AngelSpan

You may want to check out the newly launched Journal of Privat Markets Investing. The lastest journal launched by the original Institutional Investors Journals (now @PM_Research_), JPMI will quickly become THE resourse for best investment practices within the 'Alts' space. It's a spin-off from II/PMR's Journal of Portfolio Management, Edited since '86 by Frank Fabozzi, and will be Edited by Mr. Fabozzi's protege (my observation) - Prof. Michael Imerman.

Should we be concerned about a 'Venture Deep State'?

I would suggest we need natural leaders, courageous leaders, principled leaders. Not self-appointed ones. Those that lived their principles. First principles. Timeless principles.

This is really important, and why diversification and staging your investments over multiple rounds is so important not only to manage the downside, but to capture and lean into the upside.

Maybe it's time to start adding the 'LC' label to business models that pursue Limbic Capitalism. danieldashnawcouplestherapy.com/blog/limbic-ca…

@DowdEdward Thanks to Limbic Capitalism...

The seven deadly sins from Christianity: 1. Lust 2. Gluttony 3. Greed 4. Sloth 5. Wrath 6. Envy 7. Pride All seven all are running rampant in a culture of perpetual victimhood and zero personal accountability.

@chamath Ah yes, automated Convenience, Bread & Circuses. Lovely....

This is awesome. So many new form factors will be sharing our lives in the next few years...excited to use what Stan and his team have cooked up!

@signulll A.I.-weaponized Limbic Capitalism. Lovely...

welp, i guess now *everyone* knows why zuck was willing to pay $1b for researchers. lots of peeps think openai is a google competitor. it’s not at all really. search is purely incidental. in some sense what they’re doing is closing the product loop on behavior, not queries. that makes them way closer to a meta rival… i.e. they’re building the operating system for attention & expression.

@BretWeinstein Man I love how you think. Just listening to you on Dad Saves America. You are a hero...don't ever think otherwise!

AI and the new threat to free speech.

There’s also evidence of “widespread misbehavior” as well! "This is the first study that seeks to document the downside of the current pattern of VC contracting, where VCs receive very large amount of discretion in exchange for a mere promise not to misbehave. We cannot measure the extent of VC misbehavior itself, but we can study the tip of the iceberg – litigation – showing allegations of widespread VC misbehavior." nber.org/papers/w13641

“This place seems like exactly the kind of learning place that Charlie Kirk was trying to turn every American campus into.” — @SteveDoocy @foxandfriends

How about you just bundle all that into 'lack of professionalism and/or professional standards & practices'. That should do it... After all, there are no professional standards & practices in the venture industry. No training required. No certification (that can be pulled) if there was unprofessional behavior. There is no training required. No body of knowledge to study to understand how to manage risk better, or how to define an objective, data-driven investment process that avoids FOMO.

Who else besides @elonmusk is OUR Legacy Capitalist?

If we want freedom to remain the world’s dominant operating system, we should fund it like our lives depend on it. Government programs and frameworks (like ESG) can’t solve problems that are really about our ability to build and compete. Capitalism can. Investors have the long-term orientation and risk appetite needed to rebuild our industrial base, strengthen our supply chains, and scale the technologies that matter. Here’s why we need a new lens: - We once led in 60 of 64 critical technologies. Now China leads in 57. - We rely on fragile or adversarial regions for critical materials and manufacturing. - ESG isn’t enough. We need GCI. We need capital that plays offense. - Venture can lead but pension funds, endowments and other large capital pools must follow.

@davidu Completely agree. And see how... @joe-26467/how-govt-s-can-invest-like-buffett-fea75a49be75" target="_blank" rel="nofollow noopener">medium.com/@joe-26467/how…

VC is the only job I know where you "do" mostly nothing for years, are wrong on most of things you do actually do, and can then return hundreds of millions of dollars seemingly by accident.

venture capital went from weirdos at the fringes of society investing in semiconductors to harvard educated spreadsheet jockeys doing occult excel macros to value brick and mortar private equity rollups at software multiples because the deck said "ai" 25 times.

@harris ....and show how act 1 investment $s can be de-risked via QSBS Sec. 1244 (losses can be written off against taxable income for the first $1M of investors' $s.

Founders love to pitch act 1 and act 2 and act 3 during a Series A. It feels bigger and more interesting. But most companies never get past act 1. Investors know that and tend to discount elaborate stories. Make sure that act 1 is interesting enough for the next 10 years of your life.

@HarryStebbings Continuing to push the 'art vs. science' narrative. Hmmmm.... bit.ly/3Qwk5yi

Poor early stage investors rely on data. Mediocre early-stage investors rely on references. Great early-stage investors rely on intuition and upside maximisation.

@lukefischer Don't overlook the original QSBS incentive - QSBS Sec. 1244 - which de-risks early stage investing by allowing losses to be written off against ordinary income, while Sec. 1202 impact maybe 2% of investors.

New QSBS rules from the Big Beautiful Bill just changed for founders and early employees. Great news! Stock acquired after July 4, 2025 now qualifies for: • 50% capital gains exclusion after 3 yrs • 75% after 4 yrs • 100% after 5 yrs Cap also raised from $10M to $15M per company Track your acquired date. That clock matters.

@cartainc Don't overlook the original QSBS incentive - QSBS Sec. 1244 - which de-risks early stage investing by allowing losses to be written off against ordinary income, while Sec. 1202 impact maybe 2% of investors.

Whether you're a founder, investor, or employee who is ready to sell your startup shares, one thing that catches a lot of people off guard is the tax bill. The good news: If you qualify, you could lock in a 0% tax rate with QSBS.