In addition to the high opportunity cost of time for expert fund managers, I would have guessed that small differences between the EV of marginal grants pushes in the direction of expertise being less important. But then I don’t understand why hiring fund managers would be unusually challenging. Wouldn’t deemphasizing expertise increase the pool of eligible fund managers, thereby making hiring easier?
I think a decent number of grants are pretty high variance and quite a few grants that seem marginal to some seem pretty negative to others (particularly more experienced fund managers).
I would’ve thought there is some intersection between regrantors with the top, say, 30% of grantmaking records by your light, those satisfying other hiring criteria you might have, and those currently willing to work with LTFF.
I didn’t quite parse this, but my impression is that we either weren’t able to attract excellent fund managers, or we were looking for different things to FTXFF and Manifund such that our bar ended up looking higher. I do think that our experiments with hiring people that we are less excited about have made me less keen to hire more people close to the bar but more keen to create junior positions and increase management capacity.
I think a decent number of grants are pretty high variance and quite a few grants that seem marginal to some seem pretty negative to others (particularly more experienced fund managers).
I didn’t quite parse this, but my impression is that we either weren’t able to attract excellent fund managers, or we were looking for different things to FTXFF and Manifund such that our bar ended up looking higher. I do think that our experiments with hiring people that we are less excited about have made me less keen to hire more people close to the bar but more keen to create junior positions and increase management capacity.
Thanks Caleb! Noting that my reply to Asya is relevant here too.