Ten years ago venture was a reputation business. ⁣ ⁣ Investors built decades-long track records and founders came to them.⁣ ⁣ Today it is a media business. TBPN gets acquired, Harry Stebbings deploys a billion dollars, and distribution matters as much as judgment.⁣ ⁣ The exit side changed too. Ten years ago you had 10 investments, one or two hit, the rest sat quietly, done. Now companies stay private forever and public markets are unforgiving, so big firms are standing up capital markets teams just to decide what to buy, hold, or sell.⁣ ⁣ Lightspeed has one. It didn't exist when Bill Gurley was blogging or Fred Wilson started writing.⁣ ⁣ Marketing, sourcing, exits — all getting institutionalized. The lone investor with a great instinct is turning into a firm with a media team and a trading desk.