#  @honam Ho Nam Ho Nam posts on X about in the, if you, business, vcs the most. They currently have [------] followers and [---] posts still getting attention that total [-----] engagements in the last [--] hours. ### Engagements: [-----] [#](/creator/twitter::14518056/interactions)  - [--] Month [------] -90% - [--] Months [-------] +26,871% - [--] Year [-------] +13,105% ### Mentions: [--] [#](/creator/twitter::14518056/posts_active)  - [--] Month [--] -88% - [--] Months [--] +720% - [--] Year [--] +2,100% ### Followers: [------] [#](/creator/twitter::14518056/followers)  - [--] Month [------] -0.07% - [--] Months [------] +5.90% ### CreatorRank: [-------] [#](/creator/twitter::14518056/influencer_rank)  ### Social Influence **Social category influence** [finance](/list/finance) [stocks](/list/stocks) [technology brands](/list/technology-brands) [gaming](/list/gaming) [social networks](/list/social-networks) [vc firms](/list/vc-firms) [currencies](/list/currencies) [automotive brands](/list/automotive-brands) [celebrities](/list/celebrities) [countries](/list/countries) **Social topic influence** [in the](/topic/in-the), [if you](/topic/if-you), [business](/topic/business), [vcs](/topic/vcs), [investment](/topic/investment), [money](/topic/money), [ipo](/topic/ipo), [roblox](/topic/roblox), [ho](/topic/ho), [company](/topic/company) **Top assets mentioned** [Alphabet Inc Class A (GOOGL)](/topic/$googl) [Intuit Inc. (INTU)](/topic/$intu) [Coupang, Inc. (CPNG)](/topic/$cpng) [Microsoft Corp. (MSFT)](/topic/microsoft) [Seagate Technology Holdings PLC (STX)](/topic/seagate) [Roblox Corp. (RBLX)](/topic/$rblx) [Tesla, Inc. (TSLA)](/topic/tesla) ### Top Social Posts Top posts by engagements in the last [--] hours "@Codie_Sanchez Plumbing" [X Link](https://x.com/honam/status/1423412315978829824) 2021-08-05T22:35Z 56K followers, [--] engagements "@TrungTPhan I had to do the math twice. 66% return is impressive but its non-compounding. If he had $10B at start its $6.6B each year or $198B over [--] years. His actual profit was $100B since he didnt have $10B to start. But if he had it the entire time it is less than 21x over [--] years" [X Link](https://x.com/honam/status/1424517595860856833) 2021-08-08T23:47Z 55.7K followers, [--] engagements "@Bloom_Capital_ I dont think hes keeping us in the dark. He has opinions but doesnt have a high degree of confidence. He knows hell be wrong often on macro predictions and doesnt want to lead people astray. Also its just not his core focus. Its all about the micro. Specific companies" [X Link](https://x.com/honam/status/1432401009720979462) 2021-08-30T17:53Z 55.7K followers, [--] engagements "@jj_shipley @a16z @benchmark Agree. But great investors are rare. So whether corporate or not most will fail (or fail to outperform benchmarks). Tencent and Naspers are examples of corporations with VC teams that created massive value (I believe beat most independent VCs over decades)" [X Link](https://x.com/honam/status/1440820775544508418) 2021-09-22T23:30Z 56K followers, [--] engagements "Observation: anyone can talk about long term investing (may talk about it more during periods of under performance). But few seriously mean it. When time horizon extends long enough everything changes. Attitudes behaviors etc. Will crave (or be repulsed by) different things" [X Link](https://x.com/anyuser/status/1518318949435252736) 2022-04-24T20:00Z 58.6K followers, [---] engagements "@MungerValue @CobraGlobal @HedgeMogul @paganfromeast Its interesting how quickly IG copied and became bigger than Snap. But somehow theyve come back. Snap is where teens spend more time. Of course IG is still massive but Snap found its mojo again (which is why stock peaked). They are original. Innovative. Meta is not" [X Link](https://x.com/honam/status/1584220046515052544) 2022-10-23T16:27Z 56.4K followers, [--] engagements "@DividendGrowth For most I agree. It really depends on the CEO. If great capital allocator like Buffett or Singleton buybacks can work even better than dividends. But most CEOs do the opposite of what should be done - buy high and stop when stock price is low. Or even worse sell low" [X Link](https://x.com/honam/status/1594115955730546688) 2022-11-19T23:50Z 55.6K followers, [--] engagements "Can someone recommend a great travel agent to book vacations abroad Feel free to DM. Thanks" [X Link](https://x.com/honam/status/1605435786173652992) 2022-12-21T05:31Z 55.7K followers, 40.4K engagements "@kevg1412 This is the best and most complete coverage Ive ever see on Reece and IGSB. Thanks for putting to together" [X Link](https://x.com/honam/status/1706892293406699956) 2023-09-27T04:43Z 56K followers, [----] engagements "The news on Figma is a setback for many who wanted/needed liquidity but could be a blessing over the LT. I remember when $CPNG was turned down by $GRPN (for $300M exit which was thought to be big for a Korean tech startup). Now Coupang market cap is over $29B vs ($350M for Groupon). A lot can change over time. Figma has $270B in $ADBE market cap to go after over the next few decades" [X Link](https://x.com/honam/status/1736866615290146898) 2023-12-18T21:50Z 55.8K followers, 16.1K engagements "The biggest IPO of Korean tech company since Coupang. Funny that people measure size of IPO in terms of $ raised. It should be in market cap. They dont need to raise much. Toss is cap efficient and generating lots of cash. https://www.reuters.com/world/asia-pacific/south-korean-finance-app-toss-plans-2026-us-listing-with-over-10-billion-2025-07-24/ https://www.reuters.com/world/asia-pacific/south-korean-finance-app-toss-plans-2026-us-listing-with-over-10-billion-2025-07-24/" [X Link](https://x.com/honam/status/1948854546933186721) 2025-07-25T21:15Z 55.3K followers, [----] engagements "Agree its non consensus because of geo. But the astounding fact is some of these are real companies. Coupang with tens of billions in revenue and billions in cash flow. Woowa and Toss at billions in revenue and hundreds of millions in profits. Krafton is at near billion in profits also. How many start ups in any geo get to a billion in annual profits" [X Link](https://x.com/honam/status/1951894014514577457) 2025-08-03T06:32Z 55.2K followers, [---] engagements "Within our own portfolio. I have grown to admire founders like BG Chang (Krafton) Bom Kim (Coupang) Dave Baszucki (Roblox) and SG Lee (Toss). Long after each became extremely wealthy they are just as motivated and energized as ever. You dont know how people will behave until you are well into the journey - a decade+ or however long it takes for them to become billionaires to see how they behave as their situation and lives change" [X Link](https://x.com/honam/status/1954770277277319256) 2025-08-11T05:02Z 55.4K followers, [---] engagements "Its a feature. While it was painful during the long wait for years Ive been telling people that I felt the luckiest thing ever was to be a VC during an era where we could not take small companies public. We had to wait until companies got to $1B+ revenue. In the old days we would have taken small companies public and feeling the pressure to liquidate or distribute to LPs would have left 10x on the table (public investors often made more than the VCs on the big winners). Instead VCs of this era have an opportunity to capture much more upside. If youre able to build companies that have real" [X Link](https://x.com/honam/status/1958006128606089464) 2025-08-20T03:20Z 55.6K followers, [----] engagements "@FoundersPodcast @ReGenVC I had never heard of the company until we were doing college tours and my daughter wanted to visit their store in Chapel Hill. Then I heard your podcast. What an incredible story" [X Link](https://x.com/honam/status/1960745303809908779) 2025-08-27T16:44Z 55.6K followers, [---] engagements "Thanks @pratyushbuddiga for flagging this passage. Forgot about it since its been nearly [--] years since I wrote it and the post is no longer on our website but still on Typepad (founding feeding your post to @grok). People talk about how much has changed in VC. This post shows that not much has changed since I was commenting on behavior in the industry that I had observed since [----]. Swap out prior eras hottest tech/trend for AI and voila you have the same behaviors leading to mediocre/crappy returns for those following the herd. https://altos.typepad.com/vc/2007/03/raising_sheep.html" [X Link](https://x.com/honam/status/1960926010377208208) 2025-08-28T04:42Z 55.6K followers, 11.1K engagements "@FoundersPodcast Not just riding it - man of passion IS the wild beast Youre one of those too" [X Link](https://x.com/honam/status/1960933545893093718) 2025-08-28T05:12Z 55.7K followers, [----] engagements "@GenAIRoblox Took [--] years to get to 100M DAUs and could be less than a year to get to the next 100M" [X Link](https://x.com/honam/status/1962190396676837693) 2025-08-31T16:27Z 55.7K followers, [----] engagements "I agree with Rory that this is the conventional wisdom these days. But it's stupid to think that way. Don't play venture lotto. Build companies for the long term. BTW check on the growth of Tableau at $10M. I think they grew 30% to $13M the next year. By the time of IPO growth was more like 100% at $100M+ ARR. Roblox had a "meh" growth year in the $20M range (maybe grew 20%). Many gave up on the company. We got more excited in that year. Look beyond stupid metrics like short term growth" [X Link](https://x.com/honam/status/1974633189068128689) 2025-10-05T00:30Z 56.3K followers, [----] engagements "1/ Success isnt about winning. Winning is a finite gamerules score an end. Success is infinitedriven by purpose creativity and energy that renews itself. Peter cites the book (Infinite Games) that we have given to many people over the years" [X Link](https://x.com/honam/status/1977421073793871969) 2025-10-12T17:08Z 56.3K followers, [----] engagements "2/ The most durable motivation comes from creation not competition. IPO Exit Those are byproducts. The real reward is building something meaningful that is bigger than yourself and perhaps outlives you. Tapping into this motivation is what my partner @hanaltos has called which has become a meme in Korea" [X Link](https://x.com/honam/status/1977421452010795107) 2025-10-12T17:09Z 56.3K followers, [----] engagements "@hanaltos 7/ As companies grow systems form and creativity can fade. You can lose your own company. Founders must keep reconnecting with the energy of the beginningthat raw founding spark and insatiable to create something from nothing" [X Link](https://x.com/honam/status/1977424378062311549) 2025-10-12T17:21Z 56.3K followers, [---] engagements "@hanaltos 8/ Peter's reminder to builders and investors (taking lesson from Bezos): Be customer-obsessed not competitor-obsessed. Distraction is a luxury. Fatigue is fatal" [X Link](https://x.com/honam/status/1977424563362463949) 2025-10-12T17:22Z 56.3K followers, [----] engagements "Love this. Even better quote in this clip is @davidsenra quoting Henry Ford who said if I ever want to sabotage my competition I would fill their ranks with experts. Experts tend to know so much and theyre so convinced that they are right that they get no work done. "At the limit nobody knows anything." @MichaelDell https://t.co/cTA8IOA2np "At the limit nobody knows anything." @MichaelDell https://t.co/cTA8IOA2np" [X Link](https://x.com/honam/status/1977508094520541334) 2025-10-12T22:54Z 56.4K followers, 15.7K engagements "@chrisfralic @alanjpatricof Didnt realize he had a book. Would be a great read. Loved his approach to the business when I met him around the time we raised Altos IV (2008) and Greycroft was getting started. I think $30M fund and he said it took him [--] yrs to raise it (ex-founders over the years in as LPs)" [X Link](https://x.com/honam/status/1439757326949371904) 2021-09-20T01:04Z 58.3K followers, [--] engagements "Avoiding stupidity is key. https://fs.blog/avoiding-stupidity/ @sBe3ez @luxmetaverse I dont think I was born with good judgement. I was in a hurry. Not focused. Short attention span. But I learned. Its about survival. Doing stupid things will get you killed as an investor. Just trying to survive and so had to learn (and keep learning). Good role models are key. https://fs.blog/avoiding-stupidity/ @sBe3ez @luxmetaverse I dont think I was born with good judgement. I was in a hurry. Not focused. Short attention span. But I learned. Its about survival. Doing stupid things will get you killed as" [X Link](https://x.com/honam/status/1469704041970102273) 2021-12-11T16:22Z 57.4K followers, [--] engagements "@stewfortier They also invested $200M in the late 90s Apple when Steve Jobs came back. And in Facebook pre IPO. Thats not only an amazing track record but industry changing investments" [X Link](https://x.com/anyuser/status/1605821355529711617) 2022-12-22T07:03Z 58.6K followers, 20.7K engagements "This will likely be the first and only time ever that Altos will be mentioned as an investor in between four individuals. Investors include restaurateur Guy Fieri media personality Ryan Seacrest Altos Ventures Kevin Hart and Travis Scott. https://amp.theceomagazine.com/business/innovation-technology/metal-refillable-bottles/ https://amp.theceomagazine.com/business/innovation-technology/metal-refillable-bottles/" [X Link](https://x.com/honam/status/1641624086072926208) 2023-03-31T02:10Z 57.8K followers, [----] engagements "@trevorloy Add to that list Arthur Rock Don Lucas John Doerr Brook Byers Bob Kagle Bruce Dunlevie Geoff Yang Kevin Fong Paul Ferri Reece Duca Bill Draper Pitch Johnson etc" [X Link](https://x.com/honam/status/1731140064833622278) 2023-12-03T02:35Z 58.6K followers, [---] engagements "Forgot to add Dave Marquardt the only VC and longtime board member of Microsoft. First job out of GSB was in VC at TVI and then founded August Capital. Other deals include Seagate (twice) Sun and Intuit. Jim Breyer invested in Facebook. I dont think Zuck needed much advice (good thing he ignored investor advice to sell to Yahoo). https://twitter.com/i/web/status/1731142887520543076 https://twitter.com/i/web/status/1731142887520543076" [X Link](https://x.com/honam/status/1731142887520543076) 2023-12-03T02:46Z 58.6K followers, [---] engagements "Still far below its IPO price but nice to see $CPNG reaching a two year high. At over $40B it's market cap it is bigger than Never and Kakao combined (the Google and Facebook of Korea)" [X Link](https://x.com/honam/status/1780370908680769725) 2024-04-16T23:01Z 57.9K followers, [----] engagements "One of the best examples of people building multi billion dollar fortunes investing their own money is Herb Wertheim profiled by Forbes a few years ago. https://www.forbes.com/profile/herbert-wertheim/ https://www.forbes.com/profile/herbert-wertheim/" [X Link](https://x.com/honam/status/1875204871743590911) 2025-01-03T15:37Z 56.5K followers, [----] engagements "Another example is Reece Duca of IGSB profiled here on @Quartr_App https://quartr.com/insights/investment-strategy/reece-duca-the-manager-who-outperformed-buffett https://quartr.com/insights/investment-strategy/reece-duca-the-manager-who-outperformed-buffett" [X Link](https://x.com/honam/status/1875205435642491212) 2025-01-03T15:39Z 56.5K followers, [----] engagements "Yes Ive used that trick - pretend that its my familys business. If it does well my family will do well and if it doesnt my family will suffer and thats the way it should be. The second trick is to allocate shares to philanthropic causes. Then whatever happens to the price it only impacts the philanthropic budget. Id rather donate more but Im not going to sweat the volatility. A side benefit of this trick is that I do not care about tax rates or policies because its all going back to society anyway" [X Link](https://x.com/honam/status/1890287923276443988) 2025-02-14T06:32Z 56.7K followers, [---] engagements "I agree this is bad ass - both in percentage terms and absolute dollars. In percentage terms Sutter Hill would be higher. I think John Doerrs percentage may also be higher in some Kleiner funds (including the funds that invested in Google and Figma). Don Lucas and IGSB were zero LPs which meant billions of returns generated with 100% GP commit" [X Link](https://x.com/honam/status/1933775627225870654) 2025-06-14T06:36Z 56.5K followers, [----] engagements "@candrewclark @loganbartlett @Samirkaji People espouse various models of VC as if they know how it all works. Those who dont care about what others are doing or the industry overall just focus on their companies and try to build value. IGSB is a good example. They just did their own thing. @loganbartlett @Samirkaji Just remember that people like Don Lucas and Pitch Johnson had private jets long before the internet bubble. Oracle and Amgen back in those days were worth a fraction of what they are today. Old school VC was not so bad. People touting the new VC model might be more in the" [X Link](https://x.com/honam/status/1933909869943574610) 2025-06-14T15:30Z 56.6K followers, [----] engagements "So true. If the founder and CEO gets hit by a bus what happens That said there are some surprising success stories of companies that survive transitions. Cisco is a colorful example. Not as wild but Palo Alto Networks went through multiple CEOs before and after IPO. Intuit ServiceNow Snowflake are other examples. I like to bet on hedgehogs but pay attention to counter examples. There are many ways to win. Is it the jockey or the horse Both are important" [X Link](https://x.com/honam/status/1943290440901374176) 2025-07-10T12:45Z 58.5K followers, [---] engagements "Nice to see two Altos companies mentioned in this tweet (PUBG is owned by Krafton). Both investments were made in [----]. As the world was melting down during the GFC some entrepreneurs were quietly building. After [--] years both still led by the founders. BG Chang is not CEO but continues to be active Chairman and largest shareholder of Krafton. David Baszucki is in his 19th year as CEO of Roblox. I don't think people appreciate what is going on with $RBLX. The levels of engagement that individual experiences are achieving even during seasonal weakness are truly remarkable. For context the peak" [X Link](https://x.com/honam/status/1967038872644157783) 2025-09-14T01:33Z 56.4K followers, 12.5K engagements "This is interesting data. Over our [--] year history weve had an anchor LP be 100% of a fund 40% of a fund and 25% of a fund. These days no LP has more than 8%. Its nice to get an anchor in the early days. But once established its better to have a more diversified LP base. You want them to be meaningful to you and you want to be meaningful to them. So your fund size not only determines the types of deals you do it also helps guide what type/size of LPs are a fit. For VCs: the anchor LP in your fund represents about 20-23% of total capital these days. Clear dip as the market heated up in the" [X Link](https://x.com/honam/status/1981494650927214925) 2025-10-23T22:55Z 56.6K followers, 40K engagements "On the topic of cutting out all other optionsI remember debating what to do before the first SPV for Roblox which ended up 1.4x larger than the entire fund that had made the initial investment. The question was should we put an entire fund into a singled round of one company (at a greater than 100x the price of our initial cost basis) or make a bunch of smaller new investments We decided to put it all into the round. It did pretty well. We made the same decision a couple of years later at an even higher price (at 211x the initial cost basis). IRR of that second SPV was even higher than the" [X Link](https://x.com/honam/status/1982330792144408688) 2025-10-26T06:17Z 56.7K followers, 37.9K engagements "This was discussed in the acquired podcast interview I did in [----]. Fund return was not 100x. In [----] it was a decade after our initial investment and the value had gone up more than 100x. By the [----] SPV it grew to 211x. We invested $120M and $125M in the two SPVs which were both larger than the original [----] fund of $86.5M" [X Link](https://x.com/honam/status/1982684517749170276) 2025-10-27T05:43Z 56.6K followers, [---] engagements "Sometimes you have no choice but to wait. Cant rush it. People are in too much of a hurry. That fund had many winners (Coupang Woowa Krafton) so it would have been a 10x fund without the biggest. But power law is amazing. The biggest hit was multiples of everything else combined. Such things happen in venture. So 50x funds are quite possible (but weve never had a 100x)" [X Link](https://x.com/honam/status/1982824787119579643) 2025-10-27T15:00Z 56.6K followers, [--] engagements "The worse business is what I describe as a treadmill. If you stop running youre dead. Buffett calls it the business where you have to stay smart. The treadmill sounds terrible to some and they want to get off someday (exit). But if youre someone like Sam Walton you just love it. Just keep running and running. Id hate to compete against such a guy. Warren Buffett: If you have to choose between the [--] pick this. https://t.co/zafiwngLU4 Warren Buffett: If you have to choose between the [--] pick this. https://t.co/zafiwngLU4" [X Link](https://x.com/anyuser/status/1985001347025158519) 2025-11-02T15:09Z 58.6K followers, 78.4K engagements "Jeremy Lin has put together a great team for the next phase of his career. His lifes work continues beyond basketball to inspire the next generation of youth to rise above poverty to pursue their passions and dreams. Cheering for him even harder now Jeremy Lin Foundation in partnership with generous donors launched our Thrive Together Collaborative. We will be supporting [--] community-based organizations over the next five years that improve outcomes and opportunities for underserved AAPI youth #ThriveTogether https://t.co/0SACwbgmsa Jeremy Lin Foundation in partnership with generous donors" [X Link](https://x.com/honam/status/1985870092006269150) 2025-11-05T00:41Z 56.9K followers, [----] engagements "I meant to say the only alpha left is conviction. Thats the only edge that doesnt get competed away. @Jeffreyw5000 Thanks. This passage reminded me of something a great LP told me recently. He said the boy alpha left is conviction. @Jeffreyw5000 Thanks. This passage reminded me of something a great LP told me recently. He said the boy alpha left is conviction" [X Link](https://x.com/honam/status/1987065816253333838) 2025-11-08T07:53Z 57.7K followers, 20K engagements "True conviction doesnt mean never change your mind. Soros emphasises recognizing mistakes quickly" [X Link](https://x.com/honam/status/1987067896439464358) 2025-11-08T08:01Z 57.8K followers, [----] engagements "VC is a discovery mechanism. The real due diligence begins post investment. Always reassess and exit or reduce when original premise is falsified or feedback changes your mind. Or add to the position. In a big way" [X Link](https://x.com/honam/status/1987068624260243815) 2025-11-08T08:04Z 57.8K followers, [----] engagements "Been hearing the same things. LPs are working hard and travel is getting old. So it was shocking when I met an LP recently who said that it was his first visit to SF this year (in November). They have a great and very long track record. Highly concentrated with few relationships so dont run around to many AGMs. They have time to think. They asked to double their allocation for a fund we wont start raising for 18+ months. They are real students of the game. Just a great reminder that not every LP is the same" [X Link](https://x.com/honam/status/1987369093037777298) 2025-11-09T03:58Z 57.8K followers, 11.3K engagements "@OwlWealthy Defying gravity is unusual. Its a clue" [X Link](https://x.com/honam/status/1987754256997449758) 2025-11-10T05:28Z 57.8K followers, [----] engagements "As Peter Thiel said the key is to avoid competition. DB talks about getting to 10% of gaming market - an interim step that analysts can model. But I never thought of gaming companies as competition. Its Meta TikTok YouTube Netflix etc. There are a limited number of hours in a day. How do people like to spend time They like to play (which is a great way to learn and explore) and socialize. We are social creatures" [X Link](https://x.com/honam/status/1987908210876129358) 2025-11-10T15:40Z 57K followers, [---] engagements "I loved this observation by Safal. He showed me that a meaningful life doesnt have to be dramatic. Sometimes its just showing up every day and doing the simple things again and again for years without worrying about what the world thinks of you. The Last Lesson from Warren Buffett. https://t.co/hG0whuem9Y The Last Lesson from Warren Buffett. https://t.co/hG0whuem9Y" [X Link](https://x.com/honam/status/1988307920401166732) 2025-11-11T18:08Z 57.7K followers, 17.6K engagements "VCs (and LPs) should think about this idea. https://t.co/g2pmU84Ktb https://t.co/g2pmU84Ktb" [X Link](https://x.com/anyuser/status/1988498384655970313) 2025-11-12T06:45Z 58.6K followers, 21.6K engagements "Not only that but the key is to continue to build conviction - its what I call doing due diligence AFTER making the initial investment. Now youre an insider and have an opportunity to develop further insight. Must stay ahead of the crowd. The market especially after going public will behave in erratic ways - its not irrational because they are playing a different (short term) game. That offers an advantage for long term investors (with superior insight in a small number of concentrated positions)" [X Link](https://x.com/honam/status/1988599784748482875) 2025-11-12T13:28Z 57.7K followers, [----] engagements "Buyers of money management firms (public cos are valued this way also) the trading multiples are 10-18x on the mgmt fees but only a 1-2x on carried interest - its heavily discounted (often to zero). So if the aspiration is to build a valuable asset gathering business to eventually sell (GP stake) or take public you are rewarded 10x more to build the predictable repeatable scalable fee streams. Everyone wants what I call Bernie Madoff without the fraud" [X Link](https://x.com/honam/status/1988618511480963193) 2025-11-12T14:42Z 58K followers, [---] engagements "@kevg1412 Youll find this funny - just last night on our internal slack channel discussing a specific deal I wrote to not worry so much about TAM. I guess my approach hasnt changed in more than a decade" [X Link](https://x.com/honam/status/1988644466350325820) 2025-11-12T16:26Z 57.9K followers, [----] engagements "The best example is Woowa Brothers. At the time they were doing $200k per month and my partner Han said he thought they could get to $2-3M per month in revenue ($24-26M annual). This was before Door Dash and so the model was the Grubhub of Korea. Eventually became $2B revenue and $500M EBITDA" [X Link](https://x.com/honam/status/1988649713424556357) 2025-11-12T16:46Z 57.7K followers, [---] engagements "They sure do. Here is a quote from a blog post written [--] years ago: in the game of venture lotto "too much money chasing too few deals" is an oft-cited phrase among VCs who find themselves in competition for deals. The most sought after deals are led by proven entrepreneurs. Especially popular are serial entrepreneurs who have made money before - they get investors lining up like sheep. Ironically the people who end up creating the blockbusters are usually unproven. They emerge from the fringes and start small in niche or overlooked markets. https://altos.vc/blog/venture-lotto" [X Link](https://x.com/anyuser/status/1988688433666212182) 2025-11-12T19:20Z 58.6K followers, 99.6K engagements "This is indeed interesting. Tim was a billionaire founder when Roblox was a tiny startup. Unity was backed by legendary VC Sequoia and Roelof is still on the board. Roblox only has 3% of the gaming market and yet these giants of the gaming market (and fierce competitors) are running scared and partnering with each other. This is Yahoo combining forces with AltaVista. Roblox is Google in this metaphor. This ends badly for the rest. $RBLX This is Yahoo combining forces with AltaVista. Roblox is Google in this metaphor. This ends badly for the rest. $RBLX" [X Link](https://x.com/honam/status/1991193876829528308) 2025-11-19T17:16Z 57.8K followers, 40.8K engagements "There is a lot of compounding to do before [----]. Interim goal is 10% of gaming market. Then 1B DAUs. After that who knows. The future is never clear. When Minecraft hit some could have said its over for Roblox. Then Fortnite. TikTok. YouTube has been there throughout. There is always something new and some of the old continue to evolve and grow rather than go away" [X Link](https://x.com/honam/status/1991239424336884052) 2025-11-19T20:17Z 57.9K followers, [---] engagements "Roblox was around long before Minecraft. It wasnt as popular back then. Minecraft was 100x bigger before they were acquired" [X Link](https://x.com/honam/status/1991258209261330850) 2025-11-19T21:32Z 57.8K followers, [----] engagements "This sounds so simple yet impossible to do at most investment firms especially if they have LPs and younger professionals trying to earn their keep (or move up the career ladder). There will be lots of pressure to do something. If you are a solo GP (with no LPs or ultra patient ones) its possible. I live in both worlds - at Altos and in our family office. I enjoy both but quite different set of challenges and opportunities. The big money is made in the waiting https://t.co/kLgzr3agxg The big money is made in the waiting https://t.co/kLgzr3agxg" [X Link](https://x.com/honam/status/1991581962285486415) 2025-11-20T18:58Z 57.9K followers, 21.6K engagements "@theamelia__ Buy and hold" [X Link](https://x.com/honam/status/1993208912334696768) 2025-11-25T06:43Z 57.9K followers, 30.5K engagements "Almost doesnt matter. You will get better at picking. The mistakes will become a tiny percentage of the overall net worth so who cares The winners will keep compounding and will become extremely concentrated over time. Keep picking and improve your judgement. You will get better as you learn" [X Link](https://x.com/honam/status/1993397403869978894) 2025-11-25T19:12Z 57.9K followers, [----] engagements "Actually seeing most do nothing (or goto zero) will teach you that the great ones are rare. Pay attention to the rare ones that do well. Might not be a bad idea to keep adding to the rare winners. When you discover a rare business that performs well you will sleep better at night not only holding onto a hugely concentrated position but might make sense to allocate even more capital to the best ones over time. You will not find many in a lifetime of investing" [X Link](https://x.com/honam/status/1993398042935120335) 2025-11-25T19:15Z 57.9K followers, [----] engagements "Ill share thoughts on quotes from this article about a company where Ive been an investor for nearly [--] years (I do not say we since Altos fully distributed over the past [--] years). Lessons show the difference between short and long term investing. https://www.barrons.com/articles/wp-bar-0001516638 https://www.barrons.com/articles/wp-bar-0001516638" [X Link](https://x.com/honam/status/1994107969450201159) 2025-11-27T18:16Z 57.9K followers, 19.2K engagements "@DividendGrowth Power law. For example VC firms that survive 3+ decades are very rare. Take away their top [--] investments and the conclusion will be the same - middling (or worse) returns" [X Link](https://x.com/honam/status/1994151044474155273) 2025-11-27T21:07Z 58.6K followers, [----] engagements "When it comes to RBLX people should study the balance sheet over time. It keeps getting stronger with billions of dollars added despite losses and so they miss the full picture. If people had studied the balance sheet of AMZN they would have come to the same conclusion in the early 2000s. Yet stocks fluctuate wildly due to slight variations to the income statement (like a temporary hit to margin %). Warren Buffett : I spend more time looking at balance sheets than I do income statements There are certain things that are harder to hide or play games with on the balance sheet" [X Link](https://x.com/honam/status/1995192142487281714) 2025-11-30T18:04Z 58K followers, 15.3K engagements "@GenAIRoblox All that growth fueled with less than $10M of equity funding. Zero dollars raised at IPO since it was direct listing. All other money raised went on balance sheet or used to cash out shareholders via secondary" [X Link](https://x.com/honam/status/1995262274802794542) 2025-11-30T22:42Z 57.9K followers, [---] engagements "This was such a great episode. This comment reminded me of the time we passed on the seed round of Coupang and came back to invest at 5x higher price in less than [--] months. Or when we sold some Roblox shares and then later bought it back (and more) at 4.5x higher price. The mistakes will happen and the key is to keep learning and do something about it. Not sure if I would describe that as courage. Its more visceral. Its survival. Alfred and Pat believe that the number one ingredient to becoming a better decision maker in venture (and probably in business more broadly) is courage. "If you're" [X Link](https://x.com/honam/status/1998777098119557458) 2025-12-10T15:29Z 58.3K followers, 21.8K engagements "They now seem to have a very different attitude toward losing $ compared to the early partners of Sequoia who built the franchise with the legendary track record of $T+ market cap companies. Don Valentine famously told Jensen Huang if you lose my money Im going to kill you. One of the things that made Sequoia great was that they simply HATED losing money. If you take care of the downside the upside takes of itself. Thats certainly NOT the motto at any major VC firm these days. https://twitter.com/i/web/status/1999980278950121787 https://twitter.com/i/web/status/1999980278950121787" [X Link](https://x.com/honam/status/1999980278950121787) 2025-12-13T23:10Z 58.6K followers, 53.3K engagements "I enjoyed reading that book. Mike Moritz also hates to lose money (compared to VCs of today). He got into a shouting match with Bom Kim when he decided to go for the home run strategy of building out his own distribution centers at Coupang. I know because one of my partners was in the room. Not sure if they ever spoke after that. Go big or go home Or dont lose my f*ing money" [X Link](https://x.com/honam/status/1999985131176783994) 2025-12-13T23:29Z 58.4K followers, [----] engagements "In the game of Venture Lotto there is an element of desperation impatience and massive FOMO. Its a scarcity mindset especially at larger VC firms that have junior VCs desperately trying to survive and claim one of the very few top partner spots. In the meantime great founders will just keep doing their own thing. They will emerge from the fringes and dont give a shit whether or not they are on any list of top [--] smartest people as ranked by the inner circle of the VC world. This is an insightful blog post. People who dont understand will inevitably gravitate toward playing venture lotto" [X Link](https://x.com/honam/status/1999999530138579163) 2025-12-14T00:27Z 58.6K followers, 24K engagements "When you look at 100x next to 1000x return it looks awfully small. 10x is 1% of the 1000x return on a linear graph. 3x is so small that it looks close to zero. Mathematically the 3x return has about the same order of magnitude impact as the 0x. But to the people working at companies there is a colossal difference. Weve seen it all. From 0x to over 1000x and we work pretty hard to avoid the 0x not because it has big impact to the fund. It has big impact to peoples lives. For founders 3x leads to life changing money. 10x is generational wealth. 100x is life changing money for the VC. 1000x" [X Link](https://x.com/honam/status/2000462301867147367) 2025-12-15T07:05Z 58.4K followers, [----] engagements "The debate shouldnt be about public vs private. Most companies are not great and they dont play the long game. One of my favorite companies of all time is UPS which was private for [--] years with no VC funding. They generated liquidity along the way through dividends and share buybacks long before such practices were common in the venture ecosystem. Thousands of truck drivers became millionaires as they cashed in stock at retirement while UPS was still private. The Casey foundation has billions in AUM set up decades before IPO" [X Link](https://x.com/honam/status/2001435250824781998) 2025-12-17T23:32Z 58.4K followers, [----] engagements "@AkiKakko The waiting is the hardest part. LPs as well as VCs do not like to wait. IRR helps raise the next fund and the best way to lock it in is via distributions. Munger did not look for exits he looked for holds. All the money is in the holds. Charlie Munger: "I don't like even looking for exits. I'm looking for holds." "Think of the pleasure I've gotten from watching Costco march ahead. Exiting is a much less satisfactory life than rooting for people I like and admire. So I say find Costcos not good exits." https://t.co/4BJHOQo26n Charlie Munger: "I don't like even looking for exits. I'm" [X Link](https://x.com/honam/status/2001685002229289131) 2025-12-18T16:04Z 58.2K followers, [---] engagements "@bryce This is the funding announcement from [----] full [--] years before Roblox went public. https://techcrunch.com/2017/05/11/improbable-grabs-502m-led-by-softbank-at-a-1b-valuation-for-its-virtual-world-spatial-os/ https://techcrunch.com/2017/05/11/improbable-grabs-502m-led-by-softbank-at-a-1b-valuation-for-its-virtual-world-spatial-os/" [X Link](https://x.com/honam/status/2001730444082188468) 2025-12-18T19:05Z 58.2K followers, [----] engagements "@bryce They later raised again in [----] from SoftBank and A16Z. Then partnered with Google. No amount of funding or strategic partnerships is better than serving the needs of real customers. Sooner or later reality wins" [X Link](https://x.com/honam/status/2001730801357193723) 2025-12-18T19:06Z 58.2K followers, [---] engagements "Its something I have not figured out. Trying to do more outbound as a team rather than waiting for people to make their way to us. Must remain patient. We wont really know if someone is a hedgehog for many years seeing people go through struggles. The real due diligence starts after we make the initial investment. Character reveals itself over time (as well as our understanding of the business)" [X Link](https://x.com/honam/status/2001810952963133871) 2025-12-19T00:24Z 58.3K followers, [--] engagements "Agree that position sizing is more important than picking. Ive observed the outcomes of different approaches to investing retirement accounts over 20+ years by some great investors. First of all everyone (including ones that beat the index over decades) will make mistakes. Concentration on a few good stocks can make up for the inevitable losers and also for missing out on many great ones. A diversified portfolio can perform well but it puts enormous pressure on picking - a few have to perform spectacularly well since a small position will not move the needle until it grows Either way the key" [X Link](https://x.com/honam/status/2002417709947236353) 2025-12-20T16:35Z 58.6K followers, 97.8K engagements "Buffetts view is you dont get many great opportunities in a lifetime of investing. When you come across one of the rare ones doing too little is almost as bad as not doing it as all (and the job of the investor is to develop the judgement to be able to recognize such opportunities)" [X Link](https://x.com/honam/status/2002760915301847280) 2025-12-21T15:19Z 58.5K followers, 15.7K engagements "Mungers view on diversification (hed rather bet big on just a few ideas). I call it diworsificationwhich I copied from somebody. Im way more comfortable owning two or three stocks which I think I know something about and where I think I have an advantage."" [X Link](https://x.com/honam/status/2002773306425143560) 2025-12-21T16:09Z 58.5K followers, [----] engagements "This is so true and should be obvious and yet I continue to be surprised by highly intelligent people who just dont get it. There is some sort of a mental block. It may be confusion due to conflicts between being an investor vs fund manager" [X Link](https://x.com/honam/status/2003606040831824164) 2025-12-23T23:17Z 58.6K followers, 12.3K engagements "This was the key lesson in a tax class I took at the GSB taught by the legendary Myron Scholes. The math is obvious. For a former engineering major it was trivial - one of the easiest grades I ever got. The advantage of doing nothing https://t.co/uuU1UOzfps The advantage of doing nothing https://t.co/uuU1UOzfps" [X Link](https://x.com/honam/status/2003931745704726687) 2025-12-24T20:52Z 58.6K followers, 99.4K engagements "When you get a few you really load up. Its just that simple. -Munger You only need a few great ideas https://t.co/vBHq9uc86v You only need a few great ideas https://t.co/vBHq9uc86v" [X Link](https://x.com/honam/status/2004072237612388722) 2025-12-25T06:10Z 58.5K followers, 15.4K engagements "So many roads lead back to the importance of position sizing. You have to be able to recognize a rare opportunity. Development the good judgement to know. But if you dont load up it wont do much for you. Agree that position sizing is more important than picking. Ive observed the outcomes of different approaches to investing retirement accounts over 20+ years by some great investors. First of all everyone (including ones that beat the index over decades) will make mistakes. Agree that position sizing is more important than picking. Ive observed the outcomes of different approaches to investing" [X Link](https://x.com/honam/status/2004080318425526624) 2025-12-25T06:42Z 58.5K followers, [----] engagements "Buffett tells the story in such a nice way. But it reveals the young killer many decades ago. Dont mess with him. Try to take an extra 1/8th of a dollar per share and he will buy control of your company and kick you out. Warren Buffett on the dumbest stock he ever bought. https://t.co/KquP2JH8M1 Warren Buffett on the dumbest stock he ever bought. https://t.co/KquP2JH8M1" [X Link](https://x.com/honam/status/2005330139123687839) 2025-12-28T17:28Z 58.6K followers, 115.5K engagements "Im not so sure thats the right lesson. I know so many great investors who realized later in life that they would have been better off with lower turnover. Its especially true on an after tax basis. Selling your winners early is the biggest mistake. Peter Lynch is the one who came up with the phrase cutting the flowers and watering the weeds. He learned by making such mistakes and observing others who do the same" [X Link](https://x.com/honam/status/2005403566962573476) 2025-12-28T22:20Z 58.6K followers, [----] engagements "The Driver argues he is just doing his job to feed his own starving family. If the farmer shoots him the bank will just hire another driver. The Farmer asks who gave the driver orders so he can shoot The Boss. The Driver explains the boss has orders from The Bank. The Farmer says he will go to the bank but the driver explains the bank manager is just an employee following orders from "The East" (orders to make a profit or close down)" [X Link](https://x.com/honam/status/2007530535275688356) 2026-01-03T19:12Z 58.6K followers, [----] engagements "@gregwaldorf @trengriffin Dave M was classmate of Ballmer at GSB. His hits are quite stunning. Not only MSFT and Sun but Seagate (twice) Intuit and many more. Hired Bob Kagle into TVI which led to Benchmark. His 2nd Seagate investment with Silverlake was so unusual. I think 1/3 of the entire fund" [X Link](https://x.com/honam/status/1439620650390355974) 2021-09-19T16:01Z 58.5K followers, [--] engagements "Ive been wondering how they do it. Would be an oppressive treadmill to crank out incremental versions of a product predictably every year. But Im assuming they have multiple teams perhaps working on multi year cycles. Must be many other tricks. Learn and get better each year" [X Link](https://x.com/honam/status/1439965160290992132) 2021-09-20T14:50Z 58.5K followers, [--] engagements "I love this quote. Remaining patient isnt that hard if you know the destination. If you have the wrong goals (like getting rich quick) it may prove to be impossible to be patient" [X Link](https://x.com/honam/status/1483138995672748032) 2022-01-17T18:07Z 58.5K followers, [--] engagements "@patrick_oshag Teledyne Apple Amazon" [X Link](https://x.com/honam/status/1616840255436640257) 2023-01-21T16:48Z 58.5K followers, 16.7K engagements "@Anrosenblum Great question. I view each change of CEO as a new founding moment. Period of risk. Anything can happen. The non-founder pro CEO can be fantastic like a Frank Slootman. Hell get the job done. Everyone will be happy. But hell exit and/or move on. But once in a while" [X Link](https://x.com/honam/status/1389087782287462400) 2021-05-03T05:21Z 58.6K followers, [--] engagements "@pitdesi As Buffett likes to say you only find out whos been swimming naked when the tide goes out. Bottom quartile does not look as pathetic as before because in rising markets everyone looks good. Next crash we should see more separation. Alpha gets created during the downturns" [X Link](https://x.com/honam/status/1410116490603368450) 2021-06-30T06:02Z 58.6K followers, [---] engagements "@Fritz844 Rather than guessing/betting on sectors look for the rare great company youd want to own over the long term. Companies like Berkshire Hathaway Southwest Nike and Starbucks were not in any hot sector over decades of outperformance" [X Link](https://x.com/honam/status/1440183127700238336) 2021-09-21T05:16Z 58.6K followers, [--] engagements "Huge fan of Shar Dubey CEO of $MTCH. Didnt know she was IIT classmate of Google CEO Sundar Pichai. Shes overcome so much in her life. Loved this article about her in todays NYT. https://www.nytimes.com/2021/12/24/business/shar-dubey-match-texas-abortion-law.amp.html https://www.nytimes.com/2021/12/24/business/shar-dubey-match-texas-abortion-law.amp.html" [X Link](https://x.com/honam/status/1475175828887535620) 2021-12-26T18:44Z 58.6K followers, [---] engagements "As Soros said theres no point in being confident and having a small position" [X Link](https://x.com/honam/status/1987066682117066834) 2025-11-08T07:56Z 58.6K followers, 17.2K engagements "This is fascinating because it is how we view the early stage venture portfolio. The real due diligence starts after we make the investment. Im a slow learner. It might take years to understand the business (and often the founder doesnt even know - we are on a discovery journey) and develop conviction in very few companies over time because the great companies are rare. If it works the big money comes in later. One of our best investments over the past [--] years was in a company where the price/share was valued 211x higher than our original cost basis (from [--] years earlier). Stanley" [X Link](https://x.com/honam/status/2022366208348295639) 2026-02-13T17:44Z 58.6K followers, 45.8K engagements "@thogge @alexdtang Thats correct. About [--] has been average. SPV is a fund with one round of one company so that seems diversified enough to me. From an LP perspective they are in many funds across many asset classes. They can handle such concentration" [X Link](https://x.com/honam/status/2022479834660901133) 2026-02-14T01:15Z 58.6K followers, [---] engagements "So cool you found the book and covering Daves story. He and I started at Bain together in the late 80s and were among the only people we knew who got into VC before the GSB and after graduating at different firms. Weve also attended Berkshire annual meeting together. Been talking about the same things for decades trying to figure out how the worlds of Buffett and VC fit together (or not). https://twitter.com/i/web/status/2022506295685976432 https://twitter.com/i/web/status/2022506295685976432" [X Link](https://x.com/honam/status/2022506295685976432) 2026-02-14T03:00Z 58.6K followers, [----] engagements "Deep value investing to me is not about big discounts. Its about finally seeing something profound and deep underneath the surface when others are still only seeing the tip of the iceberg and still making judgements" [X Link](https://x.com/anyuser/status/1375851445757509633) 2021-03-27T16:45Z 58.6K followers, [----] engagements "For Buffett skeptics lets clarify some things. He has given away $100B of his stock so far. Also decided to let others ride along for free (no fee no carry). Took $100k salary for 50+ years with zero bonus and no stock options. Lowest paid CEO ever that created $650B+ of value" [X Link](https://x.com/anyuser/status/1390310447648178180) 2021-05-06T14:20Z 58.6K followers, [----] engagements "Didn't know this but apparently this was an internal saying at Amazon. Trust is earned in drops and lost in buckets."" [X Link](https://x.com/anyuser/status/1523448349692551169) 2022-05-08T23:42Z 58.6K followers, [----] engagements "@Molson_Hart Wait until theres another kid private schools and a small house in the Hamptons (to get out of that tiny [--] BR apt once in a while). He will feel like part of the working class struggling to make ends meet (on $2M/yr). Ive known people with such problems. Absurd but true" [X Link](https://x.com/anyuser/status/1444470888234041349) 2021-10-03T01:14Z 58.6K followers, [----] engagements "5 levels of "startup" success [--]. Unicorn valuation (often a mirage) [--]. $1B revenue [--]. $1B profits [--]. $1B founder equity (must be cap efficient) [--]. $1B given away by founder" [X Link](https://x.com/anyuser/status/1373027695592804352) 2021-03-19T21:44Z 58.6K followers, [----] engagements "Ive never had a position but anyone thinking about $TSLA should visit the SF Bay Area. Sometimes feels as if every other car is a Tesla. If they achieve such market share worldwide it may indeed become the largest company in the world (by revenue profits market cap etc)" [X Link](https://x.com/anyuser/status/1510663918833713155) 2022-04-03T17:01Z 58.6K followers, [----] engagements "Advice to young VCs. If you manage to survive this downturn is like a gift. VC industry hasnt seen a big downturn in 13+ yrs and GFC was nothing like the meltdown of the dotcom bubble. Such oppts dont come around often. This period may shape you for the rest of your career" [X Link](https://x.com/anyuser/status/1526987178911232000) 2022-05-18T18:04Z 58.6K followers, [----] engagements "First time Tesla owner. What an interesting delivery experience. They just left the car in my driveway. I opened it with iPhone app and started driving. Still need to go through video tutorials. Send me good tips or links to useful how to videos. Thanks" [X Link](https://x.com/anyuser/status/1472332097390247937) 2021-12-18T22:25Z 58.6K followers, [----] engagements "I always found it amusing that most investors asks for 3+ years of projections when I couldn't even predict the next [--] months. But we would never admit the difficulty of projecting. - CFO of one of our best companies (and one of the best CFOs weve ever worked with)" [X Link](https://x.com/anyuser/status/1394684275245547528) 2021-05-18T16:00Z 58.6K followers, [----] engagements "VCs today do not remember Arthur Rock. He was almost worshiped by the early partners of Kleiner Perkins and Sequoia. Its important to have the right role models" [X Link](https://x.com/anyuser/status/1368249185355526147) 2021-03-06T17:16Z 58.6K followers, [----] engagements ""If you want above average results you have to say no to average opportunities. If you spend all of your time chasing average opportunities you'll have no time for great ones. This applies to people books problems etc. Raise the bar." @shaneparrish" [X Link](https://x.com/anyuser/status/1358445732047458306) 2021-02-07T16:01Z 58.6K followers, [----] engagements "When Coupang raised the 1st $1Bin [----] I remember that the entire US VC industry invested $1B in [----] the year after I started. Starbucks did IPO in [--]. We made $25M on $1.7M investment. 15x was a home run back then. VC is now is so so different https://www.bloomberg.com/news/articles/2021-03-11/harvard-dropout-rides-mega-coupang-ipo-into-billionaire-s-club https://www.bloomberg.com/news/articles/2021-03-11/harvard-dropout-rides-mega-coupang-ipo-into-billionaire-s-club" [X Link](https://x.com/anyuser/status/1370965301114806278) 2021-03-14T05:09Z 58.6K followers, [----] engagements "Nice article about our friends at DCM. 30x fund is nice but $10B+ in profit is even nicer. VC firm DCM quietly blows out its top tier competitors. Its secret: Not drinking the Silicon Valley 'Kool-Aid.' https://www.businessinsider.com/dcm-blows-out-vc-competitors-with-30x-returns-investing-china-2021-7 https://www.businessinsider.com/dcm-blows-out-vc-competitors-with-30x-returns-investing-china-2021-7" [X Link](https://x.com/anyuser/status/1411187072258428928) 2021-07-03T04:56Z 58.6K followers, [----] engagements "Observation - if you extend your time horizon you will tap into what might appear to be wisdom. But its not. Its just common sense. Think longer term think through consequences and just do the basics. So simple. You will become smarter without having to change your IQ" [X Link](https://x.com/anyuser/status/1445780199258267648) 2021-10-06T15:57Z 58.6K followers, [---] engagements "Many will disagree with me on this. Ive said that VC is not an asset class. Its not investing (its a great discovery mechanism. At later stages with more data it's investing. So some have described VC portfolio as basket of options. Have some thoughts on this" [X Link](https://x.com/anyuser/status/1526364080922980354) 2022-05-17T00:48Z 58.6K followers, [----] engagements "Its laughable to think that Sequoia just blew up the VC fund model. The vast majority of VC funds dont have tens of billions of profits tied up in public stocks (and they never have) so what Sequoia does here is not that relevant to the rest of the VC industry. Scoop: Sequoia Capital just blew up the VC fund model https://t.co/Zt0uIMY1nL Scoop: Sequoia Capital just blew up the VC fund model https://t.co/Zt0uIMY1nL" [X Link](https://x.com/anyuser/status/1453059740724981763) 2021-10-26T18:03Z 58.6K followers, [---] engagements "Scoop: Sequoia Capital just blew up the VC fund model https://www.axios.com/sequoia-capital-fund-venture-capital-model-36425923-deff-430e-9945-09b0ccb69c78.html https://www.axios.com/sequoia-capital-fund-venture-capital-model-36425923-deff-430e-9945-09b0ccb69c78.html" [X Link](https://x.com/anyuser/status/1452996134268510230) 2021-10-26T13:50Z 157.9K followers, [----] engagements "Long before this market crash I said this a lot. In the real world (outside of areas with too much VC $) people agree that a business is supposed to make money (if you dont make $ you go out of business). Its just common sense. Shouldnt be viewed as refreshing or contrarian" [X Link](https://x.com/anyuser/status/1526812747081474049) 2022-05-18T06:31Z 58.6K followers, [---] engagements "Great quote by Gold medalist who self coached. I started to realise that all those people who say they know they actually dont know. Many of them dont know and especially those who say that they know dont know because those who do know say that they dont know" [X Link](https://x.com/anyuser/status/1433265513438670850) 2021-09-02T03:08Z 58.6K followers, [---] engagements "Inspiring. What tenacity. Rejected by [---] VCs. She learned to kite-surf to meet and impress @KiteVC. Wow is that true Bill Love it https://www.esquiremag.ph/money/movers/who-is-melanie-perkins-billionaire-a00304-20210416-lfrm https://www.esquiremag.ph/money/movers/who-is-melanie-perkins-billionaire-a00304-20210416-lfrm" [X Link](https://x.com/anyuser/status/1415767494837477379) 2021-07-15T20:17Z 58.6K followers, [---] engagements "Someone found this quote I posted on FB [--] years ago. It's still one of my favorite quotes by a person who deeply understands the pursuit (Sequoia's Mike Moritz): "The businesses has to be run by people who have a real zeal for the pursuit they are undertaking" [X Link](https://x.com/anyuser/status/1528135974772846592) 2022-05-21T22:09Z 58.6K followers, [---] engagements "Spoke to a group of students from London School of Economics this morning. So many great questions. As usual multiple Qs gravitate around how do you know Or how did you know or how could you know Its the reason I wrote this. https://altos.vc/blog/howdoyouknow https://altos.vc/blog/howdoyouknow" [X Link](https://x.com/anyuser/status/1408951172568817665) 2021-06-27T00:51Z 58.6K followers, [---] engagements "Holy cow. Reminder. Some people can just take it to another level. Always trying to find an edge. Opportunity presents itself and he takes advantage in a super patient and smart way. Just a crazy simple example which happens to be in a sports context. Freaking Incredible: Agassi knew where Boris Becker was going to serve based on his tongue movements but didnt want to use it all the time because then Becker would find out https://t.co/Oes2iOGL92 Freaking Incredible: Agassi knew where Boris Becker was going to serve based on his tongue movements but didnt want to use it all the time because" [X Link](https://x.com/anyuser/status/1388724307145023490) 2021-05-02T05:17Z 58.6K followers, [---] engagements "Freaking Incredible: Agassi knew where Boris Becker was going to serve based on his tongue movements but didnt want to use it all the time because then Becker would find out" [X Link](https://x.com/anyuser/status/1388524752978026497) 2021-05-01T16:04Z 189K followers, 20.7K engagements "Observation of a paradox at startups (and also at larger companies). People would be surprised by how much thought time and effort is spent on people and culture issues at successful companies. A thread" [X Link](https://x.com/anyuser/status/1531029914803007489) 2022-05-29T21:49Z 58.6K followers, [---] engagements "Good reminder of the scale of gaming. We have two small blocks on this board. Until a company hits $10B in revenue it doesnt get one of the sizable blocks" [X Link](https://x.com/anyuser/status/1542641654909108224) 2022-06-30T22:50Z 58.6K followers, [---] engagements "I think this is what Munger would call a man with a hammer syndrome" [X Link](https://x.com/anyuser/status/1483536217127866371) 2022-01-18T20:26Z 58.6K followers, [---] engagements "@SahilBloom That math is incorrect but Id recommend people take your simple idea seriously. Ive known people who never made much $ in their careers amass surprisingly large fortunes through sensible continual concentrated investing. They have more than 100x the millionaire next door" [X Link](https://x.com/anyuser/status/1522654868514635777) 2022-05-06T19:09Z 58.6K followers, [---] engagements "These Buffett passages from his [----] letter captures the essence of the Altos strategy (a Buffett like investing approach to VC which most people thought was a stupid idea for a long time. They still do). Ill add to this later I hope this gave you a greater appreciation for the interplay between Growth and Value. Here's what Warren Buffett said about it in his [----] letter: https://t.co/fClDAgBUrG I hope this gave you a greater appreciation for the interplay between Growth and Value. Here's what Warren Buffett said about it in his [----] letter: https://t.co/fClDAgBUrG" [X Link](https://x.com/anyuser/status/1498679032593928203) 2022-03-01T15:18Z 58.6K followers, [---] engagements "I hope this gave you a greater appreciation for the interplay between Growth and Value. Here's what Warren Buffett said about it in his [----] letter:" [X Link](https://x.com/anyuser/status/1498550531576328192) 2022-03-01T06:47Z 281K followers, [---] engagements "Some people look to win and thats ok (I love sports). But when it comes to relationships win-lose doesnt work. This goes for business as well as personal. Of course most people eventually get it for personal especially with family but maybe not for business" [X Link](https://x.com/anyuser/status/1423693036177924098) 2021-08-06T17:10Z 58.6K followers, [---] engagements "@marketplunger1 1) date night each week. Even after you have kids. Line up baby sitters. Pay them well. 2) marriage counselor both trust is a great resource even when things are good. 3) God only gave us patience for one set of parents. Make sure in-laws dont interfere with your relationship" [X Link](https://x.com/anyuser/status/1394089639934271488) 2021-05-17T00:37Z 58.6K followers, [---] engagements "Taught a class at @HarvardHBS on Friday and @StanfordGSB on Monday. Both were investment classes featuring various speakers over the course of the semester from various VC PE and hedge funds but totally different in the topics covered" [X Link](https://x.com/anyuser/status/1590200380046311424) 2022-11-09T04:31Z 58.6K followers, [---] engagements "Advice to founders - common wisdom is to pick the person rather than the VC firm. But seeing turnover increase in the industry. Just heard a nightmare story (and have come across 4+ abandoned co's). What happens when your favorite board member leaves the VC firm Must consider" [X Link](https://x.com/anyuser/status/1384891300558774278) 2021-04-21T15:26Z 58.6K followers, [---] engagements "If you want to waste [--] minutes of your life on this video its pretty funny to hear Mungers zingers. Hes been getting criticized on FinTwit for $BABA but I still love the guy. Win or lose he wont pull punches and has always done it his way (except for deferring to Buffett). Charlie Munger Roasting People for [--] Minutes Straight The Swedish Investor https://t.co/CnA0h7jE75 https://t.co/GQzIYa9iNd Charlie Munger Roasting People for [--] Minutes Straight The Swedish Investor https://t.co/CnA0h7jE75 https://t.co/GQzIYa9iNd" [X Link](https://x.com/anyuser/status/1478549428524834818) 2022-01-05T02:10Z 58.6K followers, [---] engagements "Charlie Munger Roasting People for [--] Minutes Straight The Swedish Investor https://bit.ly/3lBtvbX https://bit.ly/3lBtvbX" [X Link](https://x.com/anyuser/status/1467352166465683456) 2021-12-05T04:36Z 11.1K followers, [----] engagements "This is excellent. Reminded me of a Vince Lombardi quote from the foxes and hedgehogs post from [--] years ago: The essence of commitment is making a decision. The Latin root for decision is to cut away from as in an incision. When you commit to something you are cutting away all your other possibilities all your other options. cc @davidsenra @FoundersPodcast https://altos.vc/blog/foxes-and-hedgehogs/ In keeping their options open they ensure that theyre going to jump from option to option. If you dont commit to a path youre going to fail at it You have to commit to it to make it work and I" [X Link](https://x.com/anyuser/status/1982202541686522096) 2025-10-25T21:48Z 58.6K followers, 110.2K engagements "In keeping their options open they ensure that theyre going to jump from option to option. If you dont commit to a path youre going to fail at it You have to commit to it to make it work and I think marriage is the same way. You just have to commit to it. You have to say This is the path Im on. For better or for worse Im going to double down on it" [X Link](https://x.com/anyuser/status/1981424922611372288) 2025-10-23T18:18Z 629.1K followers, 365.7K engagements "This letter is worth reading. Every investor wants to offer such sage advice (including the young Warren Buffett in the letter below). Its their value add but there is a problem with this Buffett is the OG marketer. https://t.co/WriMEB4CDJ Buffett is the OG marketer. https://t.co/WriMEB4CDJ" [X Link](https://x.com/anyuser/status/1525879836589236225) 2022-05-15T16:44Z 58.6K followers, [---] engagements "Buffett is the OG marketer" [X Link](https://x.com/anyuser/status/1525872484062482432) 2022-05-15T16:15Z [----] followers, [---] engagements "For those having a hard time with volatility its important to not pay attention to daily quotes (most pro investors dont have this luxury). Must think of it as ownership in a business. If you dont want to own it for the long term dont buy it. Set the bar higher" [X Link](https://x.com/anyuser/status/1524463414554161152) 2022-05-11T18:56Z 58.6K followers, [---] engagements "Got to 50k followers and verified on Twitter. I applied before and had been instantly rejected. Then all of a sudden noticed I was verified. Never got an email or message saying I was approved. A bit strange but hope this cuts down on the proliferation of fake accounts" [X Link](https://x.com/anyuser/status/1490134183108231170) 2022-02-06T01:24Z 58.6K followers, [---] engagements "People ask me about Hedgehogs. The best books to understand [--] of the greats are Made in America Shoe Dog and Snowball. The best movie to capture a Hedgehogs life is the HBO documentary Dear Rider about Jake Burton and his life company family community and movement" [X Link](https://x.com/anyuser/status/1477524297182683136) 2022-01-02T06:16Z 58.6K followers, [---] engagements "What an amazing founder. I was at 3D computing leader SGI from 94-96 when $NVDA was tiny. We were all talking about the metaverse even before the Web/Internet became the next big thing. Jensen is still going long after others gave up or moved on. https://venturebeat.com/2021/11/18/jensen-huang-gets-chip-industrys-highest-honor-38-years-after-founding-nvidia/ https://venturebeat.com/2021/11/18/jensen-huang-gets-chip-industrys-highest-honor-38-years-after-founding-nvidia/" [X Link](https://x.com/anyuser/status/1463039052794318848) 2021-11-23T06:57Z 58.6K followers, [---] engagements "What a remarkable story of Zoho a bootstrapped SaaS giant with 300K customers. Still going strong after [--] years. Original product doing only $1M ARR but used cash flow to fund their own growth across [--] products to compete against the giants. https://youtu.be/J8-BnOv4iPk https://youtu.be/J8-BnOv4iPk" [X Link](https://x.com/anyuser/status/1439248489771274240) 2021-09-18T15:22Z 58.6K followers, [---] engagements "I feel bad for people who piled onto $ZM at the peak of covid. Shows valuation matters. Its a great company up 3x since peak of IPO pop (55% IRR since April 2019) and will be around for a long time. Will continue to grow and innovate. I have no position but good luck to all" [X Link](https://x.com/anyuser/status/1463182484061888522) 2021-11-23T16:27Z 58.6K followers, [---] engagements "The worse business is what I describe as a treadmill. If you stop running youre dead. Buffett calls it the business where you have to stay smart. The treadmill sounds terrible to some and they want to get off someday (exit). But if youre someone like Sam Walton you just love it. Just keep running and running. Id hate to compete against such a guy. Warren Buffett: If you have to choose between the [--] pick this. https://t.co/zafiwngLU4 Warren Buffett: If you have to choose between the [--] pick this. https://t.co/zafiwngLU4" [X Link](https://x.com/anyuser/status/1985001347025158519) 2025-11-02T15:09Z 58.6K followers, 78.4K engagements "Warren Buffett: If you have to choose between the [--] pick this" [X Link](https://x.com/anyuser/status/1984627282426654783) 2025-11-01T14:23Z 115.2K followers, 105.6K engagements "Been tweeting so much my wife thinks Im turning into her dad telling the same funny/old stories (she warned me and gave me permission to walk away - mid sentence was ok). So it seems Ive turned into that old guy who just wants an audience to tell bunch of old war stories. LOL" [X Link](https://x.com/anyuser/status/1395496012521738243) 2021-05-20T21:45Z 58.6K followers, [---] engagements "No one talks about $INTU these days which is $105B market cap. [--] years ago almost exited to MSFT at $1.5B. Govt blocked deal. [--] yrs later 70x return is 17% IRR not including dividends. Some want the early exit. I would rather wait. Not just for $ but chance to build great one" [X Link](https://x.com/anyuser/status/1374436110718234633) 2021-03-23T19:01Z 58.6K followers, [---] engagements "Heard from multiple LPs and GPs that people are looking to follow the Altos model in VC. What the heck is that We didnt know there was such a thing. Apparently it has two elements. Concentration capital on winners (to an extreme degree) and extending hold periods. Hmmm" [X Link](https://x.com/anyuser/status/1450719904198369282) 2021-10-20T07:05Z 58.6K followers, [---] engagements "They sure do. Here is a quote from a blog post written [--] years ago: in the game of venture lotto "too much money chasing too few deals" is an oft-cited phrase among VCs who find themselves in competition for deals. The most sought after deals are led by proven entrepreneurs. Especially popular are serial entrepreneurs who have made money before - they get investors lining up like sheep. Ironically the people who end up creating the blockbusters are usually unproven. They emerge from the fringes and start small in niche or overlooked markets. https://altos.vc/blog/venture-lotto" [X Link](https://x.com/anyuser/status/1988688433666212182) 2025-11-12T19:20Z 58.6K followers, 99.6K engagements "Mr. Market is like the guy who knows the price of everything but the value of nothing. An investor who knows the value of only a few cos can do well in a lifetime of investing (doesnt have to be the best). Mr. Markets manic-depressive behavior will provide many opportunities" [X Link](https://x.com/anyuser/status/1525596021580890112) 2022-05-14T21:56Z 58.6K followers, [---] engagements "@ExitMultiple No. I've told this story often. 30+ years ago when I was a junior VC I created detailed financial models that tied P/L B/S and Cashflow statements. If one thing moved it impacted all sheets. Then I met a great VC that didn't create a single model. Must learn to do both" [X Link](https://x.com/anyuser/status/1524177234919010304) 2022-05-10T23:59Z 58.6K followers, [---] engagements "I loved this line from Frank Slootmans new book. Amp It Up. These rejections left me with an unfavorable opinion of many venture capitalists who could not recognize talent if it smacked them in the face" [X Link](https://x.com/anyuser/status/1485869779504144388) 2022-01-25T06:58Z 58.6K followers, [---] engagements "I dont want a bunch of good investments. I just want a few outstanding ones. -Phil Fisher" [X Link](https://x.com/anyuser/status/1495127551454314496) 2022-02-19T20:06Z 58.6K followers, [---] engagements "But I'll say that John Wooden said it best. Be more concerned with your character than with your reputation because your character is what you really are while your reputation is merely what others think you are" [X Link](https://x.com/anyuser/status/1523448589493538816) 2022-05-08T23:43Z 58.6K followers, [---] engagements "Some people seem to be worried about earnings compression (following the multiple compression weve just experienced). But most little tech companies have no earnings. So no worries. LOL" [X Link](https://x.com/anyuser/status/1543242385664008192) 2022-07-02T14:37Z 58.6K followers, [---] engagements "Power law. NVidia will be the 3rd Sequoia backed company to reach $1T market cap. Apple Google and NVidia are $5.2T. Oracle and Cisco add $465B. Everything else combined over [--] years wouldnt add up to $1T. Not even close" [X Link](https://x.com/anyuser/status/1661568221135388674) 2023-05-25T03:01Z 58.6K followers, 18.1K engagements "Wanted to share some thoughts on SVB a partner to Altos over the past [--] years. Our firm may not still be in business without their help in [--] during the AFC when we had a single LP in Korea who wanted us to make tech investments on their behalf in Silicon Valley" [X Link](https://x.com/anyuser/status/1634961948831006720) 2023-03-12T16:57Z 58.6K followers, 80K engagements "Some VCs (like Don Valentine) bet on markets and some bet on people (Arthur Rock). Both are so critical but that is not real investing. At early stages we dont have a company to invest in. Trying to build it. But at some point you have to deliver" [X Link](https://x.com/anyuser/status/1436098009784217635) 2021-09-09T22:43Z 58.6K followers, [---] engagements "What a great video. This is so common among top performers. I can see Novak Djokovic saying the same thing. Its no accident that they step up and perform at a high level. Succeed or fail their approach is not going to change. You have to beat them. They wont beat themselves. Ego is focusing on the past. Pride is projecting the future. Humility is living in the present. https://t.co/TZlL8LbctC Ego is focusing on the past. Pride is projecting the future. Humility is living in the present. https://t.co/TZlL8LbctC" [X Link](https://x.com/anyuser/status/1416509498643030018) 2021-07-17T21:25Z 58.6K followers, [---] engagements "Ego is focusing on the past. Pride is projecting the future. Humility is living in the present" [X Link](https://x.com/anyuser/status/1416444305749725185) 2021-07-17T17:06Z 42.8K followers, [----] engagements "Just crossed 21k followers up from 3k in February. From Nov [----] to July [----] lost followers in most months. So what happened Wanted to share some stats from the journey and the [--] most popular threads over past [--] months" [X Link](https://x.com/anyuser/status/1399843121127510017) 2021-06-01T21:39Z 58.6K followers, [---] engagements "@ChrisJBakke That reminds of me of when a little old lady sheepishly came up to the mic to ask a question at a Berkshire AGM. Said she only owned one share (only A shares back in those days). Without skipping a beat Buffett said its ok between you and me we own half the company" [X Link](https://x.com/anyuser/status/1472806316468936708) 2021-12-20T05:49Z 58.6K followers, [---] engagements "I once commented that I was surprised how so many public investors were approaching investing like VCs. Some were even more visionary bold and LT oriented. However we are now witnessing the downside of such an approach as small to mid cap tech stocks come crashing down" [X Link](https://x.com/anyuser/status/1524175544388325376) 2022-05-10T23:52Z 58.6K followers, [---] engagements "Investing is a lot of work because not doing anything takes effort. Doing the work and waiting is hard. Once $ deployed if done well there is less stress and less work (unless you second guess and follow stock prices min by min). Let your companies do the work after $ deployed" [X Link](https://x.com/anyuser/status/1491063743333416963) 2022-02-08T14:57Z 58.6K followers, [---] engagements "I dont know why I have so many followers. I actually like it when people unfollow me. It means the community is self selecting. Should be tighter group where we can have dialog and learn from each another. At some point there may be too many and wont be as interesting" [X Link](https://x.com/anyuser/status/1478060648122621953) 2022-01-03T17:48Z 58.6K followers, [---] engagements "@APompliano Lets avoid labels like socialism. A wealthy society can take better care of its people. Social safety net (including universal healthcare and education) can enable people to take more risks. Pursue their passions. Create more value for themselves and the world. Give back" [X Link](https://x.com/anyuser/status/1328422238446448640) 2020-11-16T19:38Z 58.6K followers, [---] engagements "I dont know enough about SBF or FTX to comment but just because something collapses doesnt mean its a scam. That said just because something is technically legal doesnt mean it isnt a fraud. Trust is so fragile. Never do anything to violate it" [X Link](https://x.com/anyuser/status/1591848348562362369) 2022-11-13T17:39Z 58.6K followers, [---] engagements "This is so funny. Its why I no longer try to change peoples minds. They know what I think and they make their own decisions and live their lives. The beauty of investing is results are crystal clear at the end. Its their portfolio. Wish them the best. Focus on yours. @pt Bullshit principle at work it seems. In fact thats pretty much how blockchain works 🤔 https://t.co/xGP8mP23mh @pt Bullshit principle at work it seems. In fact thats pretty much how blockchain works 🤔 https://t.co/xGP8mP23mh" [X Link](https://x.com/anyuser/status/1490001242638086149) 2022-02-05T16:35Z 58.6K followers, [---] engagements "@pt Bullshit principle at work it seems. In fact thats pretty much how blockchain works 🤔" [X Link](https://x.com/anyuser/status/1459627688096796674) 2021-11-13T21:02Z [----] followers, [---] engagements "Observation: anyone can talk about long term investing (may talk about it more during periods of under performance). But few seriously mean it. When time horizon extends long enough everything changes. Attitudes behaviors etc. Will crave (or be repulsed by) different things" [X Link](https://x.com/anyuser/status/1518318949435252736) 2022-04-24T20:00Z 58.6K followers, [---] engagements "Special occasion today. Last day on our Sand Hill Rd office that weve occupied since Jan [--]. Also happens to be @aplee and Warren Buffetts Birthday. We celebrated with one last lunch at the office before we tear everything down for the big move" [X Link](https://x.com/anyuser/status/1564730592209473536) 2022-08-30T21:43Z 58.6K followers, [---] engagements "Hearing about the demise of a firm and Im reminded that people with a history of broken relationships are likely to have more problems down the road. Conversely those with track record of great LT relationships are more likely to benefit from massive compounding benefits" [X Link](https://x.com/anyuser/status/1516178612810002432) 2022-04-18T22:15Z 58.6K followers, [---] engagements "Im hearing more and more GPs as well as LPs in VC talking about concentrating $ in winners. Could be a good idea if it works. But potentially disastrous if it doesnt. Be careful out there. Be patient. Apply judgement. Each situation is different. No simple formulas for success" [X Link](https://x.com/anyuser/status/1443441151810306049) 2021-09-30T05:02Z 58.6K followers, [---] engagements "@TurnerNovak Other. Roblox may become the Apple of the Metaverse. Everyone else will split the pie in open systems - what Id call the Android of the Metaverse and the [--] year winner in that space is likely not even on this list" [X Link](https://x.com/anyuser/status/1454508804473712644) 2021-10-30T18:01Z 58.6K followers, [---] engagements "This post on the elements of effective thinking is fascinating. I dont know of a better field than investing to develop such habits in a very deep way. This is one of the reasons that the investing journey can be quite enjoyable for some people. https://fs.blog/elements-effective-thinking/ https://fs.blog/elements-effective-thinking/" [X Link](https://x.com/anyuser/status/1467517952144510984) 2021-12-05T15:35Z 58.6K followers, [---] engagements "1st time in 26+ yrs posting for a job on @altosvc investment team. To increase diversity wanted to cast a wider net. Oppt to join a small team that manages $Bs AUM on behalf of some of the largest LPs in the world focused on education and philanthropy. https://lnkd.in/gKJWdVpT https://lnkd.in/gKJWdVpT" [X Link](https://x.com/anyuser/status/1546982287912226816) 2022-07-12T22:18Z 58.6K followers, [---] engagements "@awilkinson No. Laws of physics will prevent decent service. 71% of Earth is covered by oceans. People live in maybe 10% of the surface but satellites circle providing uniform service to all. Massive usage will kill bandwidth in cities. Just wont work for services like Netflix" [X Link](https://x.com/anyuser/status/1611753096937615361) 2023-01-07T15:54Z 58.6K followers, 40.1K engagements "Some thoughts about VC vs other types of investing. Ive often said that (early stage) VC is not even investing. Its a discovery mechanism - for new ideas business models talent etc. Its also in what Peter Thiel might call the zero to [--] game" [X Link](https://x.com/anyuser/status/1604574372332572672) 2022-12-18T20:28Z 58.6K followers, 45.3K engagements "@InvestmentTalkk I dont view home as an investmemt. Its an irrational purchase and Im happy to do it. Ownership matters to me. Want to take root in community. Family and happiness is more important than return on capital" [X Link](https://x.com/anyuser/status/1409226567239180291) 2021-06-27T19:06Z 58.6K followers, [---] engagements "Imagery that might help stomach downturn. I picture a spring coil thats being loaded as it goes down. The more it goes the more powerful the force that will propel it back to normal levels. I felt it deeply in [--]. So much energy stored - and it did shoot up like a rocket later" [X Link](https://x.com/anyuser/status/1484760845091364868) 2022-01-22T05:32Z 58.6K followers, [---] engagements "@MohnishPabrai Mistakes of omission (and selling too early) are the biggest mistakes in a lifetime of investing. But if you obsess over them will never be happy. If $ needed never regret selling. Pay all taxes and use. Thats what its there for. For the rest try to compound on pretax basis" [X Link](https://x.com/anyuser/status/1604174878772408320) 2022-12-17T18:01Z 58.6K followers, 33.4K engagements "So if a stock pops 31% after IPO it's called a failure because they left money on the table (and bankers screwed investors). If it falls by 31% should it be called a success A pump and dump. Do we not want the stock to move up or down What is success https://www.bloomberg.com/news/articles/2021-03-31/deliveroo-ipo-raises-2-1-billion-in-biggest-u-k-deal-this-year https://www.bloomberg.com/news/articles/2021-03-31/deliveroo-ipo-raises-2-1-billion-in-biggest-u-k-deal-this-year" [X Link](https://x.com/anyuser/status/1381711239017984000) 2021-04-12T20:50Z 58.6K followers, [---] engagements "VCs (and LPs) should think about this idea. https://t.co/g2pmU84Ktb https://t.co/g2pmU84Ktb" [X Link](https://x.com/anyuser/status/1988498384655970313) 2025-11-12T06:45Z 58.6K followers, 21.6K engagements "I like to say that you are unlikely to do well a game youre not even playing. Most VCs play the growth game - even a triple triple double double isnt good enough these days. Survival is playing a different game - the infinite game. Its worked for us. @csouzaZEP @modestproposal1 Related from @honam on survival. Altos is one of the only VCs I know who focus more on survival than growth. https://t.co/EAv6fYRi5O @csouzaZEP @modestproposal1 Related from @honam on survival. Altos is one of the only VCs I know who focus more on survival than growth. https://t.co/EAv6fYRi5O" [X Link](https://x.com/anyuser/status/1980789917363106168) 2025-10-22T00:14Z 58.6K followers, 41.3K engagements "@csouzaZEP @modestproposal1 Related from @honam on survival. Altos is one of the only VCs I know who focus more on survival than growth" [X Link](https://x.com/anyuser/status/1980719649898840131) 2025-10-21T19:35Z 26.3K followers, 49.1K engagements "Two builders having a little fun. The better web wont be built by first movers to talk about a bright future or a fancy new financial system. Build services people love and use. Must be better than what guys like @levie and @bchesky have built. Kudos to those who can build. The web is amazing: you can build something of value for billions of people leverage endless distribution channels architecture options open source and protocols infinitely scalable infra and everything gets cheaper and faster every day. The web is amazing: you can build something of value for billions of people leverage" [X Link](https://x.com/anyuser/status/1477880907763757057) 2022-01-03T05:54Z 58.6K followers, [---] engagements "The web is amazing: you can build something of value for billions of people leverage endless distribution channels architecture options open source and protocols infinitely scalable infra and everything gets cheaper and faster every day" [X Link](https://x.com/anyuser/status/1477800595947884546) 2022-01-03T00:34Z 2.5M followers, [----] engagements "Aggressive bull markets reward undisciplined businessmen substandard businesses aggressive investors and greedy investment bankers. - Richard Lawrence from The Model(book talking about his [--] year investing journey in Asia). Hmm does this sound familiar Doesnt end well" [X Link](https://x.com/anyuser/status/1505345216991031296) 2022-03-20T00:47Z 58.6K followers, [---] engagements "@danprimack Kleiner Perkins was the gold standard for a long time. At the end no VC sets the standard. Its founders and their companies. The best founders set the standard and the VCs who happened to be there might get some of the credit" [X Link](https://x.com/anyuser/status/1590406006341009408) 2022-11-09T18:08Z 58.6K followers, [---] engagements "Excited to announced the latest member of the Altos investment team - Tae Yoon who joins us after a stint at KKR. Its time for a thread on how weve built the team over the past 20+ years. Weve never used a recruiter. Takes longer but worth the wait https://www.linkedin.com/in/tae-yoon-86005444 https://www.linkedin.com/in/tae-yoon-86005444" [X Link](https://x.com/anyuser/status/1422401934653222912) 2021-08-03T03:40Z 58.6K followers, [---] engagements "A lot of times you dont know what your competitive advantage is when you launch a new product. - Steve Jobs" [X Link](https://x.com/anyuser/status/1523184282704904192) 2022-05-08T06:13Z 58.6K followers, [---] engagements "The only way youre going to have success in the stock market is if youve got what they refer to as a variant perception. Something thats different from the masses. - Ted Weschler" [X Link](https://x.com/anyuser/status/1530933133247279105) 2022-05-29T15:24Z 58.6K followers, [---] engagements "@paulg Disagree. At first I just wanted to survive (in the VC business). Then moved up from there. Messi said his goal was to be a pro soccer player. Then he just kept working and wanted to get better. Over decades things turned out better than he couldve imagined" [X Link](https://x.com/anyuser/status/1605351334386970624) 2022-12-20T23:55Z 58.6K followers, 24.7K engagements "I'm a shareholder so suffering like everyone else. Evan always asserted that Snap is a camera company and now it seems it will soon be valued like one" [X Link](https://x.com/anyuser/status/1583258416624988160) 2022-10-21T00:46Z 58.6K followers, [---] engagements "In VC world so much advice about storytelling these days (usually about a lofty mission). But real mission driven companies are different. The results will manifest over time. Plenty of little signs along the way but after a while it becomes clear. Thats when we get conviction" [X Link](https://x.com/anyuser/status/1447585297517084674) 2021-10-11T15:30Z 58.6K followers, [---] engagements "@TrungTPhan Yes but he didnt give you 66%. Charged huge fees so it was 39%. If you take a non-compounding 39% over [--] years profit $ is less than 9% IRR. If you redeployed the profits each year in index you still end up at below 9% total compounded return. Barely beats the index" [X Link](https://x.com/anyuser/status/1424520520226152448) 2021-08-08T23:58Z 58.6K followers, [---] engagements Limited data mode. Full metrics available with subscription: lunarcrush.com/pricing
@honam Ho Nam
Ho Nam posts on X about in the, if you, business, vcs the most. They currently have [------] followers and [---] posts still getting attention that total [-----] engagements in the last [--] hours.
Engagements: [-----] #
- [--] Month [------] -90%
- [--] Months [-------] +26,871%
- [--] Year [-------] +13,105%
Mentions: [--] #
- [--] Month [--] -88%
- [--] Months [--] +720%
- [--] Year [--] +2,100%
Followers: [------] #
- [--] Month [------] -0.07%
- [--] Months [------] +5.90%
CreatorRank: [-------] #
Social Influence
Social category influence finance stocks technology brands gaming social networks vc firms currencies automotive brands celebrities countries
Social topic influence in the, if you, business, vcs, investment, money, ipo, roblox, ho, company
Top assets mentioned Alphabet Inc Class A (GOOGL) Intuit Inc. (INTU) Coupang, Inc. (CPNG) Microsoft Corp. (MSFT) Seagate Technology Holdings PLC (STX) Roblox Corp. (RBLX) Tesla, Inc. (TSLA)
Top Social Posts
Top posts by engagements in the last [--] hours
"@Codie_Sanchez Plumbing"
X Link 2021-08-05T22:35Z 56K followers, [--] engagements
"@TrungTPhan I had to do the math twice. 66% return is impressive but its non-compounding. If he had $10B at start its $6.6B each year or $198B over [--] years. His actual profit was $100B since he didnt have $10B to start. But if he had it the entire time it is less than 21x over [--] years"
X Link 2021-08-08T23:47Z 55.7K followers, [--] engagements
"@Bloom_Capital_ I dont think hes keeping us in the dark. He has opinions but doesnt have a high degree of confidence. He knows hell be wrong often on macro predictions and doesnt want to lead people astray. Also its just not his core focus. Its all about the micro. Specific companies"
X Link 2021-08-30T17:53Z 55.7K followers, [--] engagements
"@jj_shipley @a16z @benchmark Agree. But great investors are rare. So whether corporate or not most will fail (or fail to outperform benchmarks). Tencent and Naspers are examples of corporations with VC teams that created massive value (I believe beat most independent VCs over decades)"
X Link 2021-09-22T23:30Z 56K followers, [--] engagements
"Observation: anyone can talk about long term investing (may talk about it more during periods of under performance). But few seriously mean it. When time horizon extends long enough everything changes. Attitudes behaviors etc. Will crave (or be repulsed by) different things"
X Link 2022-04-24T20:00Z 58.6K followers, [---] engagements
"@MungerValue @CobraGlobal @HedgeMogul @paganfromeast Its interesting how quickly IG copied and became bigger than Snap. But somehow theyve come back. Snap is where teens spend more time. Of course IG is still massive but Snap found its mojo again (which is why stock peaked). They are original. Innovative. Meta is not"
X Link 2022-10-23T16:27Z 56.4K followers, [--] engagements
"@DividendGrowth For most I agree. It really depends on the CEO. If great capital allocator like Buffett or Singleton buybacks can work even better than dividends. But most CEOs do the opposite of what should be done - buy high and stop when stock price is low. Or even worse sell low"
X Link 2022-11-19T23:50Z 55.6K followers, [--] engagements
"Can someone recommend a great travel agent to book vacations abroad Feel free to DM. Thanks"
X Link 2022-12-21T05:31Z 55.7K followers, 40.4K engagements
"@kevg1412 This is the best and most complete coverage Ive ever see on Reece and IGSB. Thanks for putting to together"
X Link 2023-09-27T04:43Z 56K followers, [----] engagements
"The news on Figma is a setback for many who wanted/needed liquidity but could be a blessing over the LT. I remember when $CPNG was turned down by $GRPN (for $300M exit which was thought to be big for a Korean tech startup). Now Coupang market cap is over $29B vs ($350M for Groupon). A lot can change over time. Figma has $270B in $ADBE market cap to go after over the next few decades"
X Link 2023-12-18T21:50Z 55.8K followers, 16.1K engagements
"The biggest IPO of Korean tech company since Coupang. Funny that people measure size of IPO in terms of $ raised. It should be in market cap. They dont need to raise much. Toss is cap efficient and generating lots of cash. https://www.reuters.com/world/asia-pacific/south-korean-finance-app-toss-plans-2026-us-listing-with-over-10-billion-2025-07-24/ https://www.reuters.com/world/asia-pacific/south-korean-finance-app-toss-plans-2026-us-listing-with-over-10-billion-2025-07-24/"
X Link 2025-07-25T21:15Z 55.3K followers, [----] engagements
"Agree its non consensus because of geo. But the astounding fact is some of these are real companies. Coupang with tens of billions in revenue and billions in cash flow. Woowa and Toss at billions in revenue and hundreds of millions in profits. Krafton is at near billion in profits also. How many start ups in any geo get to a billion in annual profits"
X Link 2025-08-03T06:32Z 55.2K followers, [---] engagements
"Within our own portfolio. I have grown to admire founders like BG Chang (Krafton) Bom Kim (Coupang) Dave Baszucki (Roblox) and SG Lee (Toss). Long after each became extremely wealthy they are just as motivated and energized as ever. You dont know how people will behave until you are well into the journey - a decade+ or however long it takes for them to become billionaires to see how they behave as their situation and lives change"
X Link 2025-08-11T05:02Z 55.4K followers, [---] engagements
"Its a feature. While it was painful during the long wait for years Ive been telling people that I felt the luckiest thing ever was to be a VC during an era where we could not take small companies public. We had to wait until companies got to $1B+ revenue. In the old days we would have taken small companies public and feeling the pressure to liquidate or distribute to LPs would have left 10x on the table (public investors often made more than the VCs on the big winners). Instead VCs of this era have an opportunity to capture much more upside. If youre able to build companies that have real"
X Link 2025-08-20T03:20Z 55.6K followers, [----] engagements
"@FoundersPodcast @ReGenVC I had never heard of the company until we were doing college tours and my daughter wanted to visit their store in Chapel Hill. Then I heard your podcast. What an incredible story"
X Link 2025-08-27T16:44Z 55.6K followers, [---] engagements
"Thanks @pratyushbuddiga for flagging this passage. Forgot about it since its been nearly [--] years since I wrote it and the post is no longer on our website but still on Typepad (founding feeding your post to @grok). People talk about how much has changed in VC. This post shows that not much has changed since I was commenting on behavior in the industry that I had observed since [----]. Swap out prior eras hottest tech/trend for AI and voila you have the same behaviors leading to mediocre/crappy returns for those following the herd. https://altos.typepad.com/vc/2007/03/raising_sheep.html"
X Link 2025-08-28T04:42Z 55.6K followers, 11.1K engagements
"@FoundersPodcast Not just riding it - man of passion IS the wild beast Youre one of those too"
X Link 2025-08-28T05:12Z 55.7K followers, [----] engagements
"@GenAIRoblox Took [--] years to get to 100M DAUs and could be less than a year to get to the next 100M"
X Link 2025-08-31T16:27Z 55.7K followers, [----] engagements
"I agree with Rory that this is the conventional wisdom these days. But it's stupid to think that way. Don't play venture lotto. Build companies for the long term. BTW check on the growth of Tableau at $10M. I think they grew 30% to $13M the next year. By the time of IPO growth was more like 100% at $100M+ ARR. Roblox had a "meh" growth year in the $20M range (maybe grew 20%). Many gave up on the company. We got more excited in that year. Look beyond stupid metrics like short term growth"
X Link 2025-10-05T00:30Z 56.3K followers, [----] engagements
"1/ Success isnt about winning. Winning is a finite gamerules score an end. Success is infinitedriven by purpose creativity and energy that renews itself. Peter cites the book (Infinite Games) that we have given to many people over the years"
X Link 2025-10-12T17:08Z 56.3K followers, [----] engagements
"2/ The most durable motivation comes from creation not competition. IPO Exit Those are byproducts. The real reward is building something meaningful that is bigger than yourself and perhaps outlives you. Tapping into this motivation is what my partner @hanaltos has called which has become a meme in Korea"
X Link 2025-10-12T17:09Z 56.3K followers, [----] engagements
"@hanaltos 7/ As companies grow systems form and creativity can fade. You can lose your own company. Founders must keep reconnecting with the energy of the beginningthat raw founding spark and insatiable to create something from nothing"
X Link 2025-10-12T17:21Z 56.3K followers, [---] engagements
"@hanaltos 8/ Peter's reminder to builders and investors (taking lesson from Bezos): Be customer-obsessed not competitor-obsessed. Distraction is a luxury. Fatigue is fatal"
X Link 2025-10-12T17:22Z 56.3K followers, [----] engagements
"Love this. Even better quote in this clip is @davidsenra quoting Henry Ford who said if I ever want to sabotage my competition I would fill their ranks with experts. Experts tend to know so much and theyre so convinced that they are right that they get no work done. "At the limit nobody knows anything." @MichaelDell https://t.co/cTA8IOA2np "At the limit nobody knows anything." @MichaelDell https://t.co/cTA8IOA2np"
X Link 2025-10-12T22:54Z 56.4K followers, 15.7K engagements
"@chrisfralic @alanjpatricof Didnt realize he had a book. Would be a great read. Loved his approach to the business when I met him around the time we raised Altos IV (2008) and Greycroft was getting started. I think $30M fund and he said it took him [--] yrs to raise it (ex-founders over the years in as LPs)"
X Link 2021-09-20T01:04Z 58.3K followers, [--] engagements
"Avoiding stupidity is key. https://fs.blog/avoiding-stupidity/ @sBe3ez @luxmetaverse I dont think I was born with good judgement. I was in a hurry. Not focused. Short attention span. But I learned. Its about survival. Doing stupid things will get you killed as an investor. Just trying to survive and so had to learn (and keep learning). Good role models are key. https://fs.blog/avoiding-stupidity/ @sBe3ez @luxmetaverse I dont think I was born with good judgement. I was in a hurry. Not focused. Short attention span. But I learned. Its about survival. Doing stupid things will get you killed as"
X Link 2021-12-11T16:22Z 57.4K followers, [--] engagements
"@stewfortier They also invested $200M in the late 90s Apple when Steve Jobs came back. And in Facebook pre IPO. Thats not only an amazing track record but industry changing investments"
X Link 2022-12-22T07:03Z 58.6K followers, 20.7K engagements
"This will likely be the first and only time ever that Altos will be mentioned as an investor in between four individuals. Investors include restaurateur Guy Fieri media personality Ryan Seacrest Altos Ventures Kevin Hart and Travis Scott. https://amp.theceomagazine.com/business/innovation-technology/metal-refillable-bottles/ https://amp.theceomagazine.com/business/innovation-technology/metal-refillable-bottles/"
X Link 2023-03-31T02:10Z 57.8K followers, [----] engagements
"@trevorloy Add to that list Arthur Rock Don Lucas John Doerr Brook Byers Bob Kagle Bruce Dunlevie Geoff Yang Kevin Fong Paul Ferri Reece Duca Bill Draper Pitch Johnson etc"
X Link 2023-12-03T02:35Z 58.6K followers, [---] engagements
"Forgot to add Dave Marquardt the only VC and longtime board member of Microsoft. First job out of GSB was in VC at TVI and then founded August Capital. Other deals include Seagate (twice) Sun and Intuit. Jim Breyer invested in Facebook. I dont think Zuck needed much advice (good thing he ignored investor advice to sell to Yahoo). https://twitter.com/i/web/status/1731142887520543076 https://twitter.com/i/web/status/1731142887520543076"
X Link 2023-12-03T02:46Z 58.6K followers, [---] engagements
"Still far below its IPO price but nice to see $CPNG reaching a two year high. At over $40B it's market cap it is bigger than Never and Kakao combined (the Google and Facebook of Korea)"
X Link 2024-04-16T23:01Z 57.9K followers, [----] engagements
"One of the best examples of people building multi billion dollar fortunes investing their own money is Herb Wertheim profiled by Forbes a few years ago. https://www.forbes.com/profile/herbert-wertheim/ https://www.forbes.com/profile/herbert-wertheim/"
X Link 2025-01-03T15:37Z 56.5K followers, [----] engagements
"Another example is Reece Duca of IGSB profiled here on @Quartr_App https://quartr.com/insights/investment-strategy/reece-duca-the-manager-who-outperformed-buffett https://quartr.com/insights/investment-strategy/reece-duca-the-manager-who-outperformed-buffett"
X Link 2025-01-03T15:39Z 56.5K followers, [----] engagements
"Yes Ive used that trick - pretend that its my familys business. If it does well my family will do well and if it doesnt my family will suffer and thats the way it should be. The second trick is to allocate shares to philanthropic causes. Then whatever happens to the price it only impacts the philanthropic budget. Id rather donate more but Im not going to sweat the volatility. A side benefit of this trick is that I do not care about tax rates or policies because its all going back to society anyway"
X Link 2025-02-14T06:32Z 56.7K followers, [---] engagements
"I agree this is bad ass - both in percentage terms and absolute dollars. In percentage terms Sutter Hill would be higher. I think John Doerrs percentage may also be higher in some Kleiner funds (including the funds that invested in Google and Figma). Don Lucas and IGSB were zero LPs which meant billions of returns generated with 100% GP commit"
X Link 2025-06-14T06:36Z 56.5K followers, [----] engagements
"@candrewclark @loganbartlett @Samirkaji People espouse various models of VC as if they know how it all works. Those who dont care about what others are doing or the industry overall just focus on their companies and try to build value. IGSB is a good example. They just did their own thing. @loganbartlett @Samirkaji Just remember that people like Don Lucas and Pitch Johnson had private jets long before the internet bubble. Oracle and Amgen back in those days were worth a fraction of what they are today. Old school VC was not so bad. People touting the new VC model might be more in the"
X Link 2025-06-14T15:30Z 56.6K followers, [----] engagements
"So true. If the founder and CEO gets hit by a bus what happens That said there are some surprising success stories of companies that survive transitions. Cisco is a colorful example. Not as wild but Palo Alto Networks went through multiple CEOs before and after IPO. Intuit ServiceNow Snowflake are other examples. I like to bet on hedgehogs but pay attention to counter examples. There are many ways to win. Is it the jockey or the horse Both are important"
X Link 2025-07-10T12:45Z 58.5K followers, [---] engagements
"Nice to see two Altos companies mentioned in this tweet (PUBG is owned by Krafton). Both investments were made in [----]. As the world was melting down during the GFC some entrepreneurs were quietly building. After [--] years both still led by the founders. BG Chang is not CEO but continues to be active Chairman and largest shareholder of Krafton. David Baszucki is in his 19th year as CEO of Roblox. I don't think people appreciate what is going on with $RBLX. The levels of engagement that individual experiences are achieving even during seasonal weakness are truly remarkable. For context the peak"
X Link 2025-09-14T01:33Z 56.4K followers, 12.5K engagements
"This is interesting data. Over our [--] year history weve had an anchor LP be 100% of a fund 40% of a fund and 25% of a fund. These days no LP has more than 8%. Its nice to get an anchor in the early days. But once established its better to have a more diversified LP base. You want them to be meaningful to you and you want to be meaningful to them. So your fund size not only determines the types of deals you do it also helps guide what type/size of LPs are a fit. For VCs: the anchor LP in your fund represents about 20-23% of total capital these days. Clear dip as the market heated up in the"
X Link 2025-10-23T22:55Z 56.6K followers, 40K engagements
"On the topic of cutting out all other optionsI remember debating what to do before the first SPV for Roblox which ended up 1.4x larger than the entire fund that had made the initial investment. The question was should we put an entire fund into a singled round of one company (at a greater than 100x the price of our initial cost basis) or make a bunch of smaller new investments We decided to put it all into the round. It did pretty well. We made the same decision a couple of years later at an even higher price (at 211x the initial cost basis). IRR of that second SPV was even higher than the"
X Link 2025-10-26T06:17Z 56.7K followers, 37.9K engagements
"This was discussed in the acquired podcast interview I did in [----]. Fund return was not 100x. In [----] it was a decade after our initial investment and the value had gone up more than 100x. By the [----] SPV it grew to 211x. We invested $120M and $125M in the two SPVs which were both larger than the original [----] fund of $86.5M"
X Link 2025-10-27T05:43Z 56.6K followers, [---] engagements
"Sometimes you have no choice but to wait. Cant rush it. People are in too much of a hurry. That fund had many winners (Coupang Woowa Krafton) so it would have been a 10x fund without the biggest. But power law is amazing. The biggest hit was multiples of everything else combined. Such things happen in venture. So 50x funds are quite possible (but weve never had a 100x)"
X Link 2025-10-27T15:00Z 56.6K followers, [--] engagements
"The worse business is what I describe as a treadmill. If you stop running youre dead. Buffett calls it the business where you have to stay smart. The treadmill sounds terrible to some and they want to get off someday (exit). But if youre someone like Sam Walton you just love it. Just keep running and running. Id hate to compete against such a guy. Warren Buffett: If you have to choose between the [--] pick this. https://t.co/zafiwngLU4 Warren Buffett: If you have to choose between the [--] pick this. https://t.co/zafiwngLU4"
X Link 2025-11-02T15:09Z 58.6K followers, 78.4K engagements
"Jeremy Lin has put together a great team for the next phase of his career. His lifes work continues beyond basketball to inspire the next generation of youth to rise above poverty to pursue their passions and dreams. Cheering for him even harder now Jeremy Lin Foundation in partnership with generous donors launched our Thrive Together Collaborative. We will be supporting [--] community-based organizations over the next five years that improve outcomes and opportunities for underserved AAPI youth #ThriveTogether https://t.co/0SACwbgmsa Jeremy Lin Foundation in partnership with generous donors"
X Link 2025-11-05T00:41Z 56.9K followers, [----] engagements
"I meant to say the only alpha left is conviction. Thats the only edge that doesnt get competed away. @Jeffreyw5000 Thanks. This passage reminded me of something a great LP told me recently. He said the boy alpha left is conviction. @Jeffreyw5000 Thanks. This passage reminded me of something a great LP told me recently. He said the boy alpha left is conviction"
X Link 2025-11-08T07:53Z 57.7K followers, 20K engagements
"True conviction doesnt mean never change your mind. Soros emphasises recognizing mistakes quickly"
X Link 2025-11-08T08:01Z 57.8K followers, [----] engagements
"VC is a discovery mechanism. The real due diligence begins post investment. Always reassess and exit or reduce when original premise is falsified or feedback changes your mind. Or add to the position. In a big way"
X Link 2025-11-08T08:04Z 57.8K followers, [----] engagements
"Been hearing the same things. LPs are working hard and travel is getting old. So it was shocking when I met an LP recently who said that it was his first visit to SF this year (in November). They have a great and very long track record. Highly concentrated with few relationships so dont run around to many AGMs. They have time to think. They asked to double their allocation for a fund we wont start raising for 18+ months. They are real students of the game. Just a great reminder that not every LP is the same"
X Link 2025-11-09T03:58Z 57.8K followers, 11.3K engagements
"@OwlWealthy Defying gravity is unusual. Its a clue"
X Link 2025-11-10T05:28Z 57.8K followers, [----] engagements
"As Peter Thiel said the key is to avoid competition. DB talks about getting to 10% of gaming market - an interim step that analysts can model. But I never thought of gaming companies as competition. Its Meta TikTok YouTube Netflix etc. There are a limited number of hours in a day. How do people like to spend time They like to play (which is a great way to learn and explore) and socialize. We are social creatures"
X Link 2025-11-10T15:40Z 57K followers, [---] engagements
"I loved this observation by Safal. He showed me that a meaningful life doesnt have to be dramatic. Sometimes its just showing up every day and doing the simple things again and again for years without worrying about what the world thinks of you. The Last Lesson from Warren Buffett. https://t.co/hG0whuem9Y The Last Lesson from Warren Buffett. https://t.co/hG0whuem9Y"
X Link 2025-11-11T18:08Z 57.7K followers, 17.6K engagements
"VCs (and LPs) should think about this idea. https://t.co/g2pmU84Ktb https://t.co/g2pmU84Ktb"
X Link 2025-11-12T06:45Z 58.6K followers, 21.6K engagements
"Not only that but the key is to continue to build conviction - its what I call doing due diligence AFTER making the initial investment. Now youre an insider and have an opportunity to develop further insight. Must stay ahead of the crowd. The market especially after going public will behave in erratic ways - its not irrational because they are playing a different (short term) game. That offers an advantage for long term investors (with superior insight in a small number of concentrated positions)"
X Link 2025-11-12T13:28Z 57.7K followers, [----] engagements
"Buyers of money management firms (public cos are valued this way also) the trading multiples are 10-18x on the mgmt fees but only a 1-2x on carried interest - its heavily discounted (often to zero). So if the aspiration is to build a valuable asset gathering business to eventually sell (GP stake) or take public you are rewarded 10x more to build the predictable repeatable scalable fee streams. Everyone wants what I call Bernie Madoff without the fraud"
X Link 2025-11-12T14:42Z 58K followers, [---] engagements
"@kevg1412 Youll find this funny - just last night on our internal slack channel discussing a specific deal I wrote to not worry so much about TAM. I guess my approach hasnt changed in more than a decade"
X Link 2025-11-12T16:26Z 57.9K followers, [----] engagements
"The best example is Woowa Brothers. At the time they were doing $200k per month and my partner Han said he thought they could get to $2-3M per month in revenue ($24-26M annual). This was before Door Dash and so the model was the Grubhub of Korea. Eventually became $2B revenue and $500M EBITDA"
X Link 2025-11-12T16:46Z 57.7K followers, [---] engagements
"They sure do. Here is a quote from a blog post written [--] years ago: in the game of venture lotto "too much money chasing too few deals" is an oft-cited phrase among VCs who find themselves in competition for deals. The most sought after deals are led by proven entrepreneurs. Especially popular are serial entrepreneurs who have made money before - they get investors lining up like sheep. Ironically the people who end up creating the blockbusters are usually unproven. They emerge from the fringes and start small in niche or overlooked markets. https://altos.vc/blog/venture-lotto"
X Link 2025-11-12T19:20Z 58.6K followers, 99.6K engagements
"This is indeed interesting. Tim was a billionaire founder when Roblox was a tiny startup. Unity was backed by legendary VC Sequoia and Roelof is still on the board. Roblox only has 3% of the gaming market and yet these giants of the gaming market (and fierce competitors) are running scared and partnering with each other. This is Yahoo combining forces with AltaVista. Roblox is Google in this metaphor. This ends badly for the rest. $RBLX This is Yahoo combining forces with AltaVista. Roblox is Google in this metaphor. This ends badly for the rest. $RBLX"
X Link 2025-11-19T17:16Z 57.8K followers, 40.8K engagements
"There is a lot of compounding to do before [----]. Interim goal is 10% of gaming market. Then 1B DAUs. After that who knows. The future is never clear. When Minecraft hit some could have said its over for Roblox. Then Fortnite. TikTok. YouTube has been there throughout. There is always something new and some of the old continue to evolve and grow rather than go away"
X Link 2025-11-19T20:17Z 57.9K followers, [---] engagements
"Roblox was around long before Minecraft. It wasnt as popular back then. Minecraft was 100x bigger before they were acquired"
X Link 2025-11-19T21:32Z 57.8K followers, [----] engagements
"This sounds so simple yet impossible to do at most investment firms especially if they have LPs and younger professionals trying to earn their keep (or move up the career ladder). There will be lots of pressure to do something. If you are a solo GP (with no LPs or ultra patient ones) its possible. I live in both worlds - at Altos and in our family office. I enjoy both but quite different set of challenges and opportunities. The big money is made in the waiting https://t.co/kLgzr3agxg The big money is made in the waiting https://t.co/kLgzr3agxg"
X Link 2025-11-20T18:58Z 57.9K followers, 21.6K engagements
"@theamelia__ Buy and hold"
X Link 2025-11-25T06:43Z 57.9K followers, 30.5K engagements
"Almost doesnt matter. You will get better at picking. The mistakes will become a tiny percentage of the overall net worth so who cares The winners will keep compounding and will become extremely concentrated over time. Keep picking and improve your judgement. You will get better as you learn"
X Link 2025-11-25T19:12Z 57.9K followers, [----] engagements
"Actually seeing most do nothing (or goto zero) will teach you that the great ones are rare. Pay attention to the rare ones that do well. Might not be a bad idea to keep adding to the rare winners. When you discover a rare business that performs well you will sleep better at night not only holding onto a hugely concentrated position but might make sense to allocate even more capital to the best ones over time. You will not find many in a lifetime of investing"
X Link 2025-11-25T19:15Z 57.9K followers, [----] engagements
"Ill share thoughts on quotes from this article about a company where Ive been an investor for nearly [--] years (I do not say we since Altos fully distributed over the past [--] years). Lessons show the difference between short and long term investing. https://www.barrons.com/articles/wp-bar-0001516638 https://www.barrons.com/articles/wp-bar-0001516638"
X Link 2025-11-27T18:16Z 57.9K followers, 19.2K engagements
"@DividendGrowth Power law. For example VC firms that survive 3+ decades are very rare. Take away their top [--] investments and the conclusion will be the same - middling (or worse) returns"
X Link 2025-11-27T21:07Z 58.6K followers, [----] engagements
"When it comes to RBLX people should study the balance sheet over time. It keeps getting stronger with billions of dollars added despite losses and so they miss the full picture. If people had studied the balance sheet of AMZN they would have come to the same conclusion in the early 2000s. Yet stocks fluctuate wildly due to slight variations to the income statement (like a temporary hit to margin %). Warren Buffett : I spend more time looking at balance sheets than I do income statements There are certain things that are harder to hide or play games with on the balance sheet"
X Link 2025-11-30T18:04Z 58K followers, 15.3K engagements
"@GenAIRoblox All that growth fueled with less than $10M of equity funding. Zero dollars raised at IPO since it was direct listing. All other money raised went on balance sheet or used to cash out shareholders via secondary"
X Link 2025-11-30T22:42Z 57.9K followers, [---] engagements
"This was such a great episode. This comment reminded me of the time we passed on the seed round of Coupang and came back to invest at 5x higher price in less than [--] months. Or when we sold some Roblox shares and then later bought it back (and more) at 4.5x higher price. The mistakes will happen and the key is to keep learning and do something about it. Not sure if I would describe that as courage. Its more visceral. Its survival. Alfred and Pat believe that the number one ingredient to becoming a better decision maker in venture (and probably in business more broadly) is courage. "If you're"
X Link 2025-12-10T15:29Z 58.3K followers, 21.8K engagements
"They now seem to have a very different attitude toward losing $ compared to the early partners of Sequoia who built the franchise with the legendary track record of $T+ market cap companies. Don Valentine famously told Jensen Huang if you lose my money Im going to kill you. One of the things that made Sequoia great was that they simply HATED losing money. If you take care of the downside the upside takes of itself. Thats certainly NOT the motto at any major VC firm these days. https://twitter.com/i/web/status/1999980278950121787 https://twitter.com/i/web/status/1999980278950121787"
X Link 2025-12-13T23:10Z 58.6K followers, 53.3K engagements
"I enjoyed reading that book. Mike Moritz also hates to lose money (compared to VCs of today). He got into a shouting match with Bom Kim when he decided to go for the home run strategy of building out his own distribution centers at Coupang. I know because one of my partners was in the room. Not sure if they ever spoke after that. Go big or go home Or dont lose my f*ing money"
X Link 2025-12-13T23:29Z 58.4K followers, [----] engagements
"In the game of Venture Lotto there is an element of desperation impatience and massive FOMO. Its a scarcity mindset especially at larger VC firms that have junior VCs desperately trying to survive and claim one of the very few top partner spots. In the meantime great founders will just keep doing their own thing. They will emerge from the fringes and dont give a shit whether or not they are on any list of top [--] smartest people as ranked by the inner circle of the VC world. This is an insightful blog post. People who dont understand will inevitably gravitate toward playing venture lotto"
X Link 2025-12-14T00:27Z 58.6K followers, 24K engagements
"When you look at 100x next to 1000x return it looks awfully small. 10x is 1% of the 1000x return on a linear graph. 3x is so small that it looks close to zero. Mathematically the 3x return has about the same order of magnitude impact as the 0x. But to the people working at companies there is a colossal difference. Weve seen it all. From 0x to over 1000x and we work pretty hard to avoid the 0x not because it has big impact to the fund. It has big impact to peoples lives. For founders 3x leads to life changing money. 10x is generational wealth. 100x is life changing money for the VC. 1000x"
X Link 2025-12-15T07:05Z 58.4K followers, [----] engagements
"The debate shouldnt be about public vs private. Most companies are not great and they dont play the long game. One of my favorite companies of all time is UPS which was private for [--] years with no VC funding. They generated liquidity along the way through dividends and share buybacks long before such practices were common in the venture ecosystem. Thousands of truck drivers became millionaires as they cashed in stock at retirement while UPS was still private. The Casey foundation has billions in AUM set up decades before IPO"
X Link 2025-12-17T23:32Z 58.4K followers, [----] engagements
"@AkiKakko The waiting is the hardest part. LPs as well as VCs do not like to wait. IRR helps raise the next fund and the best way to lock it in is via distributions. Munger did not look for exits he looked for holds. All the money is in the holds. Charlie Munger: "I don't like even looking for exits. I'm looking for holds." "Think of the pleasure I've gotten from watching Costco march ahead. Exiting is a much less satisfactory life than rooting for people I like and admire. So I say find Costcos not good exits." https://t.co/4BJHOQo26n Charlie Munger: "I don't like even looking for exits. I'm"
X Link 2025-12-18T16:04Z 58.2K followers, [---] engagements
"@bryce This is the funding announcement from [----] full [--] years before Roblox went public. https://techcrunch.com/2017/05/11/improbable-grabs-502m-led-by-softbank-at-a-1b-valuation-for-its-virtual-world-spatial-os/ https://techcrunch.com/2017/05/11/improbable-grabs-502m-led-by-softbank-at-a-1b-valuation-for-its-virtual-world-spatial-os/"
X Link 2025-12-18T19:05Z 58.2K followers, [----] engagements
"@bryce They later raised again in [----] from SoftBank and A16Z. Then partnered with Google. No amount of funding or strategic partnerships is better than serving the needs of real customers. Sooner or later reality wins"
X Link 2025-12-18T19:06Z 58.2K followers, [---] engagements
"Its something I have not figured out. Trying to do more outbound as a team rather than waiting for people to make their way to us. Must remain patient. We wont really know if someone is a hedgehog for many years seeing people go through struggles. The real due diligence starts after we make the initial investment. Character reveals itself over time (as well as our understanding of the business)"
X Link 2025-12-19T00:24Z 58.3K followers, [--] engagements
"Agree that position sizing is more important than picking. Ive observed the outcomes of different approaches to investing retirement accounts over 20+ years by some great investors. First of all everyone (including ones that beat the index over decades) will make mistakes. Concentration on a few good stocks can make up for the inevitable losers and also for missing out on many great ones. A diversified portfolio can perform well but it puts enormous pressure on picking - a few have to perform spectacularly well since a small position will not move the needle until it grows Either way the key"
X Link 2025-12-20T16:35Z 58.6K followers, 97.8K engagements
"Buffetts view is you dont get many great opportunities in a lifetime of investing. When you come across one of the rare ones doing too little is almost as bad as not doing it as all (and the job of the investor is to develop the judgement to be able to recognize such opportunities)"
X Link 2025-12-21T15:19Z 58.5K followers, 15.7K engagements
"Mungers view on diversification (hed rather bet big on just a few ideas). I call it diworsificationwhich I copied from somebody. Im way more comfortable owning two or three stocks which I think I know something about and where I think I have an advantage.""
X Link 2025-12-21T16:09Z 58.5K followers, [----] engagements
"This is so true and should be obvious and yet I continue to be surprised by highly intelligent people who just dont get it. There is some sort of a mental block. It may be confusion due to conflicts between being an investor vs fund manager"
X Link 2025-12-23T23:17Z 58.6K followers, 12.3K engagements
"This was the key lesson in a tax class I took at the GSB taught by the legendary Myron Scholes. The math is obvious. For a former engineering major it was trivial - one of the easiest grades I ever got. The advantage of doing nothing https://t.co/uuU1UOzfps The advantage of doing nothing https://t.co/uuU1UOzfps"
X Link 2025-12-24T20:52Z 58.6K followers, 99.4K engagements
"When you get a few you really load up. Its just that simple. -Munger You only need a few great ideas https://t.co/vBHq9uc86v You only need a few great ideas https://t.co/vBHq9uc86v"
X Link 2025-12-25T06:10Z 58.5K followers, 15.4K engagements
"So many roads lead back to the importance of position sizing. You have to be able to recognize a rare opportunity. Development the good judgement to know. But if you dont load up it wont do much for you. Agree that position sizing is more important than picking. Ive observed the outcomes of different approaches to investing retirement accounts over 20+ years by some great investors. First of all everyone (including ones that beat the index over decades) will make mistakes. Agree that position sizing is more important than picking. Ive observed the outcomes of different approaches to investing"
X Link 2025-12-25T06:42Z 58.5K followers, [----] engagements
"Buffett tells the story in such a nice way. But it reveals the young killer many decades ago. Dont mess with him. Try to take an extra 1/8th of a dollar per share and he will buy control of your company and kick you out. Warren Buffett on the dumbest stock he ever bought. https://t.co/KquP2JH8M1 Warren Buffett on the dumbest stock he ever bought. https://t.co/KquP2JH8M1"
X Link 2025-12-28T17:28Z 58.6K followers, 115.5K engagements
"Im not so sure thats the right lesson. I know so many great investors who realized later in life that they would have been better off with lower turnover. Its especially true on an after tax basis. Selling your winners early is the biggest mistake. Peter Lynch is the one who came up with the phrase cutting the flowers and watering the weeds. He learned by making such mistakes and observing others who do the same"
X Link 2025-12-28T22:20Z 58.6K followers, [----] engagements
"The Driver argues he is just doing his job to feed his own starving family. If the farmer shoots him the bank will just hire another driver. The Farmer asks who gave the driver orders so he can shoot The Boss. The Driver explains the boss has orders from The Bank. The Farmer says he will go to the bank but the driver explains the bank manager is just an employee following orders from "The East" (orders to make a profit or close down)"
X Link 2026-01-03T19:12Z 58.6K followers, [----] engagements
"@gregwaldorf @trengriffin Dave M was classmate of Ballmer at GSB. His hits are quite stunning. Not only MSFT and Sun but Seagate (twice) Intuit and many more. Hired Bob Kagle into TVI which led to Benchmark. His 2nd Seagate investment with Silverlake was so unusual. I think 1/3 of the entire fund"
X Link 2021-09-19T16:01Z 58.5K followers, [--] engagements
"Ive been wondering how they do it. Would be an oppressive treadmill to crank out incremental versions of a product predictably every year. But Im assuming they have multiple teams perhaps working on multi year cycles. Must be many other tricks. Learn and get better each year"
X Link 2021-09-20T14:50Z 58.5K followers, [--] engagements
"I love this quote. Remaining patient isnt that hard if you know the destination. If you have the wrong goals (like getting rich quick) it may prove to be impossible to be patient"
X Link 2022-01-17T18:07Z 58.5K followers, [--] engagements
"@patrick_oshag Teledyne Apple Amazon"
X Link 2023-01-21T16:48Z 58.5K followers, 16.7K engagements
"@Anrosenblum Great question. I view each change of CEO as a new founding moment. Period of risk. Anything can happen. The non-founder pro CEO can be fantastic like a Frank Slootman. Hell get the job done. Everyone will be happy. But hell exit and/or move on. But once in a while"
X Link 2021-05-03T05:21Z 58.6K followers, [--] engagements
"@pitdesi As Buffett likes to say you only find out whos been swimming naked when the tide goes out. Bottom quartile does not look as pathetic as before because in rising markets everyone looks good. Next crash we should see more separation. Alpha gets created during the downturns"
X Link 2021-06-30T06:02Z 58.6K followers, [---] engagements
"@Fritz844 Rather than guessing/betting on sectors look for the rare great company youd want to own over the long term. Companies like Berkshire Hathaway Southwest Nike and Starbucks were not in any hot sector over decades of outperformance"
X Link 2021-09-21T05:16Z 58.6K followers, [--] engagements
"Huge fan of Shar Dubey CEO of $MTCH. Didnt know she was IIT classmate of Google CEO Sundar Pichai. Shes overcome so much in her life. Loved this article about her in todays NYT. https://www.nytimes.com/2021/12/24/business/shar-dubey-match-texas-abortion-law.amp.html https://www.nytimes.com/2021/12/24/business/shar-dubey-match-texas-abortion-law.amp.html"
X Link 2021-12-26T18:44Z 58.6K followers, [---] engagements
"As Soros said theres no point in being confident and having a small position"
X Link 2025-11-08T07:56Z 58.6K followers, 17.2K engagements
"This is fascinating because it is how we view the early stage venture portfolio. The real due diligence starts after we make the investment. Im a slow learner. It might take years to understand the business (and often the founder doesnt even know - we are on a discovery journey) and develop conviction in very few companies over time because the great companies are rare. If it works the big money comes in later. One of our best investments over the past [--] years was in a company where the price/share was valued 211x higher than our original cost basis (from [--] years earlier). Stanley"
X Link 2026-02-13T17:44Z 58.6K followers, 45.8K engagements
"@thogge @alexdtang Thats correct. About [--] has been average. SPV is a fund with one round of one company so that seems diversified enough to me. From an LP perspective they are in many funds across many asset classes. They can handle such concentration"
X Link 2026-02-14T01:15Z 58.6K followers, [---] engagements
"So cool you found the book and covering Daves story. He and I started at Bain together in the late 80s and were among the only people we knew who got into VC before the GSB and after graduating at different firms. Weve also attended Berkshire annual meeting together. Been talking about the same things for decades trying to figure out how the worlds of Buffett and VC fit together (or not). https://twitter.com/i/web/status/2022506295685976432 https://twitter.com/i/web/status/2022506295685976432"
X Link 2026-02-14T03:00Z 58.6K followers, [----] engagements
"Deep value investing to me is not about big discounts. Its about finally seeing something profound and deep underneath the surface when others are still only seeing the tip of the iceberg and still making judgements"
X Link 2021-03-27T16:45Z 58.6K followers, [----] engagements
"For Buffett skeptics lets clarify some things. He has given away $100B of his stock so far. Also decided to let others ride along for free (no fee no carry). Took $100k salary for 50+ years with zero bonus and no stock options. Lowest paid CEO ever that created $650B+ of value"
X Link 2021-05-06T14:20Z 58.6K followers, [----] engagements
"Didn't know this but apparently this was an internal saying at Amazon. Trust is earned in drops and lost in buckets.""
X Link 2022-05-08T23:42Z 58.6K followers, [----] engagements
"@Molson_Hart Wait until theres another kid private schools and a small house in the Hamptons (to get out of that tiny [--] BR apt once in a while). He will feel like part of the working class struggling to make ends meet (on $2M/yr). Ive known people with such problems. Absurd but true"
X Link 2021-10-03T01:14Z 58.6K followers, [----] engagements
"5 levels of "startup" success [--]. Unicorn valuation (often a mirage) [--]. $1B revenue [--]. $1B profits [--]. $1B founder equity (must be cap efficient) [--]. $1B given away by founder"
X Link 2021-03-19T21:44Z 58.6K followers, [----] engagements
"Ive never had a position but anyone thinking about $TSLA should visit the SF Bay Area. Sometimes feels as if every other car is a Tesla. If they achieve such market share worldwide it may indeed become the largest company in the world (by revenue profits market cap etc)"
X Link 2022-04-03T17:01Z 58.6K followers, [----] engagements
"Advice to young VCs. If you manage to survive this downturn is like a gift. VC industry hasnt seen a big downturn in 13+ yrs and GFC was nothing like the meltdown of the dotcom bubble. Such oppts dont come around often. This period may shape you for the rest of your career"
X Link 2022-05-18T18:04Z 58.6K followers, [----] engagements
"First time Tesla owner. What an interesting delivery experience. They just left the car in my driveway. I opened it with iPhone app and started driving. Still need to go through video tutorials. Send me good tips or links to useful how to videos. Thanks"
X Link 2021-12-18T22:25Z 58.6K followers, [----] engagements
"I always found it amusing that most investors asks for 3+ years of projections when I couldn't even predict the next [--] months. But we would never admit the difficulty of projecting. - CFO of one of our best companies (and one of the best CFOs weve ever worked with)"
X Link 2021-05-18T16:00Z 58.6K followers, [----] engagements
"VCs today do not remember Arthur Rock. He was almost worshiped by the early partners of Kleiner Perkins and Sequoia. Its important to have the right role models"
X Link 2021-03-06T17:16Z 58.6K followers, [----] engagements
""If you want above average results you have to say no to average opportunities. If you spend all of your time chasing average opportunities you'll have no time for great ones. This applies to people books problems etc. Raise the bar." @shaneparrish"
X Link 2021-02-07T16:01Z 58.6K followers, [----] engagements
"When Coupang raised the 1st $1Bin [----] I remember that the entire US VC industry invested $1B in [----] the year after I started. Starbucks did IPO in [--]. We made $25M on $1.7M investment. 15x was a home run back then. VC is now is so so different https://www.bloomberg.com/news/articles/2021-03-11/harvard-dropout-rides-mega-coupang-ipo-into-billionaire-s-club https://www.bloomberg.com/news/articles/2021-03-11/harvard-dropout-rides-mega-coupang-ipo-into-billionaire-s-club"
X Link 2021-03-14T05:09Z 58.6K followers, [----] engagements
"Nice article about our friends at DCM. 30x fund is nice but $10B+ in profit is even nicer. VC firm DCM quietly blows out its top tier competitors. Its secret: Not drinking the Silicon Valley 'Kool-Aid.' https://www.businessinsider.com/dcm-blows-out-vc-competitors-with-30x-returns-investing-china-2021-7 https://www.businessinsider.com/dcm-blows-out-vc-competitors-with-30x-returns-investing-china-2021-7"
X Link 2021-07-03T04:56Z 58.6K followers, [----] engagements
"Observation - if you extend your time horizon you will tap into what might appear to be wisdom. But its not. Its just common sense. Think longer term think through consequences and just do the basics. So simple. You will become smarter without having to change your IQ"
X Link 2021-10-06T15:57Z 58.6K followers, [---] engagements
"Many will disagree with me on this. Ive said that VC is not an asset class. Its not investing (its a great discovery mechanism. At later stages with more data it's investing. So some have described VC portfolio as basket of options. Have some thoughts on this"
X Link 2022-05-17T00:48Z 58.6K followers, [----] engagements
"Its laughable to think that Sequoia just blew up the VC fund model. The vast majority of VC funds dont have tens of billions of profits tied up in public stocks (and they never have) so what Sequoia does here is not that relevant to the rest of the VC industry. Scoop: Sequoia Capital just blew up the VC fund model https://t.co/Zt0uIMY1nL Scoop: Sequoia Capital just blew up the VC fund model https://t.co/Zt0uIMY1nL"
X Link 2021-10-26T18:03Z 58.6K followers, [---] engagements
"Scoop: Sequoia Capital just blew up the VC fund model https://www.axios.com/sequoia-capital-fund-venture-capital-model-36425923-deff-430e-9945-09b0ccb69c78.html https://www.axios.com/sequoia-capital-fund-venture-capital-model-36425923-deff-430e-9945-09b0ccb69c78.html"
X Link 2021-10-26T13:50Z 157.9K followers, [----] engagements
"Long before this market crash I said this a lot. In the real world (outside of areas with too much VC $) people agree that a business is supposed to make money (if you dont make $ you go out of business). Its just common sense. Shouldnt be viewed as refreshing or contrarian"
X Link 2022-05-18T06:31Z 58.6K followers, [---] engagements
"Great quote by Gold medalist who self coached. I started to realise that all those people who say they know they actually dont know. Many of them dont know and especially those who say that they know dont know because those who do know say that they dont know"
X Link 2021-09-02T03:08Z 58.6K followers, [---] engagements
"Inspiring. What tenacity. Rejected by [---] VCs. She learned to kite-surf to meet and impress @KiteVC. Wow is that true Bill Love it https://www.esquiremag.ph/money/movers/who-is-melanie-perkins-billionaire-a00304-20210416-lfrm https://www.esquiremag.ph/money/movers/who-is-melanie-perkins-billionaire-a00304-20210416-lfrm"
X Link 2021-07-15T20:17Z 58.6K followers, [---] engagements
"Someone found this quote I posted on FB [--] years ago. It's still one of my favorite quotes by a person who deeply understands the pursuit (Sequoia's Mike Moritz): "The businesses has to be run by people who have a real zeal for the pursuit they are undertaking"
X Link 2022-05-21T22:09Z 58.6K followers, [---] engagements
"Spoke to a group of students from London School of Economics this morning. So many great questions. As usual multiple Qs gravitate around how do you know Or how did you know or how could you know Its the reason I wrote this. https://altos.vc/blog/howdoyouknow https://altos.vc/blog/howdoyouknow"
X Link 2021-06-27T00:51Z 58.6K followers, [---] engagements
"Holy cow. Reminder. Some people can just take it to another level. Always trying to find an edge. Opportunity presents itself and he takes advantage in a super patient and smart way. Just a crazy simple example which happens to be in a sports context. Freaking Incredible: Agassi knew where Boris Becker was going to serve based on his tongue movements but didnt want to use it all the time because then Becker would find out https://t.co/Oes2iOGL92 Freaking Incredible: Agassi knew where Boris Becker was going to serve based on his tongue movements but didnt want to use it all the time because"
X Link 2021-05-02T05:17Z 58.6K followers, [---] engagements
"Freaking Incredible: Agassi knew where Boris Becker was going to serve based on his tongue movements but didnt want to use it all the time because then Becker would find out"
X Link 2021-05-01T16:04Z 189K followers, 20.7K engagements
"Observation of a paradox at startups (and also at larger companies). People would be surprised by how much thought time and effort is spent on people and culture issues at successful companies. A thread"
X Link 2022-05-29T21:49Z 58.6K followers, [---] engagements
"Good reminder of the scale of gaming. We have two small blocks on this board. Until a company hits $10B in revenue it doesnt get one of the sizable blocks"
X Link 2022-06-30T22:50Z 58.6K followers, [---] engagements
"I think this is what Munger would call a man with a hammer syndrome"
X Link 2022-01-18T20:26Z 58.6K followers, [---] engagements
"@SahilBloom That math is incorrect but Id recommend people take your simple idea seriously. Ive known people who never made much $ in their careers amass surprisingly large fortunes through sensible continual concentrated investing. They have more than 100x the millionaire next door"
X Link 2022-05-06T19:09Z 58.6K followers, [---] engagements
"These Buffett passages from his [----] letter captures the essence of the Altos strategy (a Buffett like investing approach to VC which most people thought was a stupid idea for a long time. They still do). Ill add to this later I hope this gave you a greater appreciation for the interplay between Growth and Value. Here's what Warren Buffett said about it in his [----] letter: https://t.co/fClDAgBUrG I hope this gave you a greater appreciation for the interplay between Growth and Value. Here's what Warren Buffett said about it in his [----] letter: https://t.co/fClDAgBUrG"
X Link 2022-03-01T15:18Z 58.6K followers, [---] engagements
"I hope this gave you a greater appreciation for the interplay between Growth and Value. Here's what Warren Buffett said about it in his [----] letter:"
X Link 2022-03-01T06:47Z 281K followers, [---] engagements
"Some people look to win and thats ok (I love sports). But when it comes to relationships win-lose doesnt work. This goes for business as well as personal. Of course most people eventually get it for personal especially with family but maybe not for business"
X Link 2021-08-06T17:10Z 58.6K followers, [---] engagements
"@marketplunger1 1) date night each week. Even after you have kids. Line up baby sitters. Pay them well. 2) marriage counselor both trust is a great resource even when things are good. 3) God only gave us patience for one set of parents. Make sure in-laws dont interfere with your relationship"
X Link 2021-05-17T00:37Z 58.6K followers, [---] engagements
"Taught a class at @HarvardHBS on Friday and @StanfordGSB on Monday. Both were investment classes featuring various speakers over the course of the semester from various VC PE and hedge funds but totally different in the topics covered"
X Link 2022-11-09T04:31Z 58.6K followers, [---] engagements
"Advice to founders - common wisdom is to pick the person rather than the VC firm. But seeing turnover increase in the industry. Just heard a nightmare story (and have come across 4+ abandoned co's). What happens when your favorite board member leaves the VC firm Must consider"
X Link 2021-04-21T15:26Z 58.6K followers, [---] engagements
"If you want to waste [--] minutes of your life on this video its pretty funny to hear Mungers zingers. Hes been getting criticized on FinTwit for $BABA but I still love the guy. Win or lose he wont pull punches and has always done it his way (except for deferring to Buffett). Charlie Munger Roasting People for [--] Minutes Straight The Swedish Investor https://t.co/CnA0h7jE75 https://t.co/GQzIYa9iNd Charlie Munger Roasting People for [--] Minutes Straight The Swedish Investor https://t.co/CnA0h7jE75 https://t.co/GQzIYa9iNd"
X Link 2022-01-05T02:10Z 58.6K followers, [---] engagements
"Charlie Munger Roasting People for [--] Minutes Straight The Swedish Investor https://bit.ly/3lBtvbX https://bit.ly/3lBtvbX"
X Link 2021-12-05T04:36Z 11.1K followers, [----] engagements
"This is excellent. Reminded me of a Vince Lombardi quote from the foxes and hedgehogs post from [--] years ago: The essence of commitment is making a decision. The Latin root for decision is to cut away from as in an incision. When you commit to something you are cutting away all your other possibilities all your other options. cc @davidsenra @FoundersPodcast https://altos.vc/blog/foxes-and-hedgehogs/ In keeping their options open they ensure that theyre going to jump from option to option. If you dont commit to a path youre going to fail at it You have to commit to it to make it work and I"
X Link 2025-10-25T21:48Z 58.6K followers, 110.2K engagements
"In keeping their options open they ensure that theyre going to jump from option to option. If you dont commit to a path youre going to fail at it You have to commit to it to make it work and I think marriage is the same way. You just have to commit to it. You have to say This is the path Im on. For better or for worse Im going to double down on it"
X Link 2025-10-23T18:18Z 629.1K followers, 365.7K engagements
"This letter is worth reading. Every investor wants to offer such sage advice (including the young Warren Buffett in the letter below). Its their value add but there is a problem with this Buffett is the OG marketer. https://t.co/WriMEB4CDJ Buffett is the OG marketer. https://t.co/WriMEB4CDJ"
X Link 2022-05-15T16:44Z 58.6K followers, [---] engagements
"Buffett is the OG marketer"
X Link 2022-05-15T16:15Z [----] followers, [---] engagements
"For those having a hard time with volatility its important to not pay attention to daily quotes (most pro investors dont have this luxury). Must think of it as ownership in a business. If you dont want to own it for the long term dont buy it. Set the bar higher"
X Link 2022-05-11T18:56Z 58.6K followers, [---] engagements
"Got to 50k followers and verified on Twitter. I applied before and had been instantly rejected. Then all of a sudden noticed I was verified. Never got an email or message saying I was approved. A bit strange but hope this cuts down on the proliferation of fake accounts"
X Link 2022-02-06T01:24Z 58.6K followers, [---] engagements
"People ask me about Hedgehogs. The best books to understand [--] of the greats are Made in America Shoe Dog and Snowball. The best movie to capture a Hedgehogs life is the HBO documentary Dear Rider about Jake Burton and his life company family community and movement"
X Link 2022-01-02T06:16Z 58.6K followers, [---] engagements
"What an amazing founder. I was at 3D computing leader SGI from 94-96 when $NVDA was tiny. We were all talking about the metaverse even before the Web/Internet became the next big thing. Jensen is still going long after others gave up or moved on. https://venturebeat.com/2021/11/18/jensen-huang-gets-chip-industrys-highest-honor-38-years-after-founding-nvidia/ https://venturebeat.com/2021/11/18/jensen-huang-gets-chip-industrys-highest-honor-38-years-after-founding-nvidia/"
X Link 2021-11-23T06:57Z 58.6K followers, [---] engagements
"What a remarkable story of Zoho a bootstrapped SaaS giant with 300K customers. Still going strong after [--] years. Original product doing only $1M ARR but used cash flow to fund their own growth across [--] products to compete against the giants. https://youtu.be/J8-BnOv4iPk https://youtu.be/J8-BnOv4iPk"
X Link 2021-09-18T15:22Z 58.6K followers, [---] engagements
"I feel bad for people who piled onto $ZM at the peak of covid. Shows valuation matters. Its a great company up 3x since peak of IPO pop (55% IRR since April 2019) and will be around for a long time. Will continue to grow and innovate. I have no position but good luck to all"
X Link 2021-11-23T16:27Z 58.6K followers, [---] engagements
"The worse business is what I describe as a treadmill. If you stop running youre dead. Buffett calls it the business where you have to stay smart. The treadmill sounds terrible to some and they want to get off someday (exit). But if youre someone like Sam Walton you just love it. Just keep running and running. Id hate to compete against such a guy. Warren Buffett: If you have to choose between the [--] pick this. https://t.co/zafiwngLU4 Warren Buffett: If you have to choose between the [--] pick this. https://t.co/zafiwngLU4"
X Link 2025-11-02T15:09Z 58.6K followers, 78.4K engagements
"Warren Buffett: If you have to choose between the [--] pick this"
X Link 2025-11-01T14:23Z 115.2K followers, 105.6K engagements
"Been tweeting so much my wife thinks Im turning into her dad telling the same funny/old stories (she warned me and gave me permission to walk away - mid sentence was ok). So it seems Ive turned into that old guy who just wants an audience to tell bunch of old war stories. LOL"
X Link 2021-05-20T21:45Z 58.6K followers, [---] engagements
"No one talks about $INTU these days which is $105B market cap. [--] years ago almost exited to MSFT at $1.5B. Govt blocked deal. [--] yrs later 70x return is 17% IRR not including dividends. Some want the early exit. I would rather wait. Not just for $ but chance to build great one"
X Link 2021-03-23T19:01Z 58.6K followers, [---] engagements
"Heard from multiple LPs and GPs that people are looking to follow the Altos model in VC. What the heck is that We didnt know there was such a thing. Apparently it has two elements. Concentration capital on winners (to an extreme degree) and extending hold periods. Hmmm"
X Link 2021-10-20T07:05Z 58.6K followers, [---] engagements
"They sure do. Here is a quote from a blog post written [--] years ago: in the game of venture lotto "too much money chasing too few deals" is an oft-cited phrase among VCs who find themselves in competition for deals. The most sought after deals are led by proven entrepreneurs. Especially popular are serial entrepreneurs who have made money before - they get investors lining up like sheep. Ironically the people who end up creating the blockbusters are usually unproven. They emerge from the fringes and start small in niche or overlooked markets. https://altos.vc/blog/venture-lotto"
X Link 2025-11-12T19:20Z 58.6K followers, 99.6K engagements
"Mr. Market is like the guy who knows the price of everything but the value of nothing. An investor who knows the value of only a few cos can do well in a lifetime of investing (doesnt have to be the best). Mr. Markets manic-depressive behavior will provide many opportunities"
X Link 2022-05-14T21:56Z 58.6K followers, [---] engagements
"@ExitMultiple No. I've told this story often. 30+ years ago when I was a junior VC I created detailed financial models that tied P/L B/S and Cashflow statements. If one thing moved it impacted all sheets. Then I met a great VC that didn't create a single model. Must learn to do both"
X Link 2022-05-10T23:59Z 58.6K followers, [---] engagements
"I loved this line from Frank Slootmans new book. Amp It Up. These rejections left me with an unfavorable opinion of many venture capitalists who could not recognize talent if it smacked them in the face"
X Link 2022-01-25T06:58Z 58.6K followers, [---] engagements
"I dont want a bunch of good investments. I just want a few outstanding ones. -Phil Fisher"
X Link 2022-02-19T20:06Z 58.6K followers, [---] engagements
"But I'll say that John Wooden said it best. Be more concerned with your character than with your reputation because your character is what you really are while your reputation is merely what others think you are"
X Link 2022-05-08T23:43Z 58.6K followers, [---] engagements
"Some people seem to be worried about earnings compression (following the multiple compression weve just experienced). But most little tech companies have no earnings. So no worries. LOL"
X Link 2022-07-02T14:37Z 58.6K followers, [---] engagements
"Power law. NVidia will be the 3rd Sequoia backed company to reach $1T market cap. Apple Google and NVidia are $5.2T. Oracle and Cisco add $465B. Everything else combined over [--] years wouldnt add up to $1T. Not even close"
X Link 2023-05-25T03:01Z 58.6K followers, 18.1K engagements
"Wanted to share some thoughts on SVB a partner to Altos over the past [--] years. Our firm may not still be in business without their help in [--] during the AFC when we had a single LP in Korea who wanted us to make tech investments on their behalf in Silicon Valley"
X Link 2023-03-12T16:57Z 58.6K followers, 80K engagements
"Some VCs (like Don Valentine) bet on markets and some bet on people (Arthur Rock). Both are so critical but that is not real investing. At early stages we dont have a company to invest in. Trying to build it. But at some point you have to deliver"
X Link 2021-09-09T22:43Z 58.6K followers, [---] engagements
"What a great video. This is so common among top performers. I can see Novak Djokovic saying the same thing. Its no accident that they step up and perform at a high level. Succeed or fail their approach is not going to change. You have to beat them. They wont beat themselves. Ego is focusing on the past. Pride is projecting the future. Humility is living in the present. https://t.co/TZlL8LbctC Ego is focusing on the past. Pride is projecting the future. Humility is living in the present. https://t.co/TZlL8LbctC"
X Link 2021-07-17T21:25Z 58.6K followers, [---] engagements
"Ego is focusing on the past. Pride is projecting the future. Humility is living in the present"
X Link 2021-07-17T17:06Z 42.8K followers, [----] engagements
"Just crossed 21k followers up from 3k in February. From Nov [----] to July [----] lost followers in most months. So what happened Wanted to share some stats from the journey and the [--] most popular threads over past [--] months"
X Link 2021-06-01T21:39Z 58.6K followers, [---] engagements
"@ChrisJBakke That reminds of me of when a little old lady sheepishly came up to the mic to ask a question at a Berkshire AGM. Said she only owned one share (only A shares back in those days). Without skipping a beat Buffett said its ok between you and me we own half the company"
X Link 2021-12-20T05:49Z 58.6K followers, [---] engagements
"I once commented that I was surprised how so many public investors were approaching investing like VCs. Some were even more visionary bold and LT oriented. However we are now witnessing the downside of such an approach as small to mid cap tech stocks come crashing down"
X Link 2022-05-10T23:52Z 58.6K followers, [---] engagements
"Investing is a lot of work because not doing anything takes effort. Doing the work and waiting is hard. Once $ deployed if done well there is less stress and less work (unless you second guess and follow stock prices min by min). Let your companies do the work after $ deployed"
X Link 2022-02-08T14:57Z 58.6K followers, [---] engagements
"I dont know why I have so many followers. I actually like it when people unfollow me. It means the community is self selecting. Should be tighter group where we can have dialog and learn from each another. At some point there may be too many and wont be as interesting"
X Link 2022-01-03T17:48Z 58.6K followers, [---] engagements
"@APompliano Lets avoid labels like socialism. A wealthy society can take better care of its people. Social safety net (including universal healthcare and education) can enable people to take more risks. Pursue their passions. Create more value for themselves and the world. Give back"
X Link 2020-11-16T19:38Z 58.6K followers, [---] engagements
"I dont know enough about SBF or FTX to comment but just because something collapses doesnt mean its a scam. That said just because something is technically legal doesnt mean it isnt a fraud. Trust is so fragile. Never do anything to violate it"
X Link 2022-11-13T17:39Z 58.6K followers, [---] engagements
"This is so funny. Its why I no longer try to change peoples minds. They know what I think and they make their own decisions and live their lives. The beauty of investing is results are crystal clear at the end. Its their portfolio. Wish them the best. Focus on yours. @pt Bullshit principle at work it seems. In fact thats pretty much how blockchain works 🤔 https://t.co/xGP8mP23mh @pt Bullshit principle at work it seems. In fact thats pretty much how blockchain works 🤔 https://t.co/xGP8mP23mh"
X Link 2022-02-05T16:35Z 58.6K followers, [---] engagements
"@pt Bullshit principle at work it seems. In fact thats pretty much how blockchain works 🤔"
X Link 2021-11-13T21:02Z [----] followers, [---] engagements
"Observation: anyone can talk about long term investing (may talk about it more during periods of under performance). But few seriously mean it. When time horizon extends long enough everything changes. Attitudes behaviors etc. Will crave (or be repulsed by) different things"
X Link 2022-04-24T20:00Z 58.6K followers, [---] engagements
"Special occasion today. Last day on our Sand Hill Rd office that weve occupied since Jan [--]. Also happens to be @aplee and Warren Buffetts Birthday. We celebrated with one last lunch at the office before we tear everything down for the big move"
X Link 2022-08-30T21:43Z 58.6K followers, [---] engagements
"Hearing about the demise of a firm and Im reminded that people with a history of broken relationships are likely to have more problems down the road. Conversely those with track record of great LT relationships are more likely to benefit from massive compounding benefits"
X Link 2022-04-18T22:15Z 58.6K followers, [---] engagements
"Im hearing more and more GPs as well as LPs in VC talking about concentrating $ in winners. Could be a good idea if it works. But potentially disastrous if it doesnt. Be careful out there. Be patient. Apply judgement. Each situation is different. No simple formulas for success"
X Link 2021-09-30T05:02Z 58.6K followers, [---] engagements
"@TurnerNovak Other. Roblox may become the Apple of the Metaverse. Everyone else will split the pie in open systems - what Id call the Android of the Metaverse and the [--] year winner in that space is likely not even on this list"
X Link 2021-10-30T18:01Z 58.6K followers, [---] engagements
"This post on the elements of effective thinking is fascinating. I dont know of a better field than investing to develop such habits in a very deep way. This is one of the reasons that the investing journey can be quite enjoyable for some people. https://fs.blog/elements-effective-thinking/ https://fs.blog/elements-effective-thinking/"
X Link 2021-12-05T15:35Z 58.6K followers, [---] engagements
"1st time in 26+ yrs posting for a job on @altosvc investment team. To increase diversity wanted to cast a wider net. Oppt to join a small team that manages $Bs AUM on behalf of some of the largest LPs in the world focused on education and philanthropy. https://lnkd.in/gKJWdVpT https://lnkd.in/gKJWdVpT"
X Link 2022-07-12T22:18Z 58.6K followers, [---] engagements
"@awilkinson No. Laws of physics will prevent decent service. 71% of Earth is covered by oceans. People live in maybe 10% of the surface but satellites circle providing uniform service to all. Massive usage will kill bandwidth in cities. Just wont work for services like Netflix"
X Link 2023-01-07T15:54Z 58.6K followers, 40.1K engagements
"Some thoughts about VC vs other types of investing. Ive often said that (early stage) VC is not even investing. Its a discovery mechanism - for new ideas business models talent etc. Its also in what Peter Thiel might call the zero to [--] game"
X Link 2022-12-18T20:28Z 58.6K followers, 45.3K engagements
"@InvestmentTalkk I dont view home as an investmemt. Its an irrational purchase and Im happy to do it. Ownership matters to me. Want to take root in community. Family and happiness is more important than return on capital"
X Link 2021-06-27T19:06Z 58.6K followers, [---] engagements
"Imagery that might help stomach downturn. I picture a spring coil thats being loaded as it goes down. The more it goes the more powerful the force that will propel it back to normal levels. I felt it deeply in [--]. So much energy stored - and it did shoot up like a rocket later"
X Link 2022-01-22T05:32Z 58.6K followers, [---] engagements
"@MohnishPabrai Mistakes of omission (and selling too early) are the biggest mistakes in a lifetime of investing. But if you obsess over them will never be happy. If $ needed never regret selling. Pay all taxes and use. Thats what its there for. For the rest try to compound on pretax basis"
X Link 2022-12-17T18:01Z 58.6K followers, 33.4K engagements
"So if a stock pops 31% after IPO it's called a failure because they left money on the table (and bankers screwed investors). If it falls by 31% should it be called a success A pump and dump. Do we not want the stock to move up or down What is success https://www.bloomberg.com/news/articles/2021-03-31/deliveroo-ipo-raises-2-1-billion-in-biggest-u-k-deal-this-year https://www.bloomberg.com/news/articles/2021-03-31/deliveroo-ipo-raises-2-1-billion-in-biggest-u-k-deal-this-year"
X Link 2021-04-12T20:50Z 58.6K followers, [---] engagements
"VCs (and LPs) should think about this idea. https://t.co/g2pmU84Ktb https://t.co/g2pmU84Ktb"
X Link 2025-11-12T06:45Z 58.6K followers, 21.6K engagements
"I like to say that you are unlikely to do well a game youre not even playing. Most VCs play the growth game - even a triple triple double double isnt good enough these days. Survival is playing a different game - the infinite game. Its worked for us. @csouzaZEP @modestproposal1 Related from @honam on survival. Altos is one of the only VCs I know who focus more on survival than growth. https://t.co/EAv6fYRi5O @csouzaZEP @modestproposal1 Related from @honam on survival. Altos is one of the only VCs I know who focus more on survival than growth. https://t.co/EAv6fYRi5O"
X Link 2025-10-22T00:14Z 58.6K followers, 41.3K engagements
"@csouzaZEP @modestproposal1 Related from @honam on survival. Altos is one of the only VCs I know who focus more on survival than growth"
X Link 2025-10-21T19:35Z 26.3K followers, 49.1K engagements
"Two builders having a little fun. The better web wont be built by first movers to talk about a bright future or a fancy new financial system. Build services people love and use. Must be better than what guys like @levie and @bchesky have built. Kudos to those who can build. The web is amazing: you can build something of value for billions of people leverage endless distribution channels architecture options open source and protocols infinitely scalable infra and everything gets cheaper and faster every day. The web is amazing: you can build something of value for billions of people leverage"
X Link 2022-01-03T05:54Z 58.6K followers, [---] engagements
"The web is amazing: you can build something of value for billions of people leverage endless distribution channels architecture options open source and protocols infinitely scalable infra and everything gets cheaper and faster every day"
X Link 2022-01-03T00:34Z 2.5M followers, [----] engagements
"Aggressive bull markets reward undisciplined businessmen substandard businesses aggressive investors and greedy investment bankers. - Richard Lawrence from The Model(book talking about his [--] year investing journey in Asia). Hmm does this sound familiar Doesnt end well"
X Link 2022-03-20T00:47Z 58.6K followers, [---] engagements
"@danprimack Kleiner Perkins was the gold standard for a long time. At the end no VC sets the standard. Its founders and their companies. The best founders set the standard and the VCs who happened to be there might get some of the credit"
X Link 2022-11-09T18:08Z 58.6K followers, [---] engagements
"Excited to announced the latest member of the Altos investment team - Tae Yoon who joins us after a stint at KKR. Its time for a thread on how weve built the team over the past 20+ years. Weve never used a recruiter. Takes longer but worth the wait https://www.linkedin.com/in/tae-yoon-86005444 https://www.linkedin.com/in/tae-yoon-86005444"
X Link 2021-08-03T03:40Z 58.6K followers, [---] engagements
"A lot of times you dont know what your competitive advantage is when you launch a new product. - Steve Jobs"
X Link 2022-05-08T06:13Z 58.6K followers, [---] engagements
"The only way youre going to have success in the stock market is if youve got what they refer to as a variant perception. Something thats different from the masses. - Ted Weschler"
X Link 2022-05-29T15:24Z 58.6K followers, [---] engagements
"@paulg Disagree. At first I just wanted to survive (in the VC business). Then moved up from there. Messi said his goal was to be a pro soccer player. Then he just kept working and wanted to get better. Over decades things turned out better than he couldve imagined"
X Link 2022-12-20T23:55Z 58.6K followers, 24.7K engagements
"I'm a shareholder so suffering like everyone else. Evan always asserted that Snap is a camera company and now it seems it will soon be valued like one"
X Link 2022-10-21T00:46Z 58.6K followers, [---] engagements
"In VC world so much advice about storytelling these days (usually about a lofty mission). But real mission driven companies are different. The results will manifest over time. Plenty of little signs along the way but after a while it becomes clear. Thats when we get conviction"
X Link 2021-10-11T15:30Z 58.6K followers, [---] engagements
"@TrungTPhan Yes but he didnt give you 66%. Charged huge fees so it was 39%. If you take a non-compounding 39% over [--] years profit $ is less than 9% IRR. If you redeployed the profits each year in index you still end up at below 9% total compounded return. Barely beats the index"
X Link 2021-08-08T23:58Z 58.6K followers, [---] engagements
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