Trace Cohen(@Trace_Cohen):ok I listened to all of this @HarryStebbings good job trying to push back and be a little sassy 1) 99% of funds cant do this but they want to 2) they are like 50yrs old with 1 major anchor LP so they can take risks 3) they won this cycle already with early bet on Anthropic turning $500M in 2024 into $15B in 2026 4) So now they are playing with house $ 5) They are already rich which is a competitive advantage (he said it and I agree)

2026.10.07 18:59

ok I listened to all of this @HarryStebbings good job trying to push back and be a little sassy 1) 99% of funds cant do this but they want to 2) they are like 50yrs old with 1 major anchor LP so they can take risks 3) they won this cycle already with early bet on Anthropic turning $500M in 2024 into $15B in 2026 4) So now they are playing with house $ 5) They are already rich which is a competitive advantage (he said it and I agree)

Harry Stebbings@HarryStebbings

2026.10.05 17:27

Every seed investment is an option bet. “You have to think about the venture portfolio as a bunch of options. Each seed investment is an option bet. You are buying an option to see if it is an outlier, and you want to have enough of those to make sure you have an outlier. When there is true quantitative evidence that it is going to be an outlier, then you position size up.” @venkyganesan How do seed funds play in a world where mega funds are totally price insensitive and “option bets” is the mindset for seed checks @infoarbitrage @chudson @hunterwalk @honam @dunkhippo33 @jasonlk