A Quote by Marc Andreessen
The big advantage that we have as a venture capital firm over a hedge fund or a mutual fund is we have a 13-year lockup on our money. And so enterprise can go in and out of fashion four different times, and we can go and invest in one of these companies, and it's okay, because we can stay the course.
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With a regular venture fund, you raise, let's say, a billion dollars, and then over the next three or four years, you've got to invest that money; otherwise, the people who invested with you will say, 'What are you doing? You're just collecting fees on our money.'
I think there are probably too many hedge fund managers in the world, as well as active fund managers. The hedge fund industry is very efficient. We see a lot of hedge funds open and a lot close. It's very binary. You either succeed or fail in the hedge fund world. If you succeed, the amount the managers make it beyond most people's wildest dreams of wealth.
There may be less of a chance of losing all the money you put into a mutual fund than there is of losing all the money you put into lottery tickets, but you're never going to win big in a mutual fund.
Probably, if I created a venture fund, I would create a firm with virtual services not too different from the a16z model, but without employing people. So I would get CPOs, engineering talent, marketing people who wanted to be involved with the venture fund and provide services.
The biggest secret in venture capital is that the best investment in a successful fund equals or outperforms the entire rest of the fund combined.
Where micro-finance focuses on small loans to individual, low-income women, think of Acumen Fund more like a venture capital fund.
Northleaf is delighted to have been chosen to manage the new fund. We look forward to implementing the fund's long-term strategy of constructing a portfolio of high-potential venture capital funds with the scale and resources to execute their plans, support successful high-growth companies and deliver world-class returns.
There are a lot worse things you can do with all your bucks than giving them to even a mediocre mutual fund - such as, for example, giving them to a mediocre hedge fund. If supporting the lifestyle of a mediocre fund manager is your favorite charity, who am I to stop you?
Hedge fund managers charge so much more than mutual fund managers; alpha is even harder to come by. They end up selling a variety of things beyond mere outperformance.
Entrepreneurs or international conglomerateurs, or large financial institutions buy or create mutual fund management companies to create a return on their own capital. It's capitalism at work, where the rewards tend to go to the managers rather than the investors.
I've nothing against Goldman Sachs. But Goldman Sachs isn't an investment bank. Goldman Sachs is a hedge fund. It's bigger than any hedge fund. It's more leveraged, to the power of three or five, than any hedge fund.
Blockchain Capital was the first dedicated venture fund to invest in crypto and blockchain.
Mutual fund managers are trapped in this rather deadly vicious circle: the more successful they are, the more money flows into their mutual fund. Then, it is more difficult for them to beat the market averages or even to match their own past performance.
When a hedge-fund guy gets lucky because the market goes up, and he is going to make $200m, and you know $200 million, and he is going to pay almost no tax. I don't think that is a good thing for the country, and they are all supporting Jeb Bush and Hillary Clinton, all the hedge-fund guys. I don't want their support, because I'm totally self-funding my campaign.
One of the things that I realize is that if you look at big business, I mean, they - and what they fund and what they do, they don't really - they don't fund the small non-profit community-based organizations that really are out there on the front lines helping people. They fund the big philanthropies. They're safe.
Polychain manages a hedge fund that invests exclusively in digital assets. We invest exclusively in protocols, not companies, and we do this by investing in things made scarce through the blockchain.
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