IntenseDebate - hdemott

13 years ago @ ben's blog - Why Andreessen Horowit... · 0 replies · +1 points

Thanks for the post today.

There are very few people who can do all stages of investing because very few people actually have experience across all the investment classes.

As someone who has worked at various hedge funds - and done everything from seed stage VC to distressed debt at the end of a company's life (Pandora to Tribune currently) and everything in between, I'm always amazed by the stratification in the investment world.

Investing is investing - and while the role of the investor changes as the companies become bigger (more governance issues) - the basics of making good investments don't change - great teams, great products or services, great execution. You may focus more on one of this spectrum depending on the investment - but it is always the same.

Congrats on the fund.

13 years ago @ Feld Thoughts - Deeply Held Beliefs · 1 reply · +1 points

Thanks

so average of 7 deals a year - with $7M per deal in terms of initial investment plus capital reserved for add on's. $50M per year - 5 years of investments - there's your fund!

Just a quick question for which I probably should know the answer: when you make an initial investment - you obviously call capital for the initial funding amount - but do you actually call down the capital you reserve for follow on's? or do you just tell people what you think you should reserve for follow on's and call it later?

13 years ago @ VC Adventure - How to teach your chil... · 0 replies · +1 points

Yeah grass is more difficult to ride on for sure - but it sure does cure the fear of falling - and once you get it down on grass - the concrete is easy. I've seen both methods - and they all work well.

Congrats on the new fund.

13 years ago @ Feld Thoughts - Deeply Held Beliefs · 3 replies · +1 points

So that begs another question - if the cost of start-ups has continued to decline - and you want to keep a partnership to 4� - and you want to keep partner interaction to a maximum, are you actually going to fund more companies that need less "adult supervision" or are you going to fund more capital intense companies (which I actually believe may be a competitive advantage ina world where everyone flocks to the lean start-up) or are you simply going to be able to keep your pro rata stake far deeper into the growth of a successful company?� Or do you bifurcate the business and run it like you have been running it - and leave a large amount of capital either unallocated and unused - or do you do some later stage deals where you can put more capital to work?

I know I probably sounds like some sort of pension consultant - and for that I'm sorry.

I'm actually just really interested in how you are thinking about the business.

13 years ago @ Feld Thoughts - My Quest For Measuring... · 0 replies · +1 points

Are you a binge sleeper?

Intense work for a few days then a total crash - or do you somehow manage to just conk out for a while.

I'd love to get 9 hours just one night! Currently running on about 7 hours per night - and 8 on weekends.

Not enough.

13 years ago @ Feld Thoughts - Deeply Held Beliefs · 8 replies · +3 points

I like them. Clean, concise and clear.

One question: how come $225M - is that something like $50M per partner - with the remaining $25M going to fund overhead? Or is that just where you ended up on the first fund size - so you figured you would keep it there?

I really like the idea of working directly with the companies. With funding costs coming down - the large banking like structures are really going to end up hurting. Seems like you need a barbell strategy these days - lots of small investments on the low end - and enough firepower to really support companies that take off.

Last question: what if one of you wanted to leave for whatever reason? Would you then just shrink to 3 and keep on - or look for a replacement then? Do you have key man clauses in your docs for all 4 of you? (I doubt it - wouldn't exactly be great business)

13 years ago @ VC Adventure - How to teach your chil... · 2 replies · +1 points

Love it. I read a technique in bicycling magazine which is very much like yours except - we used a grassy hill (slight incline) and we kept the pedals on so that they could get the feel of putting their feet up. Very quick learning curve - few hours and they could pedal down the hill on their own. The good news about grass is that kids don't get frustrated if they lose their balance and fall (it is soft and they are close to the ground to start with) and because the grass is hard to pedal in - you never get going all that fast - so when you make the transition to the road - it is far easier.

13 years ago @ Feld Thoughts - An Aurora Over Alaska · 0 replies · +1 points

WOW!

I've always wanted to see the Northern Lights - just never made it up at the right time.

Fantastic image.

13 years ago @ Feld Thoughts - My Quest For Measuring... · 2 replies · +1 points

Went to your fitbit page.

Dude - it said you managed to sleep for 12 hours on September 6th. How is that even possible?

seems inhuman.

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