Sajith: I hadnt heard of Avi Eyal / Entree Capital before this 20VC podcast episide. I got drawn to Avi Eyal’s @aeyal1 's podcast epsiode given the jawdropping numbers that Harry Stebbings used to market the epsiode - 100x returns on the monday.com investment, 38x DPI (it stands for distributed to paid in capital or cash on cash returns effectively) on one of their funds. These are astounding numbers by any means. The podcast is a good listen if at all to get a sense of the inner workings of a top tier pre-seed / seed fund (of Israeli origin). What stood out to me was the following - portfolio construction math: much smaller size of portfolio at 23-24 companies, than is usual for a preseed / seed fund (though now they go up to Series C) - much lower loss ratios than is usual for a seed / venture fund (in the class of PE investments he says at 12-15%) - they are very hands on as a fund in terms of trying to be helpful, from what Avi Eyal says, and this could be a factor. Also @EntreeCap are good pickers clearly! - is open to selling early and this principle he says is so as not to fall in love with the value they saw in paper. Their formula is to sell a third when they hit 6-8x, a third in the preIPO round, and another third at the IPO. It is not the job of the VC to hold post IPO he says. See below.

Loved this @WIRED profile of emerging markets investor Tassos @stassopoulos whose firm Trinetra uses ethnographic research (at the core of it is peeking into people's fridges) to determine evolving consumption trends. (The content is excerpted from @nicolatwilley's book Frostbite on the science + downstream impact of the the growing cold chain) How he parsed signals from the fridge to buy dairy companies in India and sell off his Yum China holdings! I thought this heirarchy of organic > healthy > indulgence > efficiency was an interesting one. Of course as we know India1 is likely at the healthy + indulgent stage stage by now, though the majority of Indians will be at Efficiency stages. Just over a third of households have a fridge in India! And this was really interesting. India has just 9k refrigerated vehicles while France w 1/20th of India's population has 15x those vehicles! This was a fascinating article. You know what, I would love to accompany @stassopoulos on his next visit to peep into fridges in India! Link to article in the linked tweet.