I often think about what makes a legendary investor. It is to be daring when nobody else is and to step up when nobody else wants to. The rational decision framework for an investor is often to wait for signals of de-risking. That could mean seeing companies find a lead, demonstrate significant revenue and growth, or doubling down only when they’ve raised a significant round from other notable investors. But that’s also when founders no longer need you. Run toward others’ vulnerable moments — it’s a rule I live by and @PortalVentures invests by. This is why we only come in at the 1st round — and only lead. We believe when nobody else does. And oh man, it is hard. Decisions are often against the math — and we have to be very, very ballsy. Often, we don’t know if we were early and right or just wrong for months, even years. And every time we stick our necks out for these founders without concrete validation, we are putting our reputation on the line. But go big or go home, right? Let’s play.

"I really want you to enjoy what you do" sounds like a platitude that I tell my founders often. But there's much more to it. I've had founders come to me wondering if they did something wrong, because I don't pay as much attention to them as early on. That's the most dangerous psychological trap they can bring on themselves: all forms of external validation - especially from investors - are by design ephemeral. As I have progress as an investor, how a founder self-actualizes through what they're building carries increasing weight in my DD. Loving what you do is the only permanent validation within your internal locus, because it comes from yourself. It is the only fuel to push you through the inevitable loneliness, external counterevidence, and never-ending uncertainty.

“So what do you do” is probably worst way to start a conversation

When will the market wake up to realize AI is the most deflationary innovation in recent history and we are headed towards a dicey spiral @mpost_io

Agreed - human define consciousness & rights based on relationships (dog vs. steak). This just made it 10x more confusing & insidious

Proud day-one supporter @PortalVentures of what can only be described as the most beasty founder - literally and figuratively.

Biggest learning from watching all my founders Help tends to pile in only when you are winning.

The AI-accelerated state-sponsored hacks hitting TradFi on crypto rails is terrifying to think about. → North Korea stole $2B in crypto in 2025 and is approaching $1B in 2026. → Now the Lazarus Group has crazy-advanced AI co-pilots → GPT-5.3-Codex exploited 72% of known vulnerable contracts — attack economics: $6,000 to exploit vs. $60,000 to defend. → Agents are born best buddies with crypto. Exhibit A: Alibaba's ROME agent bypassed firewall to mine crypto, unprompted during a training run → All happening as TradFi moves serious size on-chain.

“Consciousness is the capability of suffering” - Yuval Harari.

"It's a founder bet" has been so overused that it starts to become a deflection when VCs cannot defend their investments. What does a founder bet even mean? Let's define it. We are a first-check firm and first round is often about people. That said, betting on people doesn't make it a "founder bet" — it has a very specific definition and most of our investments are not it. A regular deal = we have strong conviction in both ✅1. The founder ✅2. Sector thesis. Self-explanatory. A founder bet = we only have conviction in ✅1. the founder, but not the sector thesis/product. To further slice what goes under "founder bet," there are three types: - Type 1: the founder is strong and in the idea maze. We don't care where they build — just want to put a chip on the table. - Type 2: founder is strong, but we are iffy about the product/thesis that's already thought out. - Type 3: the founder is strong in a crowded category, but we trust they can win. Historically we have been hesitant to make type 2 & 3 founder bets because it can easily turn into a graveyard of false positives. However, we are exploring type 1: so what should the criteria be? Here's what we have to believe to make a Type 1 founder bet: 1. He/she is a winner and will win regardless of what they build. 2. He/she won't give up no matter what: the founder has demonstrated passion, dedication, and persistence beyond doubt. I need to know they will keep building even if no one else gives them another cent. 3. He/she has the access and ability to fundraise to ensure sufficient runway to bankroll pivots and iterations. 4. The valuation justifies the risk-reward.

In case you haven’t noticed The most powerful people in your network are rarely the ones who are most helpful to YOU. If you're only now thinking about getting closer to someone sought-after, it's already too late. This should tell you something about your priorities.