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

Key Points

• Sam Altman's success as an investor is attributed to his ability to think independently about the future and identify non-obvious talent, betting hard behind his convictions.
• Operator VCs, like Jack Altman, bring a valuable skill set and operational expertise to the companies they invest in, which can be particularly beneficial during early stages of a startup's growth.
• The return of premium liquidation preferences in venture capital deals signals a more cautious and disciplined investment environment, potentially affecting startup valuations and returns for various stakeholders.