New episode of Uncapped with @traestephens and @zebulgar from Founders Fund, and my partner @EverettRandle. We talked about Founders Fund, the role of VCs, operating versus investing, their current views on the market, and dynamics in the AI supply chain and China. The conversation stayed almost entirely on the rails and as always I learned a bunch from the way they think. Timestamps: (0:00) Intro (0:54) What makes FF unique (8:01) Why lacking EQ can be an asset (12:10) Delian on working with Keith (18:30) Why Trae hates board meetings (24:13) Benchmark vs. Founders Fund (26:31) Investing as the exhaust of operating (28:52) Venture as a micro asset class (30:42) The infamous 2021 offsite (34:21) Current market sentiment (39:18) Can you beat the S&P? (48:53) America's semiconductor blind spot (51:56) Taiwan and the 90% probability (57:58) Robotics, humanoids, and the China question