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  "documentTitle": "Not Boring Capital Fund II Memo Newsletter",
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      "text": "In our recent LP Update, I shared thoughts on Not Boring Capital's Strategy. I'll summarize it here using the strategy kernel framework from Richard Rumelt's Good Strategy, Bad Strategy: diagnosis, guiding policy, coherent actions.",
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      "text": "Not Boring Syndicate: $4 million invested across 25 deals, 1,500 backers; Investment Memos: Public memos; Sponsored Deep Dives; Not Boring Founders: 3-7k listeners; Twitter and Spaces: 125k followers; Not Boring Capital: Multi-stage venture fund.",
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      "text": "1. Maximize winners > minimize losers. 2. The rules of the game are different for a small solo fund. 3. The newsletter is our unfair advantage.",
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      "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.",
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      "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... Today, 90 days later, there are 860.",
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