Episode #56: VC is Hard, Unconcentrated Fund Math, Cluely Growth Updates

We kick things off with a short but sharp post from Ben Choi reminding us that “VC is hard”—not just because of performance pressure, but because navigating fund dynamics and relationships is a game in itself. Then we dive into a provocative piece by Stefano Bernardi questioning the obsession with concentrated funds, and unpack why diversification often outperforms even the best instincts. Finally, we revisit the Cluely hype cycle, with CEO Roy Lee reflecting on the downside of viral traction and what happens when the market stops being impressed.