.@infoarbitrage has returned multiple 10x funds to LP's. I asked his advice on raising a new fund: "You need a very clear thesis. Clear differentiation is critical. Does the world need another smart, young kid with a generalist tech fund? With access to a network? No. That's era is over. You need a take that's novel. And not just for novelty sake. You need to believe you have an edge. And if you don't, then you shouldn't be doing it in the first place. VC is a hard business. It's a soul-crushing business. You need to be crazy to do it. And if you don't think you can be great at it, do not do it. It's the same advice I give founders. I know the narrative is that being a VC is easy. But I don't mean working at the venerable firms with billions in AUM, clipping coupons in Silicon Valley. Starting a business in the world of venture capital is insanely difficult. It's difficult for all but a select few spinning out of a venerable firm. And where they themselves have a huge brand. I did not have a big brand. But I had a very clear thesis. I had done angel investing, which made me founder referenceable. When LP's called my founders, they would say "he was super helpful". You need to be referenceable. It can't just be a story. You also need to put a stake in the ground. "You may not back me today. Here's what I'm going to do. And I'm going to stay in touch. And you'll be surprised." And that's essentially what I did. I had a clear thesis. A track record of my own making. And went out and did what I said I would do."