Professional idiot. Weekly steward of info on the LP world @SuperclustersLP . Working on something new

SF Bay Area
Joined June 2021
My first We The Builders conversation with @thechrisbuskirk, Cofounder and Chief Investment Officer at @1789Capital and author of America and the Art of the Possible. Now available wherever you get your podcasts. We explore his investment thesis for American renewal: backing technological innovation, rebuilding industry, and creating the conditions for a thriving middle class. We discuss defense tech, China, political conviction, charter cities, and what the people at the top of society owe the country. What we cover: • Inside 1789 Capital: the ambition to build a multi-strategy asset manager and why Chris backed defense technology before it became a popular investment category. • Reindustrializing America: critical minerals, dependence on China, and why rebuilding manufacturing requires capital and supportive policy. • Politics and investing: whether alignment with an administration creates risk, and why Chris believes key parts of reindustrialization have bipartisan support. • Charter cities, aristocracy, and oligarchy: why Chris thinks building a new city may not be ambitious enough, and what distinguishes public-minded leadership from extraction. • The cultural conditions for progress: resisting excessive risk aversion, preserving the freedom to fail, and bringing people together around a meaningful purpose. TIMESTAMPS 00:00 Introducing Chris Buskirk 00:52 One project: renewing America 02:55 Why the middle class is the measure of national health 05:08 The master plan for 1789 Capital 06:35 A generational shift in asset management 08:45 Technological stagnation and the search for fundamental innovation 12:46 Investing in defense tech before it was popular 15:07 Rebuilding America’s manufacturing capacity 16:10 China, trade, and American industrial policy 19:12 Tariffs, critical minerals, and forcing China’s hand 20:32 Why reindustrialization needs more than venture capital 22:23 The risks of mixing politics and investing 25:38 Political conviction versus hedging your bets 26:15 Can reindustrialization survive a change in administration? 30:20 Deregulation and letting builders build 32:13 The case for charter cities 33:56 Why charter cities may not be ambitious enough 36:06 Brasília and the challenges of building new cities 39:05 Why cities need an economic reason to exist 41:34 Singapore and the modern city-state 42:25 Aristocracy versus oligarchy: who should lead? 45:28 Identifying talent and encouraging public responsibility 47:40 How stagnation creates a scarcity mindset 49:11 Exporting the American dream 53:26 Innovation, concentrated power, and national decline 56:25 Meritocracy, gatekeeping, and the cities that attract talent 58:44 How AI brought talent back to San Francisco 59:49 “Sociopathic risk aversion” and the freedom to fail 1:03:20 Rockbridge and the art of convening people 1:06:00 Why a gathering needs a meaningful purpose 1:08:14 Rituals, community, and serving the people you bring together 1:10:43 Chris’s favorite meal and fasting routine
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David ☕ retweeted
The average emerging manager backs more than twice as many outlier profiles than a megafund, per investment. Pooling 5 EM portfolios increases the range of investments significantly, while the same is not true for the more homogenous megafunds. At the earliest stages, venture capital is built on discovery; innovation relies on an appetite for companies outside of "legible" categories. Megafunds' revealed preference is to dominate existing categories, rather than drive discovery. So, the market will continue to rely on small and emerging managers for discovery. Thanks to @dealroomco for letting me loose on their data to test this hypothesis. Full report available here: research.joinodin.com/#/pape…
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David ☕ retweeted
"If you imagine that the only resources you will ever have are the resources you have now, then inevitably you will predict their exhaustion...what the doomsayers don’t understand is that the reason humans prevail is creativity, and creativity always comes as a surprise." - george gilder
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Oftentimes, @samhuleatt and I suck at posting things on X, now we should probably pay @credistick for sharing the love!
Many of the great VC firms and solo GPs started out with funds of $10M or less. These micro VC firms have a risk appetite which is crucial to the industry, and play an important role in seeding risk capital where larger firms cannot. "Micro VCs play a pivotal role in democratizing access to entrepreneurial finance by allowing ventures to get funding from a new type of investors. Moreover, micro VCs encourage more kinds of limited partners to access the VC industry." - Micro VC (2022) Unfortunately, the associated regulatory costs make operating at this scale incredibly difficult in the UK. Admin and compliance often consumes about $1.4M of a $10M UK fund, versus just $450k in the US. As a result of this high cost, the median fund size in the US was $20M in 2024, in the UK (with just 3% of the volume) it was $88M. So, the UK not only has lower total venture capital volume, it also has fewer small funds — the worst of both worlds. This is a major bottleneck, but there is a fix. If you're interested in hearing more, drop me a DM. (Credit to @cupazhou and @samhuleatt for the graphic below, from The Side Letter.) Micro VC paper: eiexchange.com/api/submissio…
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we believe biology is AI's true frontier edge case today we're it's launching the capital map: the top VCs in AI x Bio The TechBio 50
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What have I ever done to deserve @suffiyanmalikk's love appreciate you lots friend
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David ☕ retweeted
Today we announce raising our Series A and $25M in total funding to do more of the work for the hundreds of companies that trust us with their sales tax and the thousands more we want to serve. Indirect tax is the least sexy, biggest problem in almost every company that sells anything. In the US, businesses remit over $600B in sales tax a year. Globally it's ~$5 trillion in VAT. It never goes away. It only gets bigger. And it lands on people who never signed up for it. Your controller. Your VP of Finance. Your CFO.
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A friend asked me to share commentary on how GPs can build better narratives, so shared a few bullets:
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Personally have yet to meet generational talent who isn't srsly flawed in another way. The question is are you aware of it?
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- Are you capital efficient? Do you know how to use 2% mgt fees as if it were 4%? - Why is this the last job you'll ever have? - What do you do to train like a pianist practicing their scales?
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Charlotte Zhang is back on @SuperclustersLP for our final episode this season, along with the amazing @lisabeyu @MoneroMahesh @HelenaGagern !! Some of my fav highlights:
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🪙 If you have an "exceptionalism" or opportunistic bucket, 1 of the best things you can do is to communicate what kinds of companies might fit in that bucket to your LPs early on, so they know what to expect...
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For ex, we're still looking at writing 1st checks, but if it's a frontier lab at $400M post, this'll be in the separate bucket And ofc the whole ep is here: youtube.com/watch?v=ERRBA1yp…
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