Thanks for the lecture from Jack Vi I must say it’s top notch. ## 1/ Before FTX and Luna collapsed – The fund used to launch their own theses to invest in. In fact, it was also an uptrend period. So every thesis wins. – But the reason they have a thesis is to make the fund look more professional, in addition, the thesis also helps them feel more consistent with their opinion. – Example: Multicoin invested heavily in L1 and they won, Animoca chose NFT, GameFi, Metaverse,… ## 2/ After FTX and Luna collapsed – However, after FTX and Luna collapsed We see that we are not so much more than we are. Even in the last down, the fund lost a lot ((https://news.crunchbase.com/venture/global-vc-funding-pullback-q3-2022-monthly-recap/…)(https://t .co/laL1UZyLrf)) but it is unlikely that they will be sold as soon as I am but also locked funds. – 3AC collapse is an example, in addition, there are many other funds involved in the Terra case because the number of LUNA staked makes the validator unable to withdraw. Including Hashed,… – After that, many of the fund’s thesis are no longer used. They are like me, they realize that analysis in an uptrend always gives the right results. – And recently, a lot of funds have abandoned their thesis. They invest wildly, if the project has good capitalization, is able to catch the trend or has the ability to help it grow, they will invest (in terms of investor position, it is similar to hunting low cap). ## 3/ So how should I evaluate the fund? – In fact, the fund has a better position than the real one, the purchase price is better, and it has the ability to affect the project. – However, there is a heart of the fund that investors do not know. That is, we often hear that the fund will advise and give many ideas for development projects. – However, the founder of the project is not sure. What the project needs is network and capital. Therefore, it is not easy for the fund to want to contribute value to the project. – In another perspective, they are like me, the most important thing is how to make them profitable for them and investors. => So in the last round, we also mentioned less about funds in investment, not every project with a large fund is All in. The a16z fund is a good fund, the research is also good, but they also invest very widely. The same goes for many other funds. – However, the Fund still has some values: + Guarantees a part of the prestige of the project. Even if the project is down, the possibility of a scam running away is lower because the fund has a KYC team. + With good funds, the ability to get on the floor is better because they have a relationship. + Having a good fund, the founder of the project does not want to give up the project like raising the community fund. => Thus, we should change the way we look at the fund. Funds can sponsor prestige but cannot take funds to invest with. ## 4/ So how should I follow the fund? – This is Alameda’s case study. A can see Alameda invested a lot but why most of the projects died. – Simply because Alameda has invested, they are very short term, if the project does not understand and let them hold the token or liquidity, they will die. For example, the case of Big Data Protocol >< Alameda (Alameda withdraws liquidity, the project is dead). - So when following the fund, I should learn how they play, not invest. - For example: Alameda Research when they invested in STG, they said ok, I accept the token lock for a long time and accompany the project for a long time. But when checking onchain, people see Alameda selling a lot of STG at a high price. - So where does it get tokens to sell? Alameda obtained by Farming a lot of stablecoins and getting tokens. So you can see even if there is no unlock token from the project. Alameda is still the winner, and the buyer is not necessarily profitable. ## 5/ Websites for you to synthesize Dove Metrics (https://twitter.com/dovemetrics)(https://twitter.com/dovemetrics) (https://dovemetrics.com/Crypto)(https ://t.co/vsEldB2O8u)Fundraising (https://t.me/crypto_fundraising…)(https://t.co/UARY7CO2JT)DailyApe Fundraising (https://t.me/thedailyape)(https:/ /t.co/5yqWJ1ie3f)Chain Broker (https://twitter.com/chain_broker)(https://twitter.com/chain_broker) https://chainbroker.ioDefillamahttps defillama.com/raisesCryptorank (https://cryptorank. io/funds)(https://t.co/kJq0CBrkER)6/ Why doesn't the project have to have a good fund? - In addition to the fund advise for the project that the project does not listen, there is an issue you are less interested in. - That is how much money that good fund has invested, how much market share in that round of the project. - For example, fund A is a good fund, they invest in a Seed round to help the project capitalization increase from 20M to 100M, and they account for 80% of the investment in this round. Thus, if you want to win, the fund must definitely devote all its efforts to it. - However, in the following rounds, this fund A still continues to invest, but only invests with a small amount compared to other funds because its capitalization has already reached 100M, they do not put all their efforts anymore. - That's why the same investment fund but before the project grew well, then it didn't. I have a fund scoring file from a personal perspective, please refer to it: (https://docs.google.com/spreadsheets/d/12lCzjC-g6_WzhMg7tNfCLGxiIjKA3Lf0W6OYk2hxByY/edit#gid=0…)(https:// t.co/cukDaAEqmg) In the near future, I will try to have a file of all products and distribution taste as well as the depth of each fund, please support!
Source: Collector
