purity of craft
(nov 2026 anti fund lp letter)
The market, particularly AI stocks, melted this week, which offers an opportunity to take a breath to re-focus and pursue purity in our craft across (i) sourcing, (ii) sector focus and sizing, (iii) value-add, and (iv) vc marketing (and how the changes in generational and ai shift).
(i) Our best investments come from top-performing founders recommending high potential future founders.
Early stage venture capital can be summarized as a human talent picking game. Talent recognizes talent; game recognizes game. Trust is hard won by being in the trenches going through the ups and downs of building and growing a business together. Regardless of public market and macro cycles, attracting/finding and backing supremely talented and ambitious and yet to be recognized humans at the earliest stages is durable.
(ii) We remain focused on the most important technological tidal shifts in our era: ai (i.e. software), robots, bio (applied ai, not pharma), and manufacturing (physical chokepoints for the prior three categories).
Our perspective is that this post midterm market crash is a local hiccup in the AI trade. The world remains on path to singularity, and the technology is still early in dissemination and application. We envision a world with 10 billion robots (more robots than humans) and 1 trillion agents (each human has 100+ ai agents doing work for each of us), and this will happen before 2035. This scenario imputes massive new businesses will be created in those 4 categories.
The market sentiment does remind us to keep the quality bar extremely high. Long beta as a strategy worked over the past 2 years. That game is over, which leaves disciplined talent selection and subsequent value-add the only things that matter. Our portfolio in Venture I ($30M) & Growth I ($110M) demonstrate a track record for this, with the 20/20 hindsight that we could have sized better in our breakout companies that flip from non-consensus to consensus. We know what this looks and feels like, and the new $400M Fund II gives us the reserve firepower to stay nimble and aggressive to maximize absolute dollar returns.
(iii) Instead of getting distracted with myriad ideas, our north star remains focused on making connections, opening doors, closing customers, and winning revenues for our portfolio companies. This is how we earn being top of mind when a hot Series A or Series B founder/CEO who is mentoring the younger version of himself to tell him that the first person they must talk to about starting a business is someone at Anti Fund.
And we’re now doing it at increasingly sophisticated levels as we matchmake and facilitate conversations across our increasingly extensive network across government, enterprise, and hyper-scaling portfolio companies.
Anti Fund’s unique ability to broadcast to mainstream America via Jake and Logan’s platforms is more interesting than ever. Our industry (Silicon Valley) has become incredibly powerful, and therefore threatening to existing power structures and frightening to normal, median Americans disconnected to ai-pilled elites in SF and NYC bubbles. We have the platform and responsibility to be that cultural and communication bridge.
(iv) No one’s figured out how to do marketing x venture capital. We’re arguably already the best branded emerging manager VC in the world, but that doesn’t say much because it’s still unclear how important it is for driving investment returns. Our bet is that given cultural and demographic shift towards Gen Z and Alpha who live and breathe on social, we’re demographically and culturally destined to get stronger and stronger, and we are developing theory and infra to scale it and institutionalize it:
- Jake has re-launched his business youtube channel which will cover business meetings and give practical weekly advice: https://www.youtube.com/watch?v=7J-PDSftrwE
- Logan has his weekly youtube vlog that covers his life where he regularly drips in Anti Fund business
- Steve is running bi-monthly Anti Social Social Club SF dinners (rotating co-hosts and themes)
- and I’ll keep open-sourcing and publishing our ideas on geoffreywoo.com and running Youtube vlogs: https://www.youtube.com/@realgeoffwoo
- We’ll continue to host Summits at Jake’s ranch and look forward to launching our accelerator/incubator (camp0.ai) in Q1 2027.