Is Non-Consensus Investing Overrated?

Martin Casado from a16z and Leo Polovets from Humba Ventures join the podcast to discuss the debate around consensus versus non-consensus investing in venture capital. They explore the meaning of consensus in practice, the efficiency of early markets, and the risks for founders who stray too far from consensus. The conversation covers whether big winners in tech initially appear non-consensus, the importance of follow-on funding, and the potential dangers of "indigestion" from raising too much capital too easily. They also discuss whether the market is becoming more efficient, the impact of fund size, and the importance of unit economics.