What trait is key to outsized VC returns?

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Miles Dieffenbach

Managing Director of Investments · Carnegie Mellon University

Non‑Consensus Early Bets

Miles Dieffenbach says true early-stage venture capital means finding non-consensus ideas and investing behind them before everyone else, arguing there will always be a protected moat against that business because it's unnatural.

🚀Michal Rokosz

Partner

Finding anomalies

Michal Rokosz says his job is about finding the anomalies, because the companies that break out and become decacorns are anomalies rather than a regular course of action.

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Rajeev Mantri

Founder / Managing Director · Navam Capital

Circle of Competence

Rajeev Mantri names circle of competence as a key principle, saying one doesn't need to be a genius at everything but should stay focused on a few things and specialize in them.

The answer starts at 33:57.

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Gili Raanan

Cyberstarter · Cyberstarts

Emotional Depth

Gili Raanan says he looks for people with significant emotional depth who will evolve and grow through the journey.

Jeff Morris Jr.

Founder & General Partner · Chapter One

Say Yes Faster

Jeff Morris Jr. says putting yourself in a position to see founders earlier than other firms and say yes faster is probably the simplest way to do that.

David Weisburd

Co-Founder · Weisburd Pierce

Winner Mindset

David Weisburd says the most important trait is a "winner mindset" rather than a victim mindset, which he describes as GPs deciding they want to be emerging managers and then getting creative, such as raising SPV by SPV, when they can't raise a blind pool fund.

The answer starts at 24:19.

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Morgan Flager

Managing Partner · Silverton Partners

"What If It Goes Right"

Morgan Flager says the most important attribute a venture investor can maintain is asking "what if it goes right," though he gives no explicit reason for it.

Justin Smith-Lorenzetti

Founder & Managing Director · Intact Private Capital

Discipline

Justin Smith-Lorenzetti says discipline is the important element for VCs, because you have to look at long-term averages and historical precedents and be careful about high prices and liquidation preference.

Andrea Hippeau

Partner · Lerer Hippeau

Be Contrarian

Andrea Hippeau says being contrarian and non-consensus is where you find alpha, since contrarian bets seem stupid to everyone else but that is how you drive returns.