SOME INVESTORS SHAPE MARKETS, WHILE OTHERS ARE SHAPED BY THEM

Summary from the TLDR Founders newsletter

Homebrew's Hunter Walk pushes back on the "competitors are raising bigger funds, so I have to" reflex he hears from legacy and new VCs, arguing the chorus signals commoditization of capital and a slow regression toward mediocrity collected via larger fee paychecks. The first-principles questions VCs should ask before scaling AUM: why does the firm exist, what playbook is it best suited for, what resources are already in hand, what needs to be acquired, and what needs to be shed.