Fund two: concentrating and playing offense

How do the best venture investors consistently spot unicorn founders before the rest of the market even knows they exist? In this episode, I talk with Jamie Lee, Co-Founder and Managing Partner of Tamarack Global, about sourcing asymmetric deal flow in deep tech and why founder referrals are the single strongest signal of future breakout companies. Jamie explains how Tamarack applies hedge-fund-level diligence at the seed stage, why intuition and pattern recognition matter as much as data, and how concentrated conviction—combined with relentless research—drives their unusually high unicorn hit rate. We also explore humanoid robotics, labor automation, and why the next industrial revolution is already underway.

Highlights:

• Why founder referrals outperform every other sourcing channel
• Venture beta vs. true asymmetric alpha
• Applying hedge fund diligence to pre-seed and seed investing
• Why most early-stage investors under-diligence founders
• The power of intuition and “gut scores” in decision-making
• Lessons Jamie learned from Philippe Laffont at Coatue
• Why long-term time horizons matter more than near-term metrics
• The humanoid robotics market and the $40T global labor opportunity
• Playing offense by preempting rounds in breakout companies
• Why conviction beats caution early in an investing career

Guest Bio:

Jamie Lee is the Co-Founder and Managing Partner of Tamarack Global, an early-stage deep-tech venture capital firm investing across defense, aerospace, robotics, advanced manufacturing, AI, and the energy transition. He began his career in derivatives at Goldman Sachs, advised technology companies in special situations at JPMorgan, and later managed a $1.5 billion long/short equity portfolio at Coatue Management. Jamie holds a B.A. in Economics from Williams College and an MBA from Columbia Business School, where he also completed the school’s Deep Value Investing program.

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Disclaimer:

This podcast is for informational purposes only and does not constitute investment, financial, legal, or tax advice. Nothing in this episode should be interpreted as an offer to buy or sell any securities or to participate in any investment strategy. All opinions expressed by the host and guests are their own and do not represent the views of Weisburd Capital. Participants may hold positions or have financial interests in the companies, funds, or investments discussed. Any references to specific investments are for illustrative purposes only. Investing involves risk, including the potential loss of capital. Past performance is not indicative of future results, and any forward-looking statements are subject to risks and uncertainties. Any third-party data or opinions have not been independently verified. Listeners should conduct their own research and consult their own advisors before making any investment decisions.

(0:00) Introduction (0:11) Jamie Lee's sourcing strategy and founder referrals (4:19) Winning competitive investment rounds and the role of due diligence (10:07) Insights from SpaceX and the humanoid robot space (15:34) Learnings from venture funds and lessons from Philippe Lafont (24:19) The interplay of gut instinct and social psychology in investing (30:12) The importance of diligence and pattern matching in manager selection (33:04) Advice for younger investors and predicting high-value outcomes (37:50) Confidence in investment picks and closing remarks (38:05) Closing remarks