Swimming with Allocators · 2026-06-03 · 49 min
In this 100th episode of Swimming with Alligators, Earnest and Alexa dive into how emerging managers and VCs can truly differentiate in a world where everyone shows the same logos and track records. They unpack why LPs increasingly care about who actually sourced and led deals, why personal differentiation matters more than over-explaining strategy, and how consumer investing is quietly coming back into favor. They explore the limits of “AI strategies” that are more theater than edge, the shifting career paths for 30 - 40-something VCs, and whether the popular barbell approach to venture (tiny funds + megafunds) still fits a rapidly changing market. They also discuss how diligence is evolving, why moats now look more like trust, data, and distribution than pure tech, and what a wave of large IPOs could mean for angels, new funds, and early-stage competition.
Why This LP Is Staying Consistent in an Unpredictable Venture Market77 / 100
Why Venture’s Best Opportunities Are Moving to the Edges
Cultivating a Venture Program Without Chasing the Hype
What It Takes to Win With Institutional LPs
How Denmark Built a Big-Tech Future From a Small-Country Base