Key ideas from Mel Williams

• Exceptional investors approach markets from contrarian/first principles standpoints and have conviction to concentrate into winners - Mel
• AI companies are growing at unprecedented rates, reaching 1-to-5 or 1-to-7 ARR faster than traditional software's 1-to-3 pace
• Early stage AI valuations are frothier than growth stage rounds, with some growth rounds at healthier revenue multiples than peaks
• Power law dynamics are intensifying: more carnage expected alongside greater value creation than any prior venture cycle
• Platform venture firms struggle with seed investing due to negative signaling effects on their downstream investment capabilities
• Fund size matters but isn't determinative - largest funds often generate highest returns through virtuous cycles of talent and access
• TrueBridge has concentrated from 18 core managers in first fund to 10 managers today, force-ranking portfolio annually
• Network quality determines LP success more than any other factor - 'you're only as good as your network' - Mel