Bravery Vs. Savviness
100 Words A Day (273)
Venture capital as an asset class is ruled by group think, even though it is proven that the best returns come from being contrarian (and right). VCs print their LPs money, even if 19 of out 20 “bets” are wrong. It took a market downturn to get many to realize maybe they aren’t a god’s gift to the capital allocation world. Put simply, VC is still a VERY inefficient market. In this part in the timeline, people are either working to make it more efficient or are profiting off the inefficiency. It’s bravery vs. savviness, on display. Pick your poison.