# Investor Stories 472: Think Big, Stay Patient, Earn Access — Venture Advice from Foresite, Mayfield, and Blue Moon (Tananbaum, Chaddha, Orthlieb)

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Podcast: [The Full Ratchet (TFR): Venture Capital and Startup Investing Demystified](https://stenobird.com/podcast/the-full-ratchet)
Published: 2026-04-23T08:00:00+00:00
Episode link: https://fullratchet.net/tananbaum-chaddha-orthlieb
Audio file: https://traffic.libsyn.com/secure/fullratchet/Investor_Stories_472_-_Key_Advice_Tananbaum_Chaddha_Orthlieb.mp3?dest-id=204448
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Duration seconds: 220

## Resource

Experienced venture capitalists share foundational advice for navigating the early stages of an investing career. The discussion focuses on the necessity of finding high-impact hits, maintaining long-term patience, and developing a unique edge in deal access.

## Highlights
- Main idea: Success in venture capital is fundamentally driven by a small number of massive outlier hits
- Practical takeaway: New investors must develop a unique value proposition to secure deal access and improve win rates against established firms
- Failure mode: Relying on a concentrated portfolio of large checks can lead to adverse selection for new managers
- Main idea: Company building is a long-term marathon that requires extreme patience rather than seeking overnight wins
- Practical takeaway: Building a differentiated 'story' is critical to winning deals when competing with top-tier firms like Sequoia or NFX

## Topics

Venture Capital, Startup Investing, Deal Flow, Fund Management, Investment Strategy, Portfolio Construction, Adverse Selection, Entrepreneurship

## Chapters
- 0:40 — The Power of the Outlier: Jim Tananbaum discusses why focusing on great people is essential in a hits-driven business.
- 1:10 — The Importance of Patience: Navin Chaddha emphasizes that company building is a marathon and warns against expecting rapid success.
- 3:20 — Winning Through Access and Win Rates: Ben Orthlieb explains why access and win rates are the primary drivers of venture success.
- 3:40 — The Trap of Concentrated Portfolios: A critique of the traditional model of investing large checks in concentrated portfolios for new funds.
- 4:00 — Combating Adverse Selection: An analysis of how new investors can avoid bad deals by creating a differentiated investment thesis.
- 4:20 — Scaling Differentiated Access: The challenge of maintaining a unique edge and winning deals at scale in a competitive market.

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## Transcript

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