E10: Apurva Mehta and Jack Altman on Sam Altman, CalPERS, and Liquidation Preferences

Key Points

• Sam Altman's success as an investor stems from his ability to think independently about the future, bet on it confidently, and identify non-obvious talent.
• Venture capital firms are increasingly aligning their fund sizes with their portfolio strategies to ensure they can effectively support their investments without overextending.
• The recent trend of increasing liquidation preferences in venture deals reflects a more cautious investment environment, where investors seek greater downside protection.