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The Generalist

The Generalist

Auteur(s): Mario Gabriele
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À propos de cet audio

 “The future is already here. It’s just not evenly distributed.” The Generalist Podcast brings you weekly conversations with the people who live in these pockets of the future – visionary founders, prescient investors, and original thinkers. Each episode is designed to introduce you to new ideas, technologies, and markets and help you prepare for the world of tomorrow.Mario Gabriele
Épisodes
  • Why Being a Generalist VC Is a Competitive Advantage | Aydin Senkut (Founder and Managing Partner at Felicis Ventures)

    Why Being a Generalist VC Is a Competitive Advantage | Aydin Senkut (Founder and Managing Partner at Felicis Ventures)
    Dec 9 2025
    Two decades ago, Aydin Senkut was a first-time fund manager with a thin track record to show prospective backers. LPs didn’t believe a solo GP, especially one without experience at a legacy firm, could build a lasting franchise. They were wrong. Today, Felicis is a Silicon Valley mainstay on its 10th fund, a $900M vehicle. Across its history, Felicis has backed a slew of winners, including Shopify, Canva, Crusoe, and dozens of other billion-dollar outcomes. Rather than specialize over time, Aydin has remained a true generalist, investing across markets and cycles. In this conversation, we dig into the frameworks, stories, and philosophies that shaped Felicis into what it is — and where Aydin believes the next decade of technology is heading.We explore:How growing up in Turkey with entrepreneur parents shaped Aydin’s approach to risk and investingLessons from working alongside Larry Page and Sergey Brin during Google’s early daysWhy Felicis deliberately chose a generalist strategy when most VCs were specializingHow international experience became a competitive advantage in finding global winnersThe mathematical case for portfolio diversification (50-70 companies per fund)Why valuation concerns are often overblown when revenue growth is exponentialFelicis’s aggressive AI investment strategy and what other investors are missingThe future of robotics and physical AI through companies like Skild AIWhy learning and adapting rapidly is Felicis’s constitutional principle—Thank you to our sponsor, Guru: The AI source of truth for work.—Transcript: https://www.generalist.com/p/why-being-a-generalist-vc-is-a-competitive-advantage—Timestamps(00:00) Introduction(03:09) How Aydin made his way to Silicon Valley(06:15) What he learned from his entrepreneurial parents(08:55) Learnings from the early days at Google(15:05) The childhood roots of his investing philosophy(16:31) Why rejection became a catalyst for his venture career(19:28) Strategy behind Felicis's first $41M fund(25:44) How his international background became an investing edge(28:17) How Aydin approaches diversification at scale(32:08) How he sizes investments based on conviction(33:15) Generalist vs. specialist investing(38:23) Why founders are the foundation(42:48) Why success may look different than expected(43:46) The Felicis journey(48:18) Why Felicis is going all in on AI(54:54) Why entry point matters less than potential(57:33) How the AI bubble debate misses the point(59:47) What makes Skild AI a standout company(01:04:58) The AI bets Felicis missed(01:07:55) How missing Airbnb and Uber led to backing Adyen(01:11:20) Final meditations—Follow Aydin SenkutLinkedIn: https://www.linkedin.com/in/aydinsX: https://x.com/asenkut—Resources and episode mentions—Books—Antifragile: Things That Gain from Disorder: https://www.amazon.com/Antifragile-Things-That-Disorder-Incerto-ebook/dp/B0083DJWGOClear Thinking: Turning Ordinary Moments into Extraordinary Results: https://www.amazon.com/Clear-Thinking-Turning-Ordinary-Extraordinary/dp/0593086112—People—Larry Page: https://en.wikipedia.org/wiki/Larry_PageSergey Brin: https://en.wikipedia.org/wiki/Sergey_BrinEric Schmidt: https://en.wikipedia.org/wiki/Eric_SchmidtBrian Chesky on X: https://x.com/bcheskyShane Parrish’s blog: https://fs.blog—Other resources—Felicis: https://www.felicis.comMastering Portfolio Construction: https://www.generalist.com/p/mastering-portfolio-constructionSteve Jobs’s quote on focus: https://www.goodreads.com/quotes/629613-people-think-focus-means-saying-yes-to-the-thing-you-veAngry Birds: https://www.angrybirds.comRovio: https://www.rovio.comAdyen: https://www.adyen.comCanva: https://www.canva.com...Resources continued at: https://www.generalist.com/p/why-being-a-generalist-vc-is-a-competitive-advantage⁠—Production and marketing by penname.co. For inquiries about sponsoring the podcast, email jordan@penname.co.
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    1 h et 17 min
  • Joey Krug on Prediction Markets, Crypto Treasuries & the Next Era of On-Chain Finance (Partner at Founders Fund)

    Joey Krug on Prediction Markets, Crypto Treasuries & the Next Era of On-Chain Finance (Partner at Founders Fund)
    Dec 2 2025

    Prediction markets are no longer a fringe curiosity. They are becoming one of the most revealing instruments in modern finance. Platforms like Polymarket, once a niche corner of crypto, now regularly clear billions in monthly volume as traders speculate on everything from political outcomes to sports to cultural events. Few people saw this future as early, or as clearly, as Joey Krug.


    A decade before prediction markets went mainstream, Joey dropped out of college to co-found Augur, the first decentralized prediction market protocol. He later became one of the most influential investors in the category by backing Polymarket at Founders Fund. In this conversation, Joey shares why the moment for prediction markets has finally arrived, what has changed, and how these markets are reshaping information flows across society.


    We explore:

    • The experimental mindset that led Joey from horse-racing predictions to mining bitcoin in high school
    • Why Augur was the right idea at the wrong moment, and what it taught Joey about timing and infrastructure
    • The product, liquidity, and founder-market fit signals that persuaded Founders Fund to back Polymarket
    • Why resolution is the hardest problem in prediction markets, and how Polymarket approaches it
    • How crypto treasury companies are emerging as a major force and where ETFs fit in
    • Why mimetic behavior drives entire sectors and how savvy investors read those waves
    • The rise and fall of Operation Choke Point and its impact on crypto
    • How Founders Fund reframed Joey’s approach to evaluating founders, markets, and structural shifts

    —

    Thank you to the partners who make this possible

    Guru: The AI source of truth for work.

    Auth0: Secure access for everyone. But not just anyone.

    —

    Transcript: https://www.generalist.com/p/joey-krug-on-prediction-markets

    —

    Timestamps

    (00:00) Intro

    (04:10) How Joey began making predictions with horse racing

    (08:00) Why Joey began coding with Applesoft BASIC

    (09:32) How Joey first discovered crypto

    (11:06) Why Joey dropped out of school to pursue crypto

    (12:52) The origins of Joey’s interest in medical school

    (16:15) How Joey spends nights and weekends splitting time between biotech and trading

    (17:18) The early influences behind Augur’s creation

    (19:40) Why prediction markets captivated early crypto thinkers

    (23:26) The unlock crypto created for prediction markets

    (29:22) How Polymarket began and why Joey decided to back it

    (32:11) What made Polymarket the right team

    (35:25) The FBI raid and how Shane responded

    (38:20) Why Joey expected Polymarket’s volume to hold after the election

    (40:20) The trend toward duopolies in financial markets

    (42:37) What sets Polymarket’s product design apart

    (45:25) How to keep prediction markets clear and unambiguous

    (48:31) The rise of crypto treasury companies and FF’s work with BitMine

    (51:26) The value of crypto treasuries and the role of ETFs

    (54:33) The mimetic rise of crypto treasury companies

    (57:03) Joey’s take on where the crypto market stands now

    (1:00:23) Why Founders Fund is bullish on ETH

    (1:03:03) Operation Choke Point, regulatory whiplash, and the end of the crypto crackdown

    (1:06:04) Where the Clarity Act falls short

    (1:08:56) How Joey’s thinking has evolved since joining Founders Fund

    (1:13:21) Final meditations

    —

    Follow Joey Krug

    LinkedIn: https://www.linkedin.com/in/joeykrug

    —

    Resources and episode mentions: https://www.generalist.com/p/joey-krug-on-prediction-markets⁠

    —

    Production and marketing by penname.co. For inquiries about sponsoring the podcast, email jordan@penname.co.
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    1 h et 16 min
  • How a Solo Founder is Reshaping Global Finance (Parth Garg, CEO of Aspora)

    How a Solo Founder is Reshaping Global Finance (Parth Garg, CEO of Aspora)
    Nov 18 2025
    In the summer of 2022, Parth Garg woke up in Bangalore to discover that his co-founder had fled the country and emailed their investors to tell them their company was dead. Just over three years later, Aspora is one of fintech’s fastest-growing startups. The company, which makes it faster and cheaper for India’s diaspora to send money home and access banking services, now processes close to half a billion dollars in volume every month and has earned a $500 million valuation with backing from elite investors like Hummingbird Ventures, Sequoia, and Greylock.In this conversation, Parth shares his journey from physics prodigy to fintech founder, offering insights into what it really takes to build resilience as a founder and how to create a culture where feedback flows freely, even without a co-founder to provide checks and balances.—We explore:• The moment when Parth discovered his co-founder had left the country and told investors the company was shutting down• How Parth’s childhood moving between cities in India and later to the UAE shaped his adaptability and entrepreneurial mindset• His journey from physics prodigy to startup founder, including early ventures before Aspora• The process of discovering product-market fit through structured experimentation after the initial business model failed• Why the Indian diaspora represents a massive, underserved financial opportunity (1% of the population contributing 30% of deposits)• How stablecoins dramatically reduced Aspora’s working capital requirements and transformed their business model• The regulatory landscape for fintech and crypto in India and the impact of the GENIUS Act in the US• Aspora’s vision to become a comprehensive cross-border bank serving multiple diaspora communities globally—Thank you to the partners who make this possibleGoFundMe Giving Funds: One Account. Zero Hassle.Guru: The AI source of truth for work.Persona: Trusted identity verification for any use case.—Timestamps(00:00) Intro(03:53) How Parth felt when his co-founder fled the country(07:04) Parth’s early days in India and the UAE(09:37) Parth’s love of physics and competitiveness(12:15) The not-so-straightforward path from studying physics at Stanford to entrepreneurship(14:13) Parth’s physics heroes(16:24) The gap year that sparked Parth’s entrepreneurship journey(18:36) Parth’s first startup: selling near-expired groceries(21:58) Moving back to the United States and founding Vance(28:00) Joining YC and finding early backers(31:14) How Parth realized Vance needed to pivot(35:22) How Parth moved forward after his co-founder fled(37:37) Building psychological safety and open debate at Aspora(40:15) How conversations with immigrants inspired Aspora’s idea(45:13) How stablecoins solved Aspora’s biggest operational challenges(46:57) Aspora’s current scale and why India was the perfect starting point(51:34) How Aspora builds loyalty in a low-switching-cost market(52:42) The GENIUS Act and the real opportunity in stablecoins(55:52) The evolution of crypto and stablecoins in India(56:50) The importance of partnerships for scaling Aspora in India(58:18) The next phases of Aspora’s growth(01:00:04) The role of Aspora’s new bets team(1:01:20) Final meditations—Follow Parth GargLinkedIn: https://www.linkedin.com/in/parth29—Resources and episode mentions: https://www.generalist.com/p/banking-the-diaspora-parth-garg—Production and marketing by penname.co. For inquiries about sponsoring the podcast, email jordan@penname.co.
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    1 h et 9 min
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