20VC: David Tisch on Why High Ownership and Concentration is BS | Why No Manager Actually Wants to Stay Small | Why Competing with the Mega Platforms is a Losing Game | Why the Lean Startup is a Fake?
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I've never understood trying to compete head to head against who I would deem to be the best. VCs in the world. Every concentrated manager will say that we win ninety percent of the deals we want to win. And I think that's total BS. I think it's like twenty percent. I think the lean startup was a total fake. There's people to me right now, and this happens in in hot market conditions, that are playing a short game. I believe the right to invest
In subsequent rounds. It's on. I work for our LPs and my customers are founders. We don't allow grenades. At early stage.
You're not allowed to throw a grenade on someone else's deal. This is 20 VC with me, Harry Sabbings. Now, over the years me and David Tish have done many shows, and I've always questioned his model. Low ownerships, very diverse portfolios, and you know what? I was wrong, and I was wrong on many different accounts. David has absolutely crushed it. Yes, he was an investor in Cursor from one of their earliest rounds to a$60 billion sale to Mr. Elon Musk and X. What an incredible outcome that was for David and Box, returning the fun multiple times, but he's done it with so many companies from base 10 to To rogue. David has crushed. He's one of the best early stage investors of our time. He's a true craftsman in a world where everyone has become a capital accumulation machine. David is one of the best. This was a phenomenal discussion, and I can't thank David enough for being so open. And in all honesty, Willing to go against the grain with some of the things he said today. I loved making this happen.
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