After my post "Who’s on the Other Side of That Trade?" a few weeks ago, I got some questions how to go deeper into behavioral finance in venture capital. Here are some links: Essential Reading David Tuckett – Conviction Narrative Theory: A Theory of Choice Under Radical UncertaintyDirectly relevant to venture investing under uncertainty. Explains … Continue reading Essential Readings — Behavioral Finance in Venture Capital
The author emphasizes the importance of celebrating small wins in the long journey of venture capital. While aiming for higher goals is essential, recognizing each step along the way is crucial. Each action contributes significantly to the overall success, highlighting the value of incremental progress over time.
[This is one of the first 'Tactical Notes' - short-format observations that I jotted down some time ago, where I feel that this snippet is enough and no long format essay is necessary] Michael Polanyi’s notion of tacit knowledge (what we know but cannot fully articulate), know-how resides in practice, habits, culture, and embodied skills … Continue reading Tactical Notes: Tacit Knowledge — What We Know But Cannot Fully Articulate
[This is one of the first 'Tactical Notes' - short-format observations that I jotted down some time ago, where I feel that this snippet is enough and no long format essay is necessary] The presence of capital events (funding rounds, M&A, fund strategy) can sometimes be over-ascribed to individual influence unless the narrative shows how … Continue reading Tactical Notes: The Weight of Capital Alone is not Proof of Superior Judgement
[This is one of the first 'Tactical Notes' - short-format observations that I jotted down some time ago, where I feel that this snippet is enough and no long format essay is necessary] We are not entitled to capital. Or conviction. LPs operate under uncertainty just as we do. In a world of competitive convergence, … Continue reading Tactical Notes: Access is Earned, Not Expected
Concept: If your deck can’t clarify conviction, cadence, and character in one slide, don’t raise yet. Startups founders aren't the only ones with bad pitch slides. Over the years, I’ve written about how a cluttered team slide in a founder deck often betrays deeper issues—misaligned roles, unclear value, or a résumé-driven identity crisis. But fund … Continue reading Fund Managers: Your Fund Slide Sucks, Too
[This is one of the first 'Tactical Notes' - short-format observations that I jotted down some time ago, where I feel that this snippet is enough and no long format essay is necessary] Exceptional managers demonstrate process discipline and high-touch relationship crafting. The myth of institutional vs. personal is a false binary. Sophistication in process … Continue reading Tactical Notes: Institutional is Personal
Venture Capital Funds are a two-sided service business: You connect startups one one side with money from investors (Limited Partners = "LPs") on the other side. Strictly speaking, "investing" is more of a catch-all phrase of three things the local financial regulator [1] wants you to do: Direction of capital deployment, Stewardship of capital and … Continue reading Beyond ‘Founder-First’: Designing what Actually Serves
What are your actions? And what is the narrative you are telling LPs around your actions and processes? Why that story, and no other story? What are implicit assumptions that have to be true so that this story is true? What ethos are you implying, or even requiring, that is reflected in that action a … Continue reading Actions + Stories = Who You Are
In private equity we throw around convictions a lot, or talk about what we believe. But: that's not the same. Conviction in defense is not measured by capability alone, but by credible intent to act. The same applies to venture capital: your portfolio is a map of what you’re willing to stand behind when it … Continue reading Writing The Check Isn’t Just An Act Of Confidence — It’s A Signal Of Ethical Clarity.
