April 23, 2026 ·
I've written previously a little bit about trading and how it differs from investing: that in frequency of indulgence; meaning investing is just trading done slower while discussing art. But this difference in pace and the fact that investing seems more deliberate and thoughtful does not mean it generates results with higher certainty. In fact, one could make the argument that the investing dread just goes on longer instead of ripping the band-aid right off. Why would one sign up for ongoing pain and sleepless nights? Aha, now we're talking.
I'm just a rookie investor but I want to note things I've learnt along the way. And one of the main ideas is this: invested money as venture capital is good as gone. You will (probably) never see it again once it parts ways with your bank account. But sometimes, rarely, you do see the money again, and it's a bigger number than the one that left your account. Which seems nice and hopefully covers your losses, and those are the stories one hears in retrospect. But most of the time with venture capital, money just vanishes into a black hole. Power laws are the name of the game and it's incredibly hard to choose the winners upfront. It all seems much more obvious and grand in retrospect, which is what marketers showcase.
OpenAI, Anthropic, xAI, Vercel. These are the names marketed by a new venture fund being discussed over on X called USVC. It's Naval Ravikant doing some kind of maneuvering to offer what's often called retail investors an opportunity to own (tiny) parts of these companies in private markets previously accessible to what's called accredited investors; to qualify for which one must either take an exam and be licensed, or make and have a bunch of money to lose. Gotta have money to lose money; no crying in the casino.
Naval is interesting and fun to listen to on podcasts. And his tweets are sometimes good. Since he's running the show and putting his name on the line, it could well be worth it, who knows. People into the details don't seem to be happy with the fee structure and what not, saying it's a grift to take retail investors on a ride. I mean, participation in venture capital as a whole is being taken for a ride, so why should VCs have all the fun. I guess we'll find out how it goes. I threw in the minimum $500 just to see what happens and follow along. They have a Steve Jobs clip on the home page; what's the worst that could happen.
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