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Good morning 👋

And happy Friday. What a week.

We’re back on the investor interview train, and we’ll share more on that next week.

We also shared our company update from November, a collection of the best market maps we found this year, some thoughts on second order effects of AI, and a shift in the Overton Window.

Lots of keyboard typing this week.

Let’s get into today’s piece.

P.S. We’re shooting out another deal flow report to premium subs over the weekend with three companies we’re looking at along with our thoughts on each.

Today’s highlights

  • Singerman steps back

  • How CISOs are spending their budget

  • Max Levchin on how to work

  • 47 tools that make you a better worker

TOP
Singerman steps back at Founders Fund

Brian Singerman, a long-standing partner at Founders Fund, is stepping back from his daily operational role. Singerman will remain with the firm as a board member and investor, signaling a strategic rather than a full departure.

Why it matters: General partner at Founders Fund is one of the best jobs in venture, so it’s going to become news whenever anybody steps away from that seat.

Even though people still think of Peter Thiel when they think of Founders Fund, Brian is largely the one to credit for making the firm what it is today. He started as a junior investor, worked his way up to partner, moved to GP shortly after, and he has had a crazy run over the past decade.

We can’t speculate as to who will fill his shoes (you can look at their team page to do that yourself), but there are some other big takeaways we had from reading this news and reflecting on FF’s strategy over the years:

  1. Finding the right firm > anything

  2. There are still paths to partner at the right firms

  3. Being contrarian and right is the only way to make money in the venture game

  4. Consensus is temporary, and being contrarian is a moving target

  5. Lack of key man risk signals strength; key man risk signals weakness

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HEADLINES

  • How CISOs Are Spending Their New Budgets (Crunchbase)

  • SpaceX tender offer caps standout year for secondary sales (Pitchbook)

  • Aircraft parts market becomes a hotbed for PE investment (Pitchbook)

  • Marc Andreessen, Joe Lonsdale, and all the other VCs reportedly in the running for DOGE and other Trump committees (TechCrunch)

  • Cleerly raises $106M from Insight Partners for AI heart health early detection (TechCrunch)

  • ServiceTitan could be the first of many ‘dirty’ term-sheet IPOs, VCs believe (TechCrunch)

COMMUNITY
Upside = 🤷‍♂️

You’re an investor, and like everybody else we know - you want to become better at your job.

So you have a choice to make, and every choice has a lists of pros and cons.

Here’s the choice:

Cons: Pay the annual dues of $400 / year to join the #1 private investor community

Pros: Speed up your onboarding curve, get an evergreen playbook that you can use over and over again on the job, meet other co-investors , meet new LPs through your new co-investor connections, expand your deal flow through new introductions from your new investor network

We’re biased, but we think the choice is pretty clear …

RECS

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Thanks for reading this far and giving us a little bit of your attention this week.

Feel free to unsubscribe whenever this stops becoming valuable to you.

RESULTS

Here are the results from our poll question in Wednesday’s piece:

Which gets affected more by mass adoption of AI?

🟨🟨🟨⬜️⬜️⬜️ White collar jobs (4)

🟩🟩🟩🟩🟩🟩 Blue collar jobs (8)

12 Votes

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