Excellent stuff from @TurnerNovak and @chudson. So much in here worth listening to for early-stage managers. The way that Charles develops talent within @PrecursorVC, with a deliberate effort to not influence what associates think "good" looks like. Versus the ~1-2.5 years you have to wait for investment privileges at a larger firm, during which you are specifically learning what the firm thinks "good" looks like. (Which relates to the VC world model idea I wrote about at the weekend.) Or the fallout post-2021, and how LPs trimmed emerging managers due to a lack of track record, rather than the managers who had driven the market. It was not a healthy or meritocratic culling. I'd also love to know who it was that thought 100% of the successful founders in the future are going to be repeat founders that are known to VCs. They do not belong in venture capital. Well worth a listen.