📶 thoughts on "negative" signals

Together with

Good morning 👋

Venture is one big game of finding signals through the noise, and everybody uses different proxies to find quality in a sea of average.

We back founders based on where they used to work, call seed companies “good deals” based on who is on the cap table, and label certain funds “smart” based on which LPs are backing them.

There is some value in these signals, but most of them are a form of lazy thinking.

Yoni Rechtman from Slow has some more thoughts …

P.S. 🎧 We’re giving away a pair of Airpods Pro 2 to one lucky reader …

Whoever refers the most new subscribers this quarter (ending June 30) will win a brand new pair of Airpods on us.

Enter to win by grabbing your unique referral link and start sharing.

Today’s highlights

• Negative signaling risk

• Partner attribution shifting fund-over-fund

• Sarah Tavel is leaving Benchmark

• SPACs are back?