Packy McCormick: evaluation

Transcript context

…It does seem like you're publishing pretty much. I think on Saturday, you send out the email to LPs, and then come Monday you send out a public version, and it's pretty much the same. Obviously, there are some things that the companies don't want you sharing. But other than that, it's a remarkably transparent way of going about venture investing. It's also super different from classic venture capital. Did you lead a single round? Did you write any term sheets? Were you the biggest check in any one of those 91 investments? Never, and that's all part of the strategy. We all love talking about strategy. Strategy isn't doing everything well. It's picking what things you want to do well and taking advantage of those things. Even figuring out how to price the round, figuring out what should go into the term sheet, spending time negotiating that, and then being on a board, God forbid. It actually just doesn't work with my strategy because it is a house of cards already, where you move one thing and the whole thing breaks. If I'm doing the more deeply time-consuming parts of the venture, at least as I'm currently constructed, it doesn't work. But it really works very well when I can talk to a founder and we have this specific area—either internally or externally—where I can be helpful. Not to make fun of that venture pun but— Put on your khakis and ask the question.…

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