"If you were late to AI and you weren't a top firm, I don't know how you recover." @mmurph on why VC firms tend to decay over time: "The first is poor handling of generational transition. The bad way: people hang around too long, and younger, talented partners leave. Or, let's just say you don't have as much alignment in the firm. Some of the best decisions we've made are because we had incredibly high alignment within the firm to do something that at the time felt like, 'Why are we doing that? It's a little off-spec for us.' If you don't have a high-trust organization, if people are fractured and doing their own thing, when somebody comes in with an exception like that, it's, 'That's not what we do.' So you start creating false guardrails. A lot of those dynamics can happen even if it's not a generational issue. People are practicing the business too much as individuals. You're not getting that collective strength that makes you better as a firm. Another massive one is missing a technology wave. If you were late to the AI game and you weren't a top firm, I don't know how you recover. If you're a top firm, you can recover because of your reputation. But you're still playing catch-up."