateful to mentors/advisors like @bfeld @naval @fredwilson & others who helped me lear… https://t.co/d0tqIwzpyU
    • @bfeld @naval @fredwilson 12/ in summary, after 13 years i am STILL learning how to be a good (not great) investor,… https://t.co/fPy6ojtQLd

    3 years ago ago via Twitter


    • game 3 even more amazing / exciting than game 2. #NBAFinals 🏀🔥😱
    • Cavs fans just had their hearts ripped out & stomped on. 💔👢#NBAFinals
    • Cavs fans just had their hearts ripped out & stomped on. 💔👢#NBAFinals
    • LeBron might prove me wrong, but i'm pretty sure we just saw the best NBA game of the year. 🏀👍🏼👏🏽#NBAFinals

    3 years ago ago via Twitter


    • at this pace, final score will be 160-136 #NBAFinals @warriors 🏀🏀🏀
    • at this pace, final score will be 160-136 #NBAFinals @warriors 🏀🏀🏀
    • klay on 🔥#NBAFinals @warriors 🏀
    • quality, intensity of offense & defense in this game on another level vs. any other in playoffs #NBAFinals 🏀

    3 years ago ago via Twitter



  • 3 years ago ago via Twitter


    • Can't get enough of @goyaypay from #DemoDay? Follow them on @AngelList https://t.co/bI2fWwwSGX #Batch20 https://t.co/Ck7IO2lkEe — (RT @500Startups)
    • Relive the awesome #Batch20 #DemoDay pitch from @mycroft_ai! Check out their Slideshare here: https://t.co/bpN6WcFUq1 — (RT @500Startups)
    • Relive the awesome #Batch20 #DemoDay pitch from @mycroft_ai! Check out their Slideshare here: https://t.co/bpN6WcFUq1 — (RT @500Startups)
    • Who is live translating #DemoDay in 3 different languages? Follow #Cadence @TalkBizAnywhere on @AngelList… https://t.co/fRDFiHEpKs — (RT @500Startups)

    3 years ago ago via Twitter



  • 3 years ago ago via Twitter


    • people who think @500Startups is running an "index fund 4 startups" are either mistaken on what our model is, or the definition of "index".
    • .@500Startups 2/ an index fund aims to buy the entire market (or an approximation) of a set of public stocks.
    • .@500Startups 3/ 500 startups aims to buy [just] a large enough portfolio of outcomes to generate ~3-5 (or more) outliers of 50-100X.
    • .@500Startups 4/ note: if we really wanted to create an index fund, we would just invest in CSC/@AngelList. (note:… https://t.co/qI4KqMprv7
    • .@500Startups @AngelList 5/ anyway some folks may say i'm arguing semantics, but there really is quite a difference
    • @infoarbitrage @matthlerner @HarryStebbings @lpolovets @davemcclure What matters is what % of your fund you an get… https://t.co/8L76r9421t — (RT @pt)

    3 years ago ago via Twitter


    • As @loic warned, you never know what @davemcclure will do on stage.. #ComicSansBitches #LeadersParis https://t.co/fUuI45O6za — (RT @MerschMax_)
    • Just now The great @davemcclure with his not so great slideshow 😉#LeadersParis https://t.co/o2b0am6oue — (RT @Claudia_Patru)
    • "Getting people to hate you is closer to love than indifference" @davemcclure @roxannevarza #LeadersParis https://t.co/Q08vQgOYZj — (RT @estimeo)
    • Sharing the love at @leaderscentral: @roxannevarza & @davemcclure #LeadersParis https://t.co/Cbx9kU4zhf — (RT @papadimitriou)

    3 years ago ago via Twitter



  • 3 years ago ago via Twitter


    • congrats #Crunchies awards: @KirstenAGreen @ForerunnerVC VC of the Year, @Naval Ravikant @AngelList Angel Investor of the Year :)
    • Chelsea Peretti has taken the stage at the #Crunchies https://t.co/HOwk1ioHWT — (RT @TechCrunch)
    • Naval Ravikant wins Angel Investor of the Year at the #Crunchies https://t.co/Y1Rie19AaP — (RT @TechCrunch)
    • Kirsten Green wins VC of the year at the #Crunchies https://t.co/mwBYJSWRUP — (RT @TechCrunch)

    3 years ago ago via Twitter


    • @hunterwalk @alexisohanian @msuster Q: any concerns / policy changes at Reddit re: managing / verifying content, reputation vs. anonymity?
    • @hunterwalk @alexisohanian @msuster contrast prev Q; where does he want 2 take Reddit in future / what demographic(s) will be core audience
    • @hunterwalk @alexisohanian @msuster contrast prev Q; where does he want 2 take Reddit in future / what demographic(s) will be core audience
    • .@pkedrosky ecommerce, marketplaces, b2b/saas, housing/real estate, lending, recruiting -- all boring as shit, all still good value 2b found

    3 years ago ago via Twitter



  • 3 years ago ago via Twitter


    • kickoff #MISK Global Forum, Riyadh, Saudi Arabia 🇸🇦 #KSA #MISK2016
    • kicking off #MISK Global Forum in Riyadh with a few of my closest friends :) #habibi #selfie #MISK2016 https://t.co/evKK20CIyB
    • kicking off #MISK Global Forum in Riyadh with a few of my closest friends :) #habibi #selfie #MISK2016 https://t.co/evKK20CIyB
    • listening to young Saudi female entrepreneur quoting Sheryl Sandberg #LeanIn #MISK Global Forum #MISK2016

    4 years ago ago via Twitter


    • not looking good. markets trading down globally. virginia looks shaky. gonna be a long night folks :(
    • not looking good. markets trading down globally. virginia looks shaky. gonna be a long night folks :(
    • michigan, pennsylvania also look shaky in addition to virginia.
    • Prediction markets now have the Electoral College as being almost even money. https://t.co/O9lMHSvDE8

    4 years ago ago via Twitter