Consider a simple truth: Professional investing requires understanding value. If you cannot understand the value of an asset, and how it appreciates over time, you will not invest in it.

At one point in time, this understanding was the “moat” for venture capital firms. Those that could see value where others couldn’t were able to make decisions that resulted in outsized returns. Consider the investors who recognized the potential for online marketplaces in 1997, the space industry in 2002, or crypto in 2012. READ MORE