David Friedberg sits down with David Weisburd to discuss the role of concentrated capital, venture capital's future, and the impact of capital saturation. Friedberg shares his experience joining Ohalo, the evolution of investment strategy, and the transition from VC to operator. We’re proudly sponsored by Bidav Insurance Group, visit lux-str.com if you’re ready to level up your insurance plans. The Limited Partner podcast is part of the Turpentine podcast network. Learn more: turpentine.co (0:00) Introduction and discussion on venture performance vs public companies (1:18) Guest Introduction: David Friedberg's early career and lessons learned (7:59) The power of big thinking in companies like Google and Tesla (14:08) Challenges and counter incentives in venture capital (16:39) Sponsor: Bedav Insurance Group (21:27) The power law of returns and talent concentration in successful companies (28:15) The changing definition of 'founder' and the challenge of institutional foundry programs (34:02) The importance of investing in winners and adjusting portfolio construction (37:12) Introduction to Ojalo: mission, business model and global impact (42:03) Transitioning from investor to operator: pros, cons and psychological impact (45:33) Words of wisdom for founders, operators, and investors and critique of LPs' approach (48:06) Introduction of the Limited Partner Podcast newsletter