"Everyone talks about the application layer like it's won. It hasn't been. But the real asymmetry right now is in infrastructure. The companies building the picks and shovels don't care who wins the model race — they win regardless. That's a rare position."

"We passed on four companies this week that were genuinely excellent. But excellent at a $3B valuation on $15M ARR is a different investment than excellent at $300M. Discipline isn't pessimism — it's respect for math. The best founders understand that."

"I want to see who survives the first real enterprise renewal cycle. Pilots don't count. Year-two renewals do. A lot of companies that looked like winners in 2025 are going to face their first real test in the next 90 days."

"Know your denominator. Every investor is doing a portfolio calculation in their head while you pitch. If you understand their constraints — fund size, ownership targets, reserve ratios — you can position your round to fit their math. That's not manipulation, that's respect for their business."