Happy Thanksgiving, when we celebrate a bunch of immigrants coming to this land looking for a better life

One thing we do at @EniacVC is keep our investment pace roughly constant over time. In venture, pacing tends to accelerate when valuations spike and slow when they contract. Mathematically, that’s backward: if you deploy pro-cyclically, your capital-weighted average entry price tracks the peaks of the cycle. Keeping pace steady effectively dollar-cost averages through volatility, lowers expected cost basis, and improves long-run IRR on the same outcome distribution.

Everyone keeps talking about an AI bubble. The reality is an AI pullback has always been inevitable. People underestimate how slow enterprises are at adopting any new technology. Early AI adoption was pushed top down, and many teams just wanted to check a box for the CEO, which led to weak implementations. But anyone who’s seen how deeply AI has already changed the way venture-backed startups operate knows this is just a matter of timing. Every business will be transformed, even if model progress slows from here.