audiences and AUM

audiences and AUM

Inside the secret flywheels that are shaping the new venture playbook

narrative capital (converting attention to equity)

~2,500 words on what I think is the biggest thing going on in venture

99 brutally honest takeaways from working in venture capital

Our updated list of non-obvious things we've noticed

buying networks, compounding leverage, and a different approach to solving the coverage problem

Why knowledge is no longer a moat, a bleak future for junior investor roles, and some explanations for the emerging manager boom

outlier frameworks: how tier-one investors think

96 mental models used by investors at Sequoia, Benchmark, Accel, and others

Read by investors, founders, and employees at the top funds and companies in the world.

Lessons from $5b founders (part II)

Lessons from $5b founders (part II)

Biographies and lessons from studying Dylan Field, Evan Spiegel, Palmer Luckey, William Hockey, and Patrick Collison

Lessons from $5b founders (part I)

Lessons from $5b founders (part I)

Biographies and lessons from studying Henrique Dubugras, Stanley Tang, Alexandr Wang, Vitalik Buterin, and Markus Villig

Lessons from Don Valentine

Lessons from Don Valentine

A collection of operating principles from the man who built Sequoia

Investment thesis (Outlaw 1.0)

Investment thesis (Outlaw 1.0)

The fourth and final pillar of a thesis-driven investment firm

Investment theses

Investment theses

The third pillar of a thesis-driven investment firm

Investment themes

Investment themes

The second pillar of a thesis-driven investment firm

Guiding philosophies

Guiding philosophies

The first pillar of a thesis-driven investment firm

📶 the token revolution

📶 the token revolution

Where the Ribbit guys see the token economy taking us

📶 trusted brands

📶 trusted brands

Revisiting thinking from the USV team

📶 should you (or should you not) build a concentrated portfolio?

📶 should you (or should you not) build a concentrated portfolio?

Some tradeoffs you should consider when it comes to building the right portfolio size

📶 What’s (actually) working in GTM in 2025

📶 What’s (actually) working in GTM in 2025

What's working / not working, the new GTM stack, and AI impact is lower than anticipated

📶 dear emerging manager,

📶 dear emerging manager,

Some things an LP thinks you should hear

Latest free posts...

2025 annual letter (Confluence.VC + Outlaw fund I)

2025 annual letter (Confluence.VC + Outlaw fund I)

📶 75 big ideas from 2025

📶 75 big ideas from 2025

things I've learned since becoming a GP

things I've learned since becoming a GP

some things I currently hate about startup culture

some things I currently hate about startup culture

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Clay Norris

founder @ Confluence.VC, gp @ Outlaw

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