Chasing Markups vs. Finding Future Success #venturecapital #siliconvalley #investing

If you cynically said, I just want to optimize for markups, then you should do buzzy AI stuff, because, like, that's where the energy and the action is. And if your goal is to, like, generate markups, I think that's a good strategy. I don't think chasing markups is what most people get in venture to do, but the practical reality is that, like, they help. They help with narrative, they help with fundraising, they help. The question I always ask myself is, what's going to look like a good idea two years from now? Like, what are people going to look back and say, God, I wish I had had the foresight to do that two years ago. And things always feel slightly scary and uncomfortable.