Executive Summary
Andreessen Horowitz's David George reveals a counterintuitive reality: their best performing fund in firm history is a $1 billion fund, not a smaller one. This challenges the venture orthodoxy that large funds can't generate superior returns. George's data shows that 47% of value creation happens between Series A and B, while 53% occurs post-Series C, indicating massive late-stage value creation opportunities. The private markets have grown 10x over 10 years to $5 trillion, fundamentally changin...
Key Investment Opportunity
The Application Layer Gold Rush - Beyond the Model Wars
While markets obsess over OpenAI vs Anthropic model competition, the real value creation is happening in the application layer. George's insight that 'the models will eat everything' thesis has been disproven - instead, specialized applications built on commodity models are capturing massive value. ...
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