In this episode, David Weisburd interviews Mark Peter Davis, a venture investor with an impressive track record, about his investment philosophy and its evolution over his 20-year career. Mark shares counterintuitive lessons he's learned about venture capital, emphasizing the importance of understanding potential exit strategies and managing risk without sacrificing exposure to significant returns. He discusses the challenges of balancing outlier-dependent returns with consistent performance across different investment vintages and strategies for seeking liquidity in non-unicorn companies through secondaries and M&A. Mark also delves into the misalignment of incentives between VCs and LPs, the significance of building enduring institutions, and the value of assessing VCs based on their underlying strategy and operations. He highlights his firm's unique approach of being a non-lead, value-added partner for Series A founders, focusing on providing operational support and expertise. The conversation further explores the dynamics of competitive deals, the importance of integrity and cultural fit in selecting VC partners, and the compounding role of grit in achieving long-term success in venture capital.
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