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As is evident from Not Boring essays, I am incredibly bullish on web3 and think we have a great opportunity to go deeper there. Many of these projects need help telling a clear story about what they do, why it’s important, and how they make money for owners, and we can help there. To the extent that we run into our 20% non-qualifying investment cap, to which token deals (and secondary purchases) are subject, before the fund is fully deployed, I expect to run SPVs either via AngelList or Syndicate. If the latter, I will send through instructions on how to invest.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:13:19.344+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4368bed0-b067-4c81-a353-255a93df81e0", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.8, "x": 0.1, "y": 0.7 }, "kind": "paragraph", "text": "While I’m bullish on web3, we’re simply looking to back the best companies that we can, whether or not they’re decentralized or plan to issue tokens, and expect to invest in a broad basket of the best startups out there across categories.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:13:19.344+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9fc359ea-39b3-45ef-a7c9-3ac825011c46", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.8, "x": 0.1, "y": 0.17 }, "kind": "paragraph", "text": "Once again, I expect to invest roughly 1/3 of the fund into Pre-Seed and Seed, 1/3 into Series A, and 1/3 into Series B+. While I will make most investments with the expectation that they can return the fund, I am also happy making safer later-stage investments that I think have a high probability of 5-10x returns and smaller investments into earlier stage companies and protocols with big upside and the opportunity for larger follow-on checks.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:13:19.344+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ab4148eb-0763-4910-b515-93499321b80f", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.8, "x": 0.1, "y": 0.31 }, "kind": "paragraph", "text": "One new addition for Fund II will be follow-on checks from Fund I. I don’t have an exact percentage set aside for follow-ons; I will treat them like new investments from an analysis and sizing perspective. 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Maximize winners > minimize losers. 2. The rules of the game are different for a small solo fund. 3. The newsletter is our unfair advantage.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:13:18.585+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "910a2c65-8f00-4ca5-b14f-cbf477190fda", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.7, "x": 0.15, "y": 0.29 }, "kind": "paragraph", "text": "Those help us do the three things we need to do to be successful: see & pick the best companies, get allocation, and help portfolio companies. Figuring out exactly what we should be doing with those assets, and how, is the secret sauce.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:13:18.585+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0675d505-a140-47f5-a0fa-b8b5682ea202", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.7, "x": 0.15, "y": 0.73 }, "kind": "paragraph", "text": "The first part is well-known to everyone reading this: power laws drive venture returns... And there are more big winners than ever before. When I sent the Q2 LP Update, I mentioned that there were 750 unicorns... 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