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nikhil
@nik
fund vintage matters so much in venture capital crypto’s volatility must make vintage matter even more if you were backing reasonably strong teams in 2019/2020, it turned out that it was hard to lose if you deployed most of your fund in 2021/2022, it turned out that it was much easier to lose
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Gian
@gianru
Essentially, what you're suggesting is that VC is a momentum strategy (based on financial aspects such as funds raise/ allocated) rather than on the intrinsic quality of the teams or projects selected?
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nikhil
@nik
no, I’m suggesting that good entry prices and meaningful ownership of a network/biz are really important factors in the return profile of a fund and that crypto’s intense cyclicality creates a wider price/ownership delta between vintages than exists in web2 investing
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