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Reid Hoffman and Chamath Palihapitiya on Angel Investing and The Future of Venture
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Venture Stories

Podcast Notes Key Takeaways

  • In its current form, venture capital is essentially signing  up for 13 years of illiquidity with terrible returns
    • Additionally, risk-averse behavior makes for a narrow distribution of incomes and no alpha
  • Think in continuums of risk. For small quanta of capital, constantly fire little investments and learn from mistakes
    • For bigger investments, create time to think before making decisions.
  • Your challenge as an investor is to take a contrarian risk and end up correct
    • Ask, “why would smart people not think this is a good deal, and what do I know that they don’t know?” – Reid Hoffman
  • Silicon Valley will continue in strength despite COVID or political concerns
    • That said, remote work and meetings facilitate investing outside Silicon Valley
  • SPACs provide fast time to market, exact price upfront, ability to raise the amount of money you want, and allow you to explain your vision for the future
    • Moreover, SPACs add VC capability because it gives founders a chance for a concentrated ownership position and helps grow their network
  • Technology is inherently deflationary, we confuse this with stagnation
  • Chamath’s goal for the future is to invest in climate change solutions, specifically, carbon sequestration

Read the full notes @

Chamath Palihapitiya (@chamath), CEO of Social Capital, and Reid Hoffman (@reidhoffman), partner at Greylock, joined Village Global co-founder and partner Ben Casnocha at a special Village Global event.

Angel Island brought together 100+ angel investors for talks from world-class investors, discussions, and opportunities to make new connections.

In this session they discussed:

– What is broken about venture and how to fix it.

– Why Reid is backing new experiments in venture.

– Their thoughts on the solo GP phenomenon.

– How to think about risk when evaluating an investment.

– Whether they’re long or short Silicon Valley.

– Why SPACs are here to stay.

– How to think about diversification in an angel portfolio.

– The state of pricing across different rounds.

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