Special: Ho Nam from Altos Ventures — A Different Approach to VC

What do you get when you combine Berkshire Hathaway's approach
with early-stage venture capital? Altos Ventures. We're joined by
Altos's wonderful Ho Nam to discuss their highly unusual approach
to VC, which has resulted in them becoming significant
shareholders in great companies like Roblox, Coupang, Woowa
Brothers and Krafton (makers of PUBG). This episode is an
absolute must-listen for anyone in our industry — Ho is one of
the best and most under-the-radar thinkers in Silicon Valley, and
has many lessons to offer us all!


Sponsors:


WorkOS: https://bit.ly/workos25

Sierra: https://bit.ly/acquiredsierra

Sentry: https://bit.ly/acquiredsentry

Anthropic: https://bit.ly/acquiredclaude25






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Topics covered:


Altos's 13-year+ journey with Roblox, and how they deployed
over $400m into the company out of an $86m fund

Altos's heritage in Jack McDonald's Investments class at
Stanford GSB, and the influence of Jack, Phil Fisher and Warren
& Charlie

How Altos successfully "value invests" in venture capital,
and reconciling cashflow potential with growth

"Good fundraisers" vs. "bad fundraisers" and correlation with
returns

Altos's unique fund structure and how they're architected to
stay with companies longer than a typical venture capital firm

Ho's Twitter presence and how (and why) he went from de
minimus followers to one of the top FinTwit accounts in a few
months



Links:


Ho's amazing Twitter presence: https://twitter.com/honam

Ho's "Foxes and Hedgehogs" post:
https://altos.vc/blog/foxes-and-hedgehogs

Ho's "How do you know?" post:
https://altos.vc/blog/howdoyouknow

Ho's "Venture Lotto" post:
https://www.altos.vc/blog/venture-lotto

Sam Walton's Made in America:
https://www.amazon.com/Sam-Walton-Made-America/dp/0553562835