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 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

📶 VOL, pricing improbability, and positioning yourself in an increasingly unpredictable world

📶 VOL, pricing improbability, and positioning yourself in an increasingly unpredictable world

How to win as the world becomes harder to predict

📶 some thoughts on the right # of companies per fund

📶 some thoughts on the right # of companies per fund

Why more > less, where value accrues for AI companies, and Sequoia raises another set of funds

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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