New Emerging Managers episode with @rohanpuj is live. Rohan is one of the few truly independent thinkers I've met in venture. Even rarer, he has the risk tolerance to actually take big swings on those views. I believe these are the 2 qualities that make a great investor, and he's one of the few EMs I've met who I think has the potential to be generational. His take is that the first generation of VCs were risk takers who took weird paths into the industry, while the new school is mostly credentialed box-tickers whose biggest fear is being wrong when everyone else is right. So VC has become a markup game. Rohan goes where no one else is looking. In his first fund that meant hard tech before it was consensus: K2 Space (big satellites when everyone was building small ones) and Jaza (an African energy utility now growing ~10x a year). In his second, it's Truffle (personal AI computers that run models locally), backed months before everyone started buying Mac Minis to run agents at home, and doubling down on After Thought's new AI architecture to fix what LLMs get wrong. We get into what makes him different, the list he keeps of the 21 investors who've returned $1b+ on a single deal more than once, why he hates SF, why he thinks the hard tech window has closed, and much more. (Disclosure: we're LPs in Valhalla's Fund II)