HeyJaredThe Odin Times
A newsletter about venture capital, tech, economics and more
- Indexed issues, last 90 days
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- Sep 27, 2026
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Reforming UK Regulation for Small Funds (opens the original)
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This week we shared our open letter addressing the consultation on fund regulation in the UK.The cost of forming and operating a fund in the UK is far too high. Authorisation requirements under the Alternative Investment Fund Managers (AIFM) regime are effectively a prohibition on the micro funds that the startup economy relies on for discovery.The US offers a simple solution with their Exempt Reporting Adviser (ERA) regime, removing the burden of authorisation and enabling smaller funds to flou
Setting Rogue Agents on Venture Capital (opens the original)
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If you feed today’s venture market parameters into an LLM (compensation dynamics, large liquidity-insensitive LPs, last round marks, etc), it will quickly infer that AUM expansion is the rational strategy.In fact, the “rogue agent swarm” dynamic is a useful way to cut to the core of incentives and outcomes in complex or opaque markets like venture capital. AI can efficiently surface the unintended consequences of poorly designed systems.It’s not that autonomous agents will land on different stra
Only 21 in 20,000 funds can repeatedly pick winners | Saul Klein (opens the original)
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This is part two of my conversation with Saul Klein, co-founder of Phoenix Court Group. Saul talked about his investment in Wise and why he’d back founder Taavet Hinrikus to chop lettuce. The story started eight years before Phoenix Court actually signed a term sheet. Saul had worked with Taavet at Skype, so by the time Wise turned up at a Seed Camp demo day, his conviction had nothing to do with the pitch.Phoenix Court is turning founder evaluation from an art into a science. They have spent el
Why we made Phoenix Court a limited company | Saul Klein (opens the original)
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A few weeks ago, the legendary investor and entrepreneur Saul Klein joined me in the Odin offices. Saul is co-founder of Phoenix Court Group, which runs Local Globe, Latitude and Solar, and has backed the likes of Wise, Monzo, Mistral and Figma. It was a long conversation, which we’re publishing in two parts.In part one, we dive into Saul’s unusual journey into venture: from co-founding DVD-by-post business Video Island, to joining Skype in its early years, before investing at Index Ventures and
Building Portfolios for Different Types of Risk (opens the original)
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Outperformance in venture capital is directly related to uncertainty; if you’re not taking any risk, you won’t be generating any alpha.To some, this manifests as maximising risk to maximise returns, which justifies everything from overbidding to neglecting due diligence. This is where venture capital starts to resemble trading, or gambling, rather than investing. The ability to produce strong, consistent returns is in learning how to properly manage risk. <a class="image-link image2" href="https
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