Everything on Investment Philosophy

Angel investment returns follow a strict power law distribution, where outlier 100x exits completely dominate portfolio IRR and render modest multiples financially irrelevant. Founders should avoid grinding for linear growth and instead pursue asymmetric opportunities with high upside potential.

Impact: Optimizes founder time allocation and capital efficiency by focusing exclusively on venture-scale trajectories.

— from AI Disruption, VC Collusion, and Enterprise Cost Leadership · The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch· Jun 20, 2026