Y Combinator’s new terms are sparking fears of dilution among seed investors. Here’s more on how this might ripple through the early-stage venture ecosystem, from Kate Clark of the Information.

How are fast markups changing the game for recent fund vintages? And how reliable of an indicator can recent fund vintage performance *really* be? Excellent Tweet thread from Rob Go digs in on this topic.

This episode is a gem. From crypto, to what makes a great fund manager, to today’s “anti-fragile companies”… Venture veteran Chris Douvos shares his LP perspective on the current market moment with Ted Seides on the Capital Allocators podcast.

What does the emerging manager community predict for venture in 2022? Heather Hartnett of Human Ventures helpfully compiles some thoughts from fellow emerging managers.

“With US venture firms hauling in a record $128B last year, it was a splendid time to be a venture capitalist… But there was a big exception: those who were raising a brand-new, first-time fund.”