Why VCs keep changing their mind about what’s hot and not

I have a confession to make. I keep a secret document in my Google Drive titled “Fund Theses That Piss Me Off.” And every time I read about a venture capital fund with a generic, meaningless, or buzzwordy thesis that manages to raise a bunch of money regardless, I copy and paste it into my burn pile.

This is how I started to notice a couple of years back how sometimes VCs will make dramatic changes to their thesis and investing focus. And it happens not just at a fund level, but across whole chunks of the industry, too.