The Next Big Thing

Nikhil Trivedi on the structure of the venture industry — partnerships versus solo capitalists, agglomerators versus specialists, and what counts as a moat for a fund. Quoting LP Craig Thomas: “brand is arguably the only thing that resembles a moat in traditional venture.”

This is the newsletter, not one issue. The Roam page held several issues stacked together; each has been split into its own long-read so it carries its own date, URL and notes, which is what makes them findable. This page is the index.

Issues captured

• Why I Use Roam Research Daily — 2021-02-11
• Venture Partnerships vs. Solo Capitalists — 2020-12-03
• Agglomerators vs. Specialists — 2020-09-14
• The Rise of the Solo Capitalists — 2020-09-14

Verbatim source notes — restored from Roam, 2026-09-21

• Venture Partnerships vs. Solo Capitalists Solo Capitalists Bifurcation in Investing Build a Fund - December 3rd, 2020
• Why I Use Roam Research Daily - February 11th, 2021
• Read Agglomerators vs. Specialists Investing 101 2.0 Bifurcation in Investing - September 14th, 2020
• The Rise of the Solo Capitalists Solo Capitalists Solo Capitalists - September 14th, 2020