E290: How LPs Underwrite Venture in 2026

The conversation centers on the confusing and unprecedented sentiment in today's venture capital market. Narayan Chowdhury from Franklin Park shares his perspective on the current investment landscape, highlighting the difficulty in relying on traditional data analysis due to its lagged and often self-biased nature. Chowdhury suggests focusing on enduring qualities like founder love, strong alumni networks, and emerging, opinionated theses. He also emphasizes the importance of long-term relationship building. Chowdhury notes that the ability to build and the willingness of buyers to swap incumbents are at all-time highs.