Rafi Syed

@Trace_Cohen Not VC

5 VC funds 50%+ of all VC LP capital in the last year.

@danprimack I like the quotes

So the "VC" investors in new OpenAI round get 15% of the company. Pretty high percentage this late in the game.

@gerstenzang @endowment_eddie Would love to join this

@endowment_eddie I run a small buy in friendly game at my apt in Fort Greene - swing by!

Are there any good regular poker games in NY for tech/vc? Stakes should be LP friendly. 2/20 is one hell of a business model… that I don’t receive financial benefit from.

@chrissyfarr Walk from the base of the harbour bridge towards rose bay and go for as long as you can

For reasons that I will share soon, I’ll be in Sydney, Australia during JPM. First time. I’ll have the weekend to myself to explore. If you were a solo traveler in Sydney in sunny weather, what would you do?

@tomerlondon @lessin Nice. What are kids ages

As a founder with 3 kids, here are some family rituals I'm really happy we stuck to in 2025. Sharing in case this inspires/helps others for 2026. 1. Family Shabbats every Friday (Blessings, songs, dinner). 2. One-on-one overnight trip with each of my kids. (Thanks @lessin for the inspiration) 3. One multi-generational trip to Yosemite for Rosh Hashana. 4. Weekly Saturday morning hike date with my wife (got a 3hr babysitter) 5. Short "Aba lesson" whiteboard sessions at dinner table teaching concepts on how the world works (e.g. plumbing, elevators, dental fillings, internet...) Happy to share more on the logistics etc if anyone has q's.

@tjparker @ilyasu And startup launch videos.

@ilyasu And jazz.

Standup comedy is the only art form that matters today.

@harryh I’m going to need more details on this whole setup please.

biannual smart home battery charging

@maiab Go wagon!

@rafi 😔 sad to hear but I think you might be right

I can’t get over how much I hate the Uppababy vista 2 as a stroller

@Bonecondor Need it.

for my birthday, a corpulent japanese woman named Kitty inspected my muscles, poked and prodded me, told me all about my anatomy and physiology, and then somehow released a bunch of insane muscle tension I didn’t know I had. My hip flexors have never felt better

@sm What’s in your pharmacy

Another medical emergency on board my flight but since I’m not traveling with my kids I didn’t bring my pharmacy and can’t help!!

@benblumenrose Check out troubadour

I've had the Timbuk2 Authority Backpack for 10+ years now and it may be time for a new bag. While I love it I'm also wondering: is there a 🐐 backpack i should consider??

@jmj This is a very good take.

One question that every seed investor should be asking themselves right now is whether they should be focusing more on early traction rounds, as opposed to pre-product investing. In the past couple months, we've met a few teams raising rounds at $30M-$40M post-valuation who have real traction ($1-$4m ARR). As a seed investor, would you rather invest in one of these rounds at $40m post or a pre-product seed round that calls itself an AI company at a $20M-$30M post? They're basically priced the same. Some of the early tractions teams call these rounds "seed extensions," and others stretch it to a Series A label. For whatever reason, they haven't been treated as "hot companies" by the Series A market, but they're building very solid businesses that are growing well. I haven't come up with an exact terminology for these companies. They're generally not pure-play AI deals, but are often utilizing AI in interesting ways. The headline on the deck doesn't read AI deal, but they're real businesses. For the sake of this essay, let's just call them "AI tweeners". There is a temptation to invest in what is new (ie the brand new AI company raising at $20-$30m post) because you're investing in a cool story & get to help bring a new company to market & call yourself the lead. But maybe the $40m "AI tweener" is a better bet. By paying a slight premium, you invest in a company that's figured a lot out, has revenue, and is building in a category that likely has less competition. The challenge with investing in the $40M post is that you likely called yourself a seed firm to all of your limited partners, so your entry price is going to look like what has historically been called a Series A. Is this strategy drift, or is it being a good investor? If your goal is to build the highest performing portfolio, investing in "AI tweeners" is the part of market that is likely most undervalued right now. So maybe you should stop calling yourself a seed fund & invest in early traction companies while the rest of the market is obsessed with finding the next hot pre-product seed deal. Just some thoughts. Originally written as a response to a tweet by @yrechtman, but creating a separate essay so more people can hopefully read it.

@RakeshSFNYC @bryce You can’t really be actively investing in new companies out of two funds simultaneously (if strategy is the same for each fund), so older funds fee calculation base steps down meaning it’s 2% of smaller number over time.

@bryce It's funnier the way I describe it. 😀 The bigger issue I have is those who run multiple funds concurrently and charge the 2% to each (when not adding resources). But then I'm a minuscule LP, so what I think doesn't matter.

Conveniently fails to mention that management fees come off the top when returns are generated for LP. More of a non-recourse loan against future returns but that’s not as scandalous of a tweet…

@artman @i_gassmann Say more

@i_gassmann Quality of life for the kids mostly.

The most scenic view of a city I’ve ever witnessed. Moments like these make me long back to the Bay Area.

@bgurley Actually have really enjoyed all the music recs from you (more than the sports) since pandemic. Very diverse relative to my usual listening.

I know music isn’t why people follow me, BUT this is the best new band I have come across in 5 years. I predict they become quite successful. Deservedly. spotify.link/4rDlmBtBVXb

@tjparker @rfkenmore Bjorn borg baby

@rfkenmore It’s all terrible, entireworld was good for a minute (RIP), anonymous ism is ok

What are the best men’s underwear?

@IanRountree Herbal tea or a Diet Coke or an Arnold Palmer

Quick I need help… I have a 4pm LP meeting at a fancy place in Meatpacking, What do I order?? It’s too late for coffee but too early for drinks(?) and I’m not hungry. The Californian mind cannot comprehend!

@packyM @jmaxsamuel Nike drifit q-zip.

@jmaxsamuel oh these old things?

a sweater that you can pull halfway up your forearms without stretching it beyond repair. who's building this?

@ilyasu Hyundai??

Car people: what is the move for all electric and 7 seater? Seems like Rivian and Volvo are the only serious options?