Alex Bangash
@AlexBangash
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Founder backing founders for companies, studios, and platforms.
Joined September 2007
First-time founders focus on product Second-time founders focus on distribution Lifetime founders focus on the mission
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All founders should read this book.
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Early Stage VC is 100% power-law so Diversification of returns matters less. Individual investments have capped downside /exponential upside Late-stage VC is increasingly a normal distribution w significant downside & capped upside So diversification of returns matters
Hear @SamirKaul1 discuss dangers of conservatism in venture & importance of upside maximisation & not selling winners too early. As LPs @Beezer232 @MKRocks @AlexBangash how important is diversification of distributions vs pure cash on cash returns? https://t.co/5NZwokDHXI
#vc #lp
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There is no credential for independent thinking https://t.co/6QYbqcuVAm
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Sometimes it is the very VCs no LP can imagine anything of who produce the returns that no LP can imagine.
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Smart VC managers stick to past models like AOL, Blockbuster, Kodak. Squeezing every last dollar until they fall by the wayside Four Reasons why good VCs fail - Generational Issues - Their networks atrophy - They raise too much money - The game changes; they get DISRUPTED
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Startups & VC is the art of doing more with less Funding does NOT equal Success BIG Funding has gaussian distribution, not POWER LAW From the last cycle Better Place $875M Fisker Automotive $1.5B Living Social $919M Bloom Energy $1B Solyndra $800M
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In my first 12 years as an LP, I backed founders that backed founders. Now I simply back founders building Studios Platforms API-based funds
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Mount holyoke looking to hire its inaugural CIO for its investment office
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The wealthiest companies are buying stock back, which is a reason why the churn in S&P is up. The AVG tenure of companies on the S&P 500 will shrink from 33 yrs to just 12 yrs by 2027
The world's wealthiest people and companies are holding record levels of unused cash Where is it going? The IMF says large companies around the world are overwhelmingly choosing not to reinvest much of it. They're hoarding cash and buying back stock.
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Platforms, Studios, and API-based funds are 100X harder than traditional VC They are characterized as risking taking rather than traditional rent seeking They thrive in the face of increasing entropy and uncertainty They have extreme skin in the game
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Global residential real estate is worth over $168 trillion. With a T. Software is coming to remake the world’s largest marketplace through better/faster/cheaper property management and @kul and his team at @zeuslivinginc will be the ones to do it. https://t.co/D1HjGCFu0h
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Excited about what @dsog is building. CA homebuyers can sign up for beta.
I’ve been working on @RedDoorHQ to change how we think about #Mortgages. Our customers got rates almost 0.5% lower than anywhere on the market, down payment as low as 3%, and closed in 12 days. Looking for 10 more #homebuyers in CA before going public khaled@reddoor.com
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Today, it is impossible to produce superior long term VC performance at the early stage unless you build a firm with structural advantages. The days of pure access are over at the early stage.
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The bull market has inevitably dulled many a VCs sense of prudence When you have 9 years of good results, people who invest in startups tend to get a little less careful Finance is often poetically just, it punishes the reckless with special fervor.
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