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Ho Nam
13.4K posts
Ho Nam
@honam
Co-founder and Managing Director of Altos Ventures
Burlingame, CA Katılım Nisan 2008
996 Takip Edilen59.9K Takipçiler
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Congrats to @andrewdfeldman and the @cerebras team on today's IPO. A decade ago, wafer-scale computing was a bet most of the industry had decided wasn't possible. Andrew ignored that and built it anyway.
A privilege to have backed this one at @hanabicapital
Cerebras@cerebras
Live from New York, it's...$CBRS @Nasdaq thank you for the welcome!
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Another example for the same IPO - Mike invested through his new fund (Index missed out).
Mike Volpi@mavolpi
Congrats to @andrewdfeldman and the @cerebras team on today's IPO. A decade ago, wafer-scale computing was a bet most of the industry had decided wasn't possible. Andrew ignored that and built it anyway. A privilege to have backed this one at @hanabicapital
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This IPO illustrates the power of an individual partner over the brand name firm in VC. Pierre Lamond was a partner of both Sequoia and Khosla. But instead of those firms backing Cerebras, it was Eclipse (the firm he joined at the age of 84) that backed this little known chip company, multiple times, in the early years. What a way to wrap up a career (he was born in 1930, same year as Buffett).
Amir Efrati@amir
theinformation.com/articles/cereb… @coryweinberg @julia_hornstein @Katie_Roof
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@gerstenzang I think Bill Coughran has been active in semis. Not many left in the entire industry.
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@honam were there any chip guys left at Sequoia at that point? Seems very few firms kept one over last 20 years (Matrix one notable standout) esp given size of team
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I got tested twice over the past year. Cognitive health is great (also did comprehensive physical tests). But I know it’s different. I used to remember just about everything. Didn’t need to have a calendar early in my career (before mobile era) and would remember all sorts of numbers without even trying. It was just there in working memory whenever I wanted. That is sadly no longer the case. My tests said cognitive heath is excellent for my age cohort but I have no way of comparing to myself from the 20-40s (just turned 60).
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@honam Man, I hope you look into that. Accepting that cognitive decline is what just has to happen is bleak...and you don't seem that old for this to be so noticeable.
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Claude is so good that I think it’ll extend my investing career at least a decade. Everything that was effortlessly remembered when I was younger is no longer in working memory as I get older. Now Claude helps me connect the dots better than ever and go down rabbit holes quickly, whenever I want. What’s an extra decade of compounding worth?
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I’m losing brain cells. It’s classic example of fluid intelligence declining with age. Have to rely more on crystallized intelligence/wisdom now.
My kids will run circles around me on brain teasers. But I’d trust myself more on capital allocation decisions, but only if consequential and infrequent. I wouldn’t do well as a day trader.
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@honam I'd be a bit concerned here "Everything that was effortlessly remembered when I was younger is no longer in working memory as I get older."
What happened to your memory?
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@kseniam0s @CendanaCapital @pivotaldotcom @melindagates @screendoorvc Among endowments, three that have backed smaller emerging managers are MIT, Vanderbilt and UCLA. For any LP, even the ones more open minded, it always helps to get warm intros.
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Most LPs say they back emerging fund managers.
Very few write the first check. These funds of funds and platforms actually do:
- @cendanacapital: backs seed-stage GPs
- @pivotaldotcom: @melindagates backs female-led funds
- @screendoorvc: anchor LP capital for debut funds
- @PlexoCapital: backs underrepresented first-time GPs
- @MMVglobal First Fund program
- @joinallocate emerging manager platform
- @coolwatercap accelerator + LP for new fund managers
- @stepstonegroup active emerging manager program
- @IndustryVC full venture lifecycle, incl. emerging GPs
- @BlueFutureTeam day-one partners for emerging managers
Raising Fund I is hard. Your anchor LP is out there.
P.S. When an LP asks for your track record, DDQ, references, and operating documents, your data room needs to be ready. Build a narrative-driven fund room with @ThePageform.
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@JoePompliano I haven’t thought about that stock in so long. I remember when the founder talked about GoPro being a lifestyle brand (trying to justify market cap). The story could be great but hand waving cannot justify the valuation. In the long run, reality wins.
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GoPro has lost 98% of its value over the last decade and is now considering a potential sale.
2014: $11 billion market cap
2026: $200 million market cap
Today's newsletter explains what went wrong (and why investors couldn't do anything about it).
READ: huddleup.substack.com/p/how-gopros-f…
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@BraytonKey I hadn’t seen that graphic. So true and we are totally aligned.
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@honam is one of the best at the game. I hope he writes the longer form post!
Build firms (for founders), not funds (for LPs).
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The follow Tencent games will announce their entrance to the Roblox Platform along with the re-entering of Roblox into China. $RBLX
Honor of Kings
PUBG Mobile
Battle of the Golden Shovel
Dungeon Fighter: Origins
Crossfire: Legends
Goddess of Victory: Nikke
Delta Force:
Naruto:
League of Legends: Wild Rift
Speed Drifters
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@praneshbuilds @AcquiredFM That’s a good observation. Many like minded partners find each other and Will has become a friend. We all love the Outsiders!
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@honam your firm embodies the “flexible and opportunistic” edict that is prevalent in Thorndike’s “The Outsiders”
h/t @AcquiredFM
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Ho Nam retweetledi
This is what venture should look like.
Ho Nam@honam
This deserves a longer form blog post but for now a thread about an idea mentioned in our Q1 LP report. We have a saying at Altos. Organize our funds around companies — not the other way around. It sounds simple. In venture, it’s almost heretical.
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Ho Nam retweetledi
This is a great thread. Most of our mistakes stemmed from trying to be too precious about some arbitrary model or target. It’s the tail wagging the dog.
Ho Nam@honam
This deserves a longer form blog post but for now a thread about an idea mentioned in our Q1 LP report. We have a saying at Altos. Organize our funds around companies — not the other way around. It sounds simple. In venture, it’s almost heretical.
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Ho Nam retweetledi
Ho Nam retweetledi