Charlie Songhurst

and the ethereal and the sort of conceptual.

Think of Atlassian, Stripe, companies of that ilk.

Then I once saw this tweet, some joke about rad investors, that they love owning things with names like American asbestos.

And it made me chuckle because it seemed that there was some sort of truth to that.

It felt grittier and truer and more real and more like just better.

to own something that's a steel mill plant in Pittsburgh than it is to own a Tableau or some company doing this sort of weird software stuff.

And so the interesting trend about that is, does that create biases and oversights?

So maybe because VC sort of in the 2010 to 2013, 2014 network effect consumer businesses were so good, maybe too much capital went into those in the subsequent years.

Think of light chains, scooters, and things like that, because there wasn't enough Darwinian survival of people that were focused on unit economics.

Those partners had diminished in their political power within the VC organization versus the partners that bet more on a network effect on the product.

Then there's actually a chapter in Dawkins' Selfish Gene on hawks and doves and the evolution of stable populations of different behavioral strategies.

Maybe that also replicates in investors and

And of course, as an investing type succeeds, so it attracts more capital and more disciples.

And therefore, there's more people looking for it.

And therefore, the alpha is more diminished.

Success is very idiosyncratic, rather like entrepreneurs.

It's sort of finding a fit for their style.

So I know one investor at Siege, a fantastic investor, and just has an absolute essence of getting to the nub of the character of an entrepreneur.

Just the descriptions, the articulation, the strengths, the weaknesses.

You would have thought you should spend 300 hours doing a psychological profile.