The Learning Corner by Precursor

The Learning Corner by Precursor

By Mia Farnham, Charles HudsonBusinessTechnologyInvesting
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The Learning Corner by Precursor episodes

  • Episode #70: The VC Returns Suck Narrative, Venture's Nifty Fifty Moment, The Four Approaches to Early Stage Venture
    This week on The Learning Corner, Micah Rosenbloom from Founder Collective challenges the viral narrative that VC returns suck and asks whether we are all just spinning data to fit our own models. Jeff Weinstein draws a striking parallel between today's AI funding frenzy and the Nifty Fifty stocks of the 1970s, arguing that being right about a company has never been enough if you are wrong about the price. Rob Go at NextView rounds things out with a sharp framework breaking down the four approaches to early stage venture and what the real failure mode looks like for each. Three great reads with a lot to unpack across all of them.

    The "VC Returns Suck" Narrative (And How We All Spin The Data)

    Venture's Nifty Fifty Moment
    The Four Approaches to Early Stage Venture

    (0:25) Introduction to the Learning Corner podcast
    (0:57) Micah Rosenbloom's insights on VC returns and portfolio construction
    (3:09) The impact of large private companies on venture returns and LP/GP challenges
    (7:08) Respecting different investment approaches and engaging in productive conversations
    (9:08) AI investment risks and historical comparisons by Jeff Weinstein
    (12:43) The venture capital monoculture and its consequences
    (15:23) Early-stage venture models and narrative competition from Rob Go
    (18:52) Generalists vs. specialists in the AI-focused investment cycle
    (20:02) Closeout and thank yous
    21 min
  • Episode #69: Anthropic's Safety Reckoning, Jack Dorsey Cuts Block in Half, The Venture Consensus Addiction
    This week on The Learning Corner, Mia and Charles unpack the resignation letter of an Anthropic safety researcher who walked away from one of the most valuable companies in the world, alongside Anthropic quietly walking back its flagship safety commitment. They then dig into Jack Dorsey's decision to cut Block's workforce nearly in half, not because the business is struggling, but because he believes AI has fundamentally changed what it means to build a company. They close with a sharp LinkedIn post from Euclid Ventures GP Nic Poulos making the case that the venture industry has developed a consensus addiction, and the return data to back it up is hard to ignore.

    Why I Left Anthropic – Mrinank Sharma, Substack

    Anthropic Is Dropping the Central Pledge of Its Flagship Safety Policy – TIME

    Jack Dorsey's Note to Block – X/Twitter

    The Venture Consensus Addiction – Nic Poulos, LinkedIn

    (0:00) Introduction to the podcast and today's topics
    (0:50) Anthropic researcher's resignation and internal tech company dynamics
    (6:53) Workforce reductions and the impact of AI on company performance
    (11:58) Venture industry trends and seed valuations
    (17:32) Role of mega funds and unicorn valuations in venture capital
    (19:52) Conviction in investment decisions and value creation strategies
    (22:03) Conclusion and sign-off
    (22:16) Sponsor: Acknowledgments
    23 min
  • Episode #68: The 2028 AI Crisis Memo, Rethinking Series A, 2021 Founders Hitting Reset
    This week we dig into the viral Citrini Research "2028 Global Intelligence Crisis" memo, a scenario written from the future that rattled public markets and sparked a real conversation about what happens when AI works exactly as promised. We also highlight a great StrictlyVC Download episode with Stacy Brown-Philpot, founder of Cherryrock Capital, on what it takes to win at Series A in today's market. We close with a LinkedIn post from Alex Pall of Mantis Venture Capital on 2021-vintage founders hitting a first-principles reset in the age of AI.

    The 2028 Global Intelligence Crisis

    The Citrini Post Is Just a Scary Bedtime Story — Noah Smith
    Rethinking Series A in the Age of Mega Funds — StrictlyVC Download
    Alex Pall on 2021-Vintage Companies and the AI Reset

    (0:00) Introduction to venture capital and the Sattrini memo
    (1:08) Charles Hudson and Mia Farnham on AI, software deflation, and public reactions
    (6:18) Venture capital concerns and comparison to 2008 financial crisis
    (9:02) Ethical considerations in tech investments and the importance of substance
    (12:13) Stacey Brown Philpott's insights from Strictly VC download
    (15:59) Alex Paul on the fate of 2021 vintage companies and founder decisions
    (18:59) The correlation between excitement and output in startups
    (20:36) Closing remarks and thanks
    21 min
  • Episode #67: Always In The Office, Bubbles vs. Balloons, Tool Shaped Objects
    This week we're joined by a special guest, Ariana Ferwerda, CEO and co-founder of Halfdays, a women's ski and outdoor wear brand, to discuss her piece on why her team will always be in the office and the inflection points that brought them from remote to fully in-person. Then, Charles and Mia dig into Kanyi Maqubela's "Bubbles and Balloons," which argues the 2021 market wasn't a bubble but a slow deflation, and whether the AI boom is simply re-inflating the same balloon. They close with Will Manidis' "Tool Shaped Objects," a sharp response to viral AI doom content that challenges whether the current AI infrastructure boom is producing real productivity or just the feeling of it.

    Why My Team Will Always Be In The Office - Ariana Ferwerda

    Bubbles and Balloons — Kanyi Maqubela
    Tool Shaped Objects — Will Manidis

    (0:00) Introduction to the podcast and hosts
    (0:49) Guest introduction: Ariana Ferwerda, CEO and cofounder of Half Days
    (1:08) Remote vs. in-office work dynamics at Half Days
    (4:24) Choosing Denver over New York City for business
    (7:34) Post-pandemic office culture and authenticity in company location
    (9:20) Building company culture with flexibility across different locations
    (12:18) Article discussion: "Bubbles and Balloons" by Connie Makubela on venture capital shifts
    (16:55) Future investment themes and the 2021 SaaS boom aftermath
    (18:46) Post analysis: "Tool Shaped Objects" by Wil Manitu on productivity illusions
    (20:34) AI productivity tools and their impact on work and perception
    (24:12) Public perception, pushback, and the future of AI tech advancements
    (27:08) Closing remarks and thank yous
    28 min
  • Episode #66: AI Fatigue Is Real, Patient Capital Will Eat VC, Building a GP Reference List
    This week on The Learning Corner, Mia and Charles unpack why AI is making engineers more productive but more exhausted, exploring the hidden cost of constant tool evaluation and "thinking atrophy." They then dig into a provocative argument that venture capital's traditional model is fundamentally breaking down and why the future looks more like permanent capital than ten year fund structures. Finally, they walk through Julia Maltby's tactical guide on building a GP reference list that actually closes LPs, including why your best reference might be a founder from a deal that didn't work out.

    AI Fatigue Is Real and Nobody Talks About It | Siddhant Khare

    Patient Capital Will Eat the World | Will Manidis on X

    Five Tips for GPs Building a Reference List That Helps You Close LPs | Julia Maltby

    (0:00) Introduction and episode overview
    (0:47) AI fatigue and its impact on venture ecosystem
    (8:36) Patient capital and liquidity issues in venture capital
    (14:58) Emerging vs. established managers in venture capital
    (16:37) Building effective reference lists for GPs
    (20:28) LP insights on GPs and founder support
    (22:29) Closing remarks and call to action
    23 min
  • Episode #65: I See Dead VCs, Tech Media Echo Chambers, VC-Backed Startups' Status Collapse
    This week features Beezer Clarkson from Sapphire Partners discussing her analysis on venture's first substantial firm contraction in 20+ years, with fewer than half of existing VC firms actively investing. We examine Om Malik's critique of access journalism dominating tech media, where velocity trumps substance. Finally, Michael Dempsey's essay argues that VC-backed startups have undergone the same status collapse as investment banking, becoming the unremarkable default path for ambitious talent rather than a signal of contrarian vision.

    I See Dead VCs

    Why Tech (&) Media is complicated

    VC-Backed Startups are Low Status

    (0:15) Mia Farnham: Welcome and Introduction
    (0:55) Beezer Clarkson: Discussion on "I see dead VCs" and Market Analysis
    (2:06) Mia Farnham: Building an Enduring Fund Franchise
    (3:22) Beezer Clarkson: LP Management and Fund Graduation Expectations
    (4:19) Charles Hudson: Insights from the GP Perspective
    (5:58) Mia Farnham: Emerging to Established Fund Transition
    (8:22) Beezer Clarkson: Team Growth and Succession Planning
    (10:54) Mia Farnham: LP Diligence in Venture Landscape
    (12:54) Mia Farnham: Tech and Media Complexity with Ohm Malik
    (17:32) Charles Hudson: Tech Journalism and Founder Visibility
    (19:08) The Visibility and Impact of OpenAI
    (20:33) Essay on Status Collapse of VC Backed Startups
    (21:48) Generational Views on Startups and Venture Capital
    (24:11) The Perceived Risk of Joining Venture Backed Startups
    (25:23) Cultural Perception and Brand Affiliation in Companies
    26 min
  • Episode #64: Hubristic Fundraising's Hidden Costs, VCs Can't Win Talent, SaaS Death Greatly Exaggerated
    This week we discuss Jason Lemkin's analysis of Brex's $5.15B exit and how hubristic fundraising creates impossible success benchmarks, Auren Hoffman's controversial claim that VCs overpromise their ability to help with hiring in today's AI talent war, and Saanya Ojha's defense of SaaS business models against claims of obsolescence. We explore why massive valuations attract mercenaries over missionaries, whether venture capital firms can truly move the needle on talent acquisition, and how vendor fatigue and data moats protect incumbents from AI disruption. Join us as we challenge conventional wisdom on fundraising strategy, investor value-add, and the future of enterprise software.

    Brex and The Pros and Cons of Hubristic Fundraising

    VCs can't help with hiring

    The Death of SaaS Has Been Greatly Exaggerated

    (0:00) Introduction to the podcast and today's topics
    (0:42) Analysis of Rex's fundraising and acquisition by Capital One
    (2:08) The impact of high valuation fundraising on management teams
    (7:13) The importance of recruiting as a CEO skill
    (13:10) Sanya Oja's article on the state of SaaS in the AI era
    (17:23) Enterprise customers' fatigue with new AI tools and adoption challenges
    (20:13) Closing remarks and thank yous
    21 min
  • Episode #63: Sequoia Breaks Portfolio Conflict Rules, Pre-Seed Is Dead?, FAANG to Startup Regret
    This week we discuss Sequoia's groundbreaking decision to invest in Anthropic despite existing stakes in OpenAI and xAI, challenging traditional VC taboos around backing competitors. We explore why pre-seed fundraising has fundamentally changed, with most founders now needing $300K ARR just to get meetings. Finally, we examine a candid reflection from an ex-Amazon employee who regretted leaving FAANG for a startup, highlighting the mission-driven intensity required to succeed in early-stage companies.

    Sequoia to invest in Anthropic, breaking VC taboo on backing rivals: FT

    Stop calling it pre-seed

    I left FAANG for a startup and regretted it

    (0:00) Introduction and early-stage investment challenges
    (1:16) Sequoia's investment and conflicts of interest
    (5:56) Sovereign wealth funds in venture capital
    (7:01) Pre-seed fundraising landscape in LatAm
    (13:10) Transparency and communication in investment decisions
    (13:53) Navigating career changes: Big tech to startups
    (20:26) Evaluating career pivots and job opportunities
    (22:49) Closing remarks
    24 min
  • Episode #62: Firm Over Fund, Relevance Decays, The Privilege of Belief
    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.

    Firm > Fund

    Relevance Decays

    The Privilege of Belief

    (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
    20 min
  • Episode #61: AI-Generated Reddit Hoax, Tech Career Crisis, Venture FOMO Reality
    This week we unpack the viral AI food delivery hoax that fooled thousands on Reddit and what it reveals about misinformation in 2026. We discuss the crisis of career fulfillment in tech as layoffs continue while startups struggle to find talent. Finally, Roger Ehrenberg shares an honest take on the insecurities every venture investor faces and why playing your own game matters more than ever.

    Debunking the AI food delivery hoax that fooled Reddit

    How the hell are you supposed to have a career in tech in 2026?

    A perspective on the venture business a/k/a normalizing the insecurities we all experience

    (0:00) Introduction to The Learning Corner
    (0:49) AI-generated misinformation and its implications
    (7:06) Tech careers and industry perceptions in 2026
    (16:31) Venture capital strategies and market adaptation
    (20:02) Founder-investor dynamics and market awareness
    (21:19) Closing remarks and episode wrap-up
    22 min

About The Learning Corner by Precursor

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Welcome to the Learning Corner, a weekly Precursor Ventures podcast, where members of the Precursor team walk through their favorite articles and news snippets across the venture ecosystem.