Jason M. Lemkin delivers a candid commentary on job expectations in the venture industry, arguing many people underestimate how hard venture work is and criticizing a generation of emerging managers who confidently promised LPs outsized returns (e.g., "8x net") despite weak early performance (anecdote: initial investments at ~1x). The tone is cautionary and critical of overconfidence.
I think there's more jobs in venture than there ever would. And if, and if you thought it was easy, you're delusional. Maybe, maybe there is a generation that, that there definitely is a generation thought it was easy. And it stemmed to solo gps and new emerging managers who emerging managers for the last four years thought it was so much easier. Every emerging manager promised their LPs. 8x net. 8x net. I remember talking to one who I loved. I love this, this, this emerging manager. But all his initial Investments were at 1x. Everything was at 1x for a variety of reasons. And he's going out promising 8x, and I'm like, you have a lot of charisma, but maybe tone it down just a little bit. But he was 100% sure he was going to do 8x in 2000 and 2020,2021.
