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Episode #93: Michael Kim @ Cendana Michael Kim is the Founder of Cendana Capital, making anchor investments in very early stage VC funds. We talk 204x DPI funds, characteristics of the top performing venture investors, how Cendana does diligence on fund managers, portfolio construction best practices + Michaelโ€™s 60x rule, and why a high ownership to fund size ratio drives outlier returns. We also get into how VCs are using AI, the competition between Seed and multi-stage investors, why US endowments are under siege, and how secondaries are driving most early stage venture returns today. Michael also opens up about the early days of starting Cendana, the 18 month grind raising Cendana Fund 1, the day he almost died, and ranking in the top 2% globally in Call of Duty. Shoutout to Roger Ehrenberg, Kevin Hartz, Semil, Jeff Clavier, Beezer Clarkson, Jack Altman, Jeff Morris Jr., Sheel Mohnot, Nichole Wischoff, Ted Alling, and Rick Zullo for their help putting this together. Thanks bolt.new for supporting this episode (check out their Hackathon with $1m in prizes!) Full episode here on X, or grab a link in the replies. Timestamps: 4:24 The day Michael almost died 5:10 Call of Duty & video games 9:34 Hiring @ Cendana 10:31 How Cendana uses structured and unstructured data 16:51 How VCs are using AI 19:55 Why secondaries are driving most early stage venture returns 22:01 Deciding when to sell secondaries 24:28 Best performing venture funds ever 27:26 The best VCs have amazing access to the best founders 33:42 Why Cendana backs Solo GPs 35:57 How to invest over time and hype cycles 41:35 Why multi-stage firms are investing earlier 44:45 Cendanaโ€™s current thesis: High ownership % to fund size 45:51 Why Cendana started backing non-lead VCs 48:41 How Cendana does diligence on fund managers 52:22 VC NPS Scores and Ron Conwayโ€™s Silver Bullet 53:49 Good vs bad new VC firm strategies 56:36 Determining defensibility of a strategy 57:57 โ€œMessy middleโ€ software buyout fund 1:03:25 Portfolio construction best practice 1:08:11 Michaelโ€™s 60x Rule 1:14:28 How Seed funds compete with multi-stage funds 1:20:05 Should you collect logos writing small checks? 1:21:07 Becoming an LP for the city of SF 1:24:42 Taking 18+ months to raise Cendana Fund 1 in the GFC 1:26:48 Warehousing the first Cendana Fund 1 investments 1:29:56 How to do a first close 1:34:29 Why itโ€™s hard to kill a VC firm 1:37:00 What happens to ZIRP tourist fund managers 1:40:22 How to raise a Fund 2 or 3 today 1:42:07 โ€œUS endowments are under siegeโ€ 1:44:55 What the best GP LP relationships look like 1:46:41 What Fund of Funds get wrong 1:50:43 The three most interesting trends in venture today

The Peel

61,879 ๆฌก่ง‚็œ‹ โ€ข 1 ๅนดๅ‰

E135: The $100T Finance Revolution - How Chainlink Is Bringing TradFi On-Chain Sergey Nazarov, co-founder and CEO of Chainlink, explains why crypto has hit a growth wall and how traditional finance holds the key to its explosive future. From powering 80% of DeFi to building bridges for Wall Street's trillions, Sergey reveals why banks aren't crypto's enemyโ€ฆ they're its savior. Timestamps: 0:00 Intro 2:02 Partnerships: Jupiter, KAST (old), , Sui, Mantle, Forza! BTC 2:52 Why $4 Trillion is Coming to Crypto 3:07 Banks Will Save Crypto 3:52 Libertarian Bitcoin Beginnings 4:32 Choice vs Anti-Establishment 5:56 BlackRock Changed Everything 6:46 Institutions Want Bitcoin Higher 7:30 The Real Problem with Control 8:52 Connecting Valuable Systems 9:30 What is Chainlink Explained Simply 9:42 Self-custody with Trezor 10:35 Mathematical vs People Guarantees 11:31 The Wirecard Problem 13:25 Proof of Reserves Solution 17:30 Your Bitcoin Private Key Never Fails 19:44 Necessity is the Mother of Invention 20:14 From Bitcoin Rebel to Institution Builder 20:36 Immigrating from Russia with Nothing 22:06 Understanding How Capitalism Works 24:04 We Invented Oracle Networks 24:59 Seeing the Mathematical World 27:09 Chain Link Powered DeFi's Growth 28:03 Marcus Aurelius Philosophy 28:48 No One is Coming to Save You 29:15 What I Realized at Age 5 30:19 Why I Don't Care What People Think 31:40 Institutions Lack Competence 33:39 Bernie Madoff Exploited Holes 39:59 Every New Beginning Quote 41:40 How to Pivot vs Quit 47:55 Where Will Growth Come From 48:57 DeFi Explained to a Child 50:59 The Coming Instability 52:03 How Do You Define Truth 55:05 Cryptographically Defined Truth 58:14 Hyper Automation is Coming 1:00:16 AI Oracle Networks 1:07:38 Smart Contracts Explained Simply 1:09:00 What is an Oracle 1:09:40 What is Chainlink 1:11:04 Chainlink Started Eight Years Ago 1:11:20 You Can't Automate People 1:12:51 Information Asymmetries Problem 1:19:54 Launching 1000+ Oracle Networks 1:22:02 Our Biggest Problem Today 1:24:13 The Mastercard Partnership Explained 1:26:52 3.5 Billion Users Can Buy Tokens 1:28:02 The Chainlink Standard 1:32:08 DeFi and TradFi Same Standards 1:34:50 How Chainlink Takes Over TradFi 1:38:07 Chainlink Runtime Environment 1:42:48 The Chainlink Marines Community 1:44:56 Message to the Community 1:51:54 Crypto as Public Good 1:55:56 People Think I'm Satoshi Nakamoto 1:56:53 Why Satoshi Stays Anonymous 1:58:26 Thomas Edison Quote on Genius 2:01:11 Ideas Need Refinement 2:04:55 Why I Don't Tell People What I'm Doing 2:08:07 I Don't Optimize for Happiness 2:10:21 Growth Over Happiness Philosophy

MR SHIFT ๐Ÿฆ

210,058 ๆฌก่ง‚็œ‹ โ€ข 1 ๅนดๅ‰

"10,000 hours? 996? That's rookie numbers. Like... what are we talking about?" Guillermo Rauch (Guillermo Rauch). Founder and CEO of Vercel. Only a founder as intense and energetic as Guillermo can call 996 "rookie numbers", and you still nod along. The man who's coming after every pixel and every token of the internet. Knuckle Up โ†“ 00:00 Who is Guillermo Rauch? 02:01 What is Recursive Founder Mode? 07:28 Why did Vercel open source its playbook with skills dot sh? 10:14 What is a "work prompt" interview? 14:33 Why is Guillermo still involved in every hire at nearly 800 people? 18:17 What keeps founders at Vercel when seed money is everywhere? 23:41 Do urgency and taste pull against each other? 26:43 What is the new engineering meta skill? 32:21 How does a 17-year-old show they're exceptional today? 35:47 Why does Vercel route the whole company through one agent? 38:47 Which software survives the agent era? 42:11 How has AI changed Guillermo's job as CEO? 51:39 Does Vercel even need executives anymore? 54:40 If Guillermo started Vercel today, what would he build first? 57:45 What's the story behind v0? 1:03:48 Are there still moats when anyone can build fast? 1:11:24 How does a legendary coder learn the inner game of being a CEO? 1:19:21 Where does Guillermo's energy actually come from? 1:23:07 Quickfire: overrated advice, Chrome, voice AI, Demo Fridays 1:28:38 What does the journey to greatness actually require?

Nakul Mandan

806,608 ๆฌก่ง‚็œ‹ โ€ข 29 ๅคฉๅ‰

Bardhaman always occupies a place of pride in Indiaโ€™s Green Revolution. Rightly called the โ€˜Rice Bowl of Bengal,โ€™ Bardhaman continues to nourish our State as well as our country. Today, I am taking this opportunity to extend my sincere & heartfelt gratitude to our farmer brothers whose toil has made Bengal the largest rice-producing State in the country. Today, from the Bardhaman Municipal High School Ground, for Purba Bardhaman District, I have inaugurated 1,452 projects worth Rs. 784.49 crore. Besides, I have also laid today the foundation stone for 171 projects with cost involvement of Rs. 699.23 crore for Purba Bardhaman District. Similarly, for Paschim Bardhaman District, I inaugurated today 24 projects worth Rs.110.39 crore and also laid the foundation stone for 23 projects amounting to Rs. 51.69 crore. Apart from these, I have handed over both agricultural as well as homestead pattas to a large number of beneficiaries across 14 districts. Since 2011, our โ€˜Maa-Mati-Manush' government handed over 2 lakh 26 lakh homestead pattas, 1 lakh 80 thousand agricultural pattas and 47,000 forest pattas. I am also extremely happy to initiate Phase XI of Sabooj Sathi today, under which around 12 lakh 50 thousand students of Class IX will be given Bi-cycles. Today, I have already separately tweeted on this Sabuj Sathi scheme at length. In addition to that, benefits of various social welfare schemes of the State Government have also been extended today to around 1 lakh 50 thousand people today, which includes more than 72,000 women, who will receive financial assistance under 'Lakshmir Bhandar' , more than 50 thousand Self-Help Groups who will receive loans, more than 9,800 students who will receive 'Shikshashree' scholarships, more than 4,800 women who will be provided financial assistance for their marriage under 'Rupashree' and 2,500 families who will be provided housing under 'Banglar Bari'. As a major initiative towards regional infrustructural develoment, I have laid foundation stone of a 3-lane 'Shilpa Setu' over river Damodar, parallel to the existing Krishak Setu along Bardhaman -Arambagh Road at a cost of Rs. 347.11 crore. This will further ease the connectivity between Purba and Paschim Bardhaman, Bankura and Hooghly. It is quite unfortunate that BJP, without any political vision and unable to resist the impact of the pace of development that Bengal is witnessing today, not only has stopped the release of development funds to our State, but has also started maligning our Bengali language, besides humiliating and torturing our people. But let me make it clear that neither can anyone stop the pace of development in Bengal, nor can anyone prevent us from speaking our mother tongue. Myself and our 'Ma- Maati-Manush' government will always remain committed to uphold the pride and welfare of our people. Jai Hind! Jai Bangla!

Mamata Banerjee

23,690 ๆฌก่ง‚็œ‹ โ€ข 1 ๅนดๅ‰