Patrick Blumenthal (Investor at Anomaly Fund) returns to break down how venture capital actually works in defense, what makes founders worth backing, and how geopolitical realities shape investment decisions.

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The conversation spans Iran, great power competition, and the second-order effects of U.S. strategy on global markets and startups. Patrick also shares how he evaluates companies, why certain founders consistently outperform, and where defense tech is still misunderstood by investors.

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