VENTURE CAPITAL IS NOT COMPETITIVE

Summary from the TLDR Founders newsletter

Venture capital no longer behaves like a competitive market. The language of rivalry persists, but the substance has thinned. The same firms crowd around the same deals, rehearsing the same convictions until they harden into consensus. Somewhere along the way, the infinite game became finite. What began as a search for outliers has become an exercise in pattern recognition. Capital pools, performance converges, and the illusion of competition masks a quiet retreat from risk. The question is not who wins this round, but whether there's still a game being played at all.