Spearhead

It takes years to know if you have good judgment. Transcript: http://spearhead.co/judgment

Investing keeps founders sharp—and plugged into what the best startups are doing. • Founders want to be backed by other founders • Investing aligns interests • Advisors have adverse selection Transcript: http://spearhead.co/founders

You have to work from first principles and make up your own mind. • Be non-consensus right • Don't learn how to invest from the commentariat • The larger your herd, the worse your returns Transcript: http://spearhead.co/non-consensus

Create your own dealflow by helping companies get started. • Be a shadow co-founder to create your own dealflow • Get valuable pro-rata rights by investing pre-seed Transcript: http://spearhead.co/pre-seed

Branch out from there after you've built your reputation. • Branch out after you've exhausted your network Transcript: http://spearhead.co/deals

If the market never shows up or shows up late, your brand is shot. • Top VC firms rarely specialize • Mistimed or unrealized markets cost investors a lot of money Transcript: http://spearhead.co/vertical

I pitched growth hacking to Twitter; they passed on it—but they let me invest. • Ryan Hoover and Patri Friedman have interesting brands Transcript: http://blog.spearhead.co/started

You have to be willing to do something that hasn't been done before. • You can build a brand through your advisors and limited partners • You can build software for startups • You can buy common stock instead of preferred Transcript: http://blog.spearhead.co/innovation

The airwaves are too crowded for undifferentiated content and distribution. • You're not going to build a brand simply because you want to Transcript: http://blog.spearhead.co/ape

A brand is an authentic reputation you have with founders and investors. • Investing in winners is the best way to build a brand • You can build a brand through content Transcript: http://blog.spearhead.co/brand

Most returns come from a few deals—don't let them pass on you. • The majority of returns come from a few deals • Getting cut out of deals is a sign you won't do well • Paying two-and-twenty to a good angel investor is a steal Transcript: http://blog.spearhead.co/adverse

You need to raise money, develop judgment over time and gain access to the right deals. • Capital is the hardest or easiest to get—depending on your circumstances • Apply the same judgment to investments as you do to yourself • Good investors are more pessimistic than good founders • Everybody has dealflow—the challenge is getting in the good ones Transcript: http://blog.spearhead.co/capital-judgment-dealflow

As the hits get bigger, it makes more sense to invest and a little less sense to start companies. • Founder, employee or investor? • As the hits get bigger, it makes more sense to invest • Angel investing is something you can do until the day you die • Every founder should learn angel investing Transcript: http://blog.spearhead.co/life

Financiers now come to Silicon Valley to invest in companies before they get to Wall Street. • If you're investing in the IPO, you're literally last in line • I sleep well knowing my net worth is invested in the best talent • Startups can compound capital faster than public companies • A 401(k) plan is like investing in the DMV • $50,000 invested in a smart entrepreneur will change their life Transcript: http://blog.spearhead.co/ipo

There's no better place to invest today than technology. • There are tax benefits to angel investing • The less efficient the market, the better you will do • Few people can play at angel investing • You should be doubling down on tech Transcript: http://blog.spearhead.co/gold-mine

It's a gold rush era in technology hubs like Silicon Valley. • If you're not in a tech hub, the odds are stacked against you • There are about two dozen tech hubs in the world • Silicon Valley is a more forgiving place to invest • The best indicators of a startup hub are exits and later-stage investors Transcript: http://blog.spearhead.co/hub

This is not investment advice; it's just one unique approach to investing. • This is not investment advice • This is just one unique approach to investing • We change our minds constantly Transcript: http://blog.spearhead.co/disclaimers

A new podcast for angels in technology hubs. • Advice for new angels in technology hubs • Where to learn the basics • Open-sourcing what we teach at Spearhead Transcript: http://blog.spearhead.co/angel