"The Most contrarian thinker in VC" & Father of Modern Venture Capital. VC, Angel, LP. prev: @Google @Oracle @ucberkeley @Columbialaw

New York, NY
Joined September 2012
U.S. Venture capital hasn't been able to outperform European VC for the past 20 years. The Thiel Andreessen generation of VC took one of the greatest engines of economic growth and American ingenuity, and turned it into an old world rent extraction scheme. wired.com/story/to-save-the-…
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Be extremely intentional with your friendships — not acquaintances, not business partners, actual friends Try to pick high-integrity people — the right people Invest time in those relationships Cut or downgrade folks who are transactional or who don’t show up for you Reallocate that time and energy to the right people who do It's ok to be cutthroat about this, as life is the memories you create with your friends and family. Invest in making moments.
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Del Johnson retweeted
More than any time in my career, VCs seem to be underwriting other investors’ interest rather than the company itself.
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Del Johnson retweeted
besides dayone, who is cutting pre-seed checks to build factories?
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anyone even remotely familiar with the valley is not surprised foreign actors have embedded agents who conduct industrial espionage on US technology companies there is a literal FBI branch office dedicated to this problem it *is* funny to try to turn this into a product marketing story when the guy in question was cartoonishly incompetent tho
Lots of new details on the OpenAI spy in this piece. The company's newsroom thanked AI for helping identify the culprit, but seems like case really cracked open when the guy *checks notes* LEFT HIS BAG UNATTENDED WITH HIS ID AND ANOTHER LISTENING DEVICE. "One of the keys to the case was finding an unattended bag in the company’s offices that allegedly contained Alfozan’s wallet and identification as well as a recording device, according to the US Attorney’s office in San Francisco."
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I speak to 3-5 LPs every week for different manager reference calls. Three takeaways from calls this week. 1. The mega platforms raised way more than expected this year. 2. They are investing much faster than expected. They raised this year and will be back in market next year. 3. Budgets for smaller managers $200M and seed have been cut almost entirely as a result. Across all 4 calls this week. Same message.
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Del Johnson retweeted
Bryce Hall has been arrested on a felony domestic violence charge in Las Vegas, @TMZ reports.
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Del Johnson retweeted
😬😬😬
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Yeah, there's this budding idea that by pushing domestic emerging manager competition out of the industry, large VCs leave a capital vacuum that is readily filled by spies, cults, and foreign adversaries. But maybe we're not ready for that conversation yet.
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Del Johnson retweeted
The man arrested for planting a secret recording device at OpenAI's headquarters is a Venture Partner of a VC firm alongside the son of a senior Saudi intelligence official:
I'm told by a source that the employee arrested for installing a covert recording device was OpenAI's only Saudi employee, Abdulrahman Alfozan
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BREAKING: We have obtained the footage. Full episode tonight @ 9pm Eastern. Live on our YouTube. See you there.
Okay fine I will investigate the Kelly Clarkson bird story.
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Del Johnson retweeted
Replying to @danprimack
That's the point! Large VCs want to push out competition. They have organized the industry to do just that, and it's going to take legislation to fix it, unless you want 5 large risk averse funds to control even more of global VC-backed business formation. wired.com/story/to-save-the-…
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Del Johnson retweeted
Okay fine I will investigate the Kelly Clarkson bird story.
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As an overall aside re: this week's VC drama... 2024 thru 2026 have been the years in which I've most had a little bird in the back of my mind going "@DelJohnsonVC was right." I was always directionally open to any critique of venture, because the weirdness of its creatures and creature habits, but some of his particular suggestions probably felt extreme to me at the time. I probably thought the activity was less irrational than he did, and I think some of the language re: rationality actually missed specific-beneficiary causes -- but that was probably actually distracting to me, though it's something he's also pointed at more since ~2022 (who amongst us). But, in hindsight, even his specific prescriptions + interventions were pretty keyed in.
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In other words, six months from now, the tax-avoidance strategy @peterthiel has been methodically building since 1999 will have achieved its ultimate goal. And the US may be on the verge of a tsunami of political spending by one of America’s most extreme right-wing billionaires, openly hostile to democracy.
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Del Johnson retweeted
idk man if you choose to take VC money from someone with sections on their Wikipedia profile "Connections to Jeffrey Epstein" and work for Vladimir Putin you got whatever's coming to you
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turns out that Masha Bucher, founder of Day One Ventures. Also known for .. - being a member of the Kremlin Youth - a PR manager for Jeffery Epstein - starting a VC fund whose first investor is a (now sanctioned) Russian Bank's founder - a FBI report where a confidential source reported "Day One Ventures was in Silicon Valley to steal technology.” is not the best VC to work with.
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Del Johnson retweeted
This is largely about institutional LP incentives. The person recommending an emerging manager gets limited career upside for being right, but takes considerable risk for being wrong. Waiting for more track record is easier to defend to an IC.
It’s hard to explain how “impactful” LP feedback like this is. For those wondering why capital is concentrating in 10 firms Or why VC is a beta asset class I give you exhibit A.
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It’s hard to explain how “impactful” LP feedback like this is. For those wondering why capital is concentrating in 10 firms Or why VC is a beta asset class I give you exhibit A.
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Del Johnson retweeted
Asterisk Magazine, which NY Mag partnered with to publish this cover story, is an Effective Altruism org and the writers on this piece have deep ties to EA.
On September 8, Jacob Coxon, a 27-year-old Anthropic employee, posted a resignation statement on X that ricocheted around the internet. He quit in protest of what he saw as the company’s suicidally reckless pursuit of artificial general intelligence. To the AI community, an Anthropic employee believing that the technology their company is developing might end the world is not exactly news. (Anthropic was founded by former OpenAI employees who believed OpenAI, if left unchecked, would do just that.) But an Anthropic employee publicly quitting in protest is. Afterward, a debate broke out: If you’re a lab employee who believes in these risks, what should you do? Is it best to leave in protest? Or is it better to agitate from the inside, close to the seat of power? And how would the choice affect your friendships and community? “For me, there’s quite a distinction between my rational beliefs and the things I feel in my gut,” says Coxon. “If you’d asked me to narrate my opinions when entering Anthropic and when leaving Anthropic, they would probably sound pretty similar. But in terms of the actual feeling between the start and the end, it just felt very, very different.” Coxon joins a small set of employees of OpenAI, Anthropic, and Google DeepMind who, over the years, chose to walk away. For our Cover Story, in collaboration with Asterisk Magazine, we brought together eight of them. They don’t share the same concerns or the same p(dooms) — in fact, they wouldn’t necessarily agree that p(doom) is a coherent concept. But together, they provide a candid view of the AI race and the individual calculus many employees face. Read their interviews in full: nymag.visitlink.me/HbG6LU
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Everyone needs to read this. Reality is worse than anything we can say about these people in a few words, media appearances, op-eds, or other conversations. Read the whole thing. ✴️ Reminder: These are @BernieSanders' main advisers on "AI" policy. ams3.digitaloceanspaces.com/…
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