Episode 62
Episode #62: Firm Over Fund, Relevance Decays, The Privilege of Belief
The Learning Corner by Precursor · Mia Farnham, Charles Hudson
January 15, 202619m 28s
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Show Notes
This week we explore David Haber's framework on why most investors run funds but few build lasting firms, and what it takes to create a defensible moat in venture capital. Sarah Guo reminds us that relevance decays without constant market engagement, especially in the compressed timelines of AI companies where first principles thinking matters more than inherited pattern matching. We close with Michael Dempsey's piece on the privilege of belief in early-stage investing, examining what steadfast conviction looks like when operating with incomplete or no data. From institutional durability to personal conviction, we unpack what separates temporary success from lasting impact in venture.
(0:20) Introduction and welcome
(0:47) Running firms vs. funds and the importance of firm culture
(4:06) The evolution of platform services in venture firms
(8:01) Sarah Guo’s insights on relevance in venture investing
(13:23) The role of belief in investing according to Michael Dempsey
(19:10) Closing remarks and thanks