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modern mechanics for max leverage
When Naval wrote his epic thread on leverage and getting rich in the new world, I paid attention. So did many other investors.
I love thinking about ways to increase leverage, and I like talking with fund managers who think the same.
Leverage comes in four forms: capital, code, media, and labor.
Large AUM is a form of leverage. That is the game that a16z, Sequoia, Index, and many of the other venture banks are playing.
Internal tooling is a form of leverage. Many smaller funds like Julian Capital and Untapped have unlocked more time for themselves by automating some of the low-leverage work of the firm.
Large audiences is a form of leverage. That is the game that many of the solo capitalists are playing.
Having an army of analysts is a form of leverage. Bessemer, Insight, and others can see everything because they have an army of folks harvesting the venture world for them.
As venture continues to consolidate, I would argue that without at least one form of leverage, your fund will not survive.
TWEET
HEADLINES
Menlo Ventures in Market for Next Set of Funds With AI Focus (WSJ)
A comprehensive list of 2025 tech layoffs (TechCrunch)
The Rise Of The Ultra-Unicorns: $5B+ Startups Are Leading The Private-Market Herd In 2025 (Crunchbase)
The US is propping up climate tech VC deals—for now (Pitchbook)
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LINKS
🌥️ Work on the Right Thing—Why Founders Jump Too Soon: Michael Houck’s conversation with 20+ founders on why they may have jumped too soon and how to course-correct
🤨 LinkedIn Isn’t Over—You’re Just Bad At It: Growth Unhinged offers some hard-earned advice for getting the most out of LinkedIn
🔎 How to Evaluate a Startup’s Exit Potential—Signs, Metrics, and Red Flags: The VC Corner tells how to understand the mechanics that make a startup exit-ready and spot the red flags before they stall the deal
🥇 Nvidia Takes the Lead—AI Boom Propels It to World’s Most Valuable Company: Visual Capitalist charts the market capitalization for the 3 most valuable companies, with Nividia taking the top spot
🗣️ Corpospeak—Why You Still Sound Like a Faceless Corporate Entity: Stop with the professional marketer as your communicator; the people want to hear authenticity from the builders
📶 Diversification vs Concentration: Thoughts on how many and what types of companies should be in your portfolio
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- Clay
(Founder @ Confluence.VC | GP @ Outlaw)
