# Investor Stories 466: Jim Tananbaum, Eric Byunn, and Ben Orthlieb on the Questions LPs Should Be Asking (Tananbaum, Orthlieb, Byunn)

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Podcast: [The Full Ratchet (TFR): Venture Capital and Startup Investing Demystified](https://stenobird.com/podcast/the-full-ratchet)
Published: 2026-03-19T08:00:00+00:00
Episode link: https://fullratchet.net/tananbaum-orthlieb-byunn
Audio file: https://traffic.libsyn.com/secure/fullratchet/Investor_Stories_466-_Best_LP_Question_Tananbaum_Orthlieb_Byunn.mp3?dest-id=204448
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Duration seconds: 327

## Resource

Experienced venture capitalists share the most impactful questions they have received from Limited Partners and founders. The discussion highlights how high-quality inquiries reveal an investor's long-term vision, operational sustainability, and underlying ethics.

## Highlights
- Main idea: High-signal questions focus on long-range macro trends and the future direction of the global economy
- Practical takeaway: Investors should prepare to articulate how their specific thesis addresses shifts in industries like healthcare and AI
- Main idea: Analyzing the drivers of fund performance requires unpacking the sustainability and repeatability of the investment model
- Failure mode: Answering 'what would you worry about' can inadvertently reveal an investor's lack of due diligence or hidden biases
- Practical takeaway: The way an investor answers a founder's question about selection criteria serves as a proxy for their professional ethics and personality

## Topics

Venture Capital, Limited Partners, Fund Management, Startup Investing, Investment Strategy, Due Diligence, Macroeconomics, Asset Allocation

## Chapters
- 1:00 — Macro Vision and Long-Range Planning: Jim Tananbaum discusses the value of questions regarding 5-10 year macro trends and the impact of AI on the healthcare economy.
- 2:40 — Founder Conviction: Ben Orthlieb shares how founders sometimes seek to invest in the fund itself, signaling alignment with the firm's approach.
- 3:10 — Unpacking Fund Performance: A look at the importance of explaining the dimensions of sustainability and repeatability in a venture model.
- 4:50 — The 'In Your Shoes' Test: Eric Byunn explores the power of asking investors to identify their own potential fund risks and weaknesses.
- 5:50 — Evaluating Investor Character: How a founder's inquiry into investor selection criteria can reveal an allocator's true personality and ethics.

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## Transcript

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