Part II: Lovebirds in Lisbon

Well, not exactly lovebirds. Let’s just say that after being married for 28 years, having our first son 24 years ago, and having a house full of four boys for most of those 24 years, it’s safe to say that my wife and I were both wondering what living together as just the two of us might be like again. So why not move to a foreign country and totally test the system!

We started our trip in Lisbon with a quick two nights in an AirBnB just north of Bairro Alto, an area in the central part of Lisbon. The apartment had a nice view of colorful Lisbon rooftops, and was a great home base for a couple of first-timers to the city. First impression: there are some steep hills.

Day one is Lisbon started with a hop-on hop-off bus trip. We took an hour ride out to the outskirts of Lisbon and ended up hopping off around Tower Belem and the Monument of Discoveries at the water front. It was a perfect day out, so walking around the waterfront and going to the top of the Monument of Discoveries gave us some great views of the city.

View from top of Monument of Discoveries

Monument of Discoveries

The evening turned out to be a sporting experience like we had never experienced. Before we headed to Portugal, a good friend reminded me that the UEFA Champions League soccer tournament was going on, and that it was likely that a couple of the Portuguese teams were playing. A quick look at the Google-machine, and I saw that Benfica (one of the two main teams in Lisbon) would be playing Paris-St Germain the first night we were there. I went online and bought two outrageously priced tickets close to the field, and we started our trip with a rapid introduction to European soccer fanaticism. The sold-out stadium was absolutely electric from the moment we walked in. Coming off the weekend before where we saw the University of Wisconsin play at Camp Randall, and then went to Lambeau Field to see the Green Bay Packers play, I will say that the fans at Benfica are un-matched. They don’t need a scoreboard or announcer to tell them to cheer, or what the situation in the game is. They are all engaged, all the time. We were lucky enough to see one of the all-time greats, Lionel Messi, score a goal. And the home team was able to pull out a 1-1 tie against one of the richest soccer clubs in the world. Special night for sure.

Walking up to Benfica’s stadium

Our second day started with a walking food tour. What a great way to see a city, learn a little history, and taste some of the local cuisine. We got to try the cod fish ball (yuk), port wine (yum), gingham (super yum). Walking around, it was crazy to see all the tiled sidewalks and exteriors of buildings everywhere, which seems like is something unique to Portugal.

Cod fish ball

Tiled sidewalk is a reflection of the building

That night started with a cocktail at the swanky Monkey Mash speakeasy that was just down the street (yeah, no uphill walking) from our place. We had heard about this speakeasy, because it was the front for another bar, The Red Frog, a super speakeasy that had just been rated #40 on the list of the World’s Best 50 Bars. We couldn’t get into the Red Frog, but had a really nice cocktail at Monkey Mash before heading to our dinner two blocks away at Amago. Amago is unique, in that it doesn’t have a website, doesn’t have any employees (just the two owners), and doesn’t even have a sign out front. Is a one room, one table restaurant that seats 10. The experience of Amago is a must for anyone who’s in Lisbon, if you’re lucky enough to get in. Reservations can only be made directly through the owners, and I believe the only way to reach them is through their Instagram account (link provided above). We got SOOO lucky that when I pinged them the day before, that they had just had a cancellation. What an incredible dining experience that I doubt could ever be rivaled. The setting, the atmosphere, the food (10 courses), the owners, the random five other men that we sat with that night, the wines (7 different), the conversation. It was all such a unique and special experience.

Monkey Mash speakeasy

Outside of Amago with the owners

Dinner wine lineup

That’s a wrap on Lisbon (our first trip there). We’ll finish in Lisbon as well, but more on that later. On to the next adventure…

Part I: The Decision…Empty Nesters Move to Portugal…for a month

After 24 years, my wife and I are finally empty nesters…sort of. We took our 3rd son off to college in August, and with the 4th son going to high school in Florida, we have an empty house…sort of. Son #2 graduated college in May and is back living at home now and working for a tech company in SF, but he’s self-sufficient and his residency feels a bit transitory.

As we watched the great HBO series “100 Foot Wave” in 2021, I joked with my wife that we should go live in Portugal for a month once #3 went off to college. What started as a half-joke, grew into a repeatable refrain for me as we entered 2022. I figured that if I said it enough that it might actually come into reality. As the summer approached and #2 walked through his college graduation, the feeling that life was moving quickly by for the two of us helped to prod the trip forward.

So as we entered labor day weekend with a couple random AirBnB reservations around Portugal and one-way tickets purchased for Oct 2nd, my wife began to ask me questions like, “are we really going?” and “ok, what’s the plan while we’re there?” I had a pretty solid answer to the first question…”YES!” The second question was a little murkier for me.

The following posts will be a 4, 5, or 6 part series on our trip to Portugal. I hope you enjoy as much as we did.

2010 Reading List (draft that never got published)

(I found this in my “draft” posts, so here you go, ten years later, but still a good list of reading options…)

A co-worker turned me on to Audible at the beginning of 2010, and my commute time was significantly enhanced as I got to listen to a number of books during the year. With four kids, it’s not easy to find the time to read an actual book these days, so Audible turned out to be a great find. Here’s a list of the books I got to listen to in 2010:

• The Blind Side by Michael Lewis – I’d heard so much about the movie, that I was really interested in the book.  The story is amazing, and I really enjoyed the book, although I thought the time spent explaining the football (Lawrence Taylor, Bill Walsh’s west coast offense, etc.) took away from the characters/people of the story that I wanted to know better.
• Going Rouge by Sarah Palin – something about this women interested me during the presidential campaign, and I thought I’d give her a fair shot by listening to her book.  Was happy to hear that she narrated it herself, which always adds a little bit more to the audiobook.  I liked the insight that she gave on the nomination process and some of the campaign trail stuff.
• Crush It by Gary Vaynerchuck – Gary joined SVB for our CFO conference in Utah in the summer, so reading his first book provided special meaning after meeting him in person.  Some great stuff on customer service and utilizing social media, but the greatest insight was his simple message to CARE.
• Lone Survivor by Marcus Lattrell – true story, since made into a great movie.
• Drive:  The Surprising Truth About What Motivates Us by Daniel Pink
• eBoys by Randall Stross – insight into the venture capital community through the inner workings of Benchmark Capital.
• The Rational Optimist by Matt Ridley – didn’t get all the way through this; a little too much jargon for me
• Younger Next Year by Chris Crowley and Henry Lodge, MD – written for men who just turned 50; some good messages, but the narration was way over the top for me.
• Delivering Happiness by Tony Hsieh – the story of the corporate culture that the author created at his company, Zappos.  Fun, energetic, and totaling refreshing read.
• Manhunt by James L. Swanson – incredible story about the 12-days after the assassination of Abraham Lincoln, and the search for John Wilkes Booth.  Great real-life story stitched together by the author.

(Happy to report that 10 years later, and I’m still a member of Audible, with a library of 49 titles.  That works out to about 5 books per year, which isn’t bad.  I’ll write an update post later this year with my book list of 2020.)

My Favorite “Super Friend” Character

 

When I was a young kid, I would religiously watch The Justice League Super Friends every Saturday morning.  The milk in my bowl of Cheerios would slosh over the sides and dampen the carpet in front of our TV as I raced to my spot about four feet in front of the 27 inch television screen.

The core of the Justice League consisted of five superhero’s:  Superman, Batman, Robin, Aquaman, and my all-time favorite…Wonder Woman.   She was the only woman in a house of full of men at the Justice League.  Very similar to my house these days, with myself and four boys, dominated by a kick-ass woman.  I find the similarities very odd:

• The Super Friends “team” never left the Justice League on a mission until Wonder Woman showed up, and she was usually the last one ready to go.  Exact same in our house.
• She rode around in that cool ride, which seemingly could hold the entire Justice League.  My wife rides around town in a unique Mini Cooper, and can somehow fit all four of our boys in it, along with all their school and sports stuff.
• Wonder Woman used a golden rope to corral all the bad guys.  My wife doesn’t use ropes, but she does seem to have some super power to corral all of us into doing what she wants us to do.

As we look to celebrate our 26th year of marriage later this summer, I still get excited to wake up in the morning and hang out with the Wonder Woman of our family.

Embracing Plan B

My oldest son just graduated from a prestigious university and has a great job lined up, but thanks to comic Mike Birbiglia, all I can think about is why this isn’t part of Plan A for him.  I have to admit that I don’t really know who Mike Birbiglia is, but he stood out from the dozens of other commencement speeches I viewed on YouTube while trying to put together a video for our son’s graduation.  There’s a ton of great material out there from the likes of Barack Obama, Oprah Winfrey, Lebron James, and Ludacris.  But, it was the 6 minute and 28 second vignette from the cardigan clad Birbiglia to Georgetown University that caught my attention.  Not because he mentioned sex with a blow up doll (which caused my wife to promptly nix his video for inclusion in our grand-parent appropriate commencement montage), but because the message he focused on gave me a different perspective on viewing how life is currently evolving beyond the life people desire.

Plan A for my son’s graduation included flying out to Michigan with my wife and other sons; meeting his grandparents and uncle there; staying in a strange hotel that my wife had to book over a year earlier; having big dinners over the long weekend with my son and family; and spending an entire day listening to random speeches and hearing hundreds of random names read aloud as new graduates for the University of Michigan.  That Plan A never materialized thanks to Covid-19.

Instead, I was sequestered in my home helping my wife and brother-in-law edit an iMovie of various pictures, music, videos, online commencement speeches, and Snap-like videos from our other kids.  Our family turned into video directors, producers, and editors…not the Plan A.  But a funny thing came out of the process…the Plan B was likely a much better outcome.  I got to spend quality time with my wife creating, which is something we don’t do often (ie. never) together.  We got to spend hours of online time with my wife’s brother, talking about different aspects of the video, but also talking about life and catching up.  Outcome:  we created a video montage that captures our son’s college years; we had a Zoom call with family and friends that otherwise wouldn’t have been able to share the finality of his four years with him; and we now have a record of this occasion that is  more lasting in our memories than it would’ve been if we were sitting in a big stadium with my in-laws waiting to hear my son’s name read off a card.  Plan B turned out better.

And I’m starting to realize that the current pandemic, Covid, SIP situation is one big Plan B.  And in some ways, while different and unimagined, the outcomes may be better.  Plan B means instead of going to work everyday and being with a fun and energetic team and clients, that I get to be home and have dinner with my family every night.  Plan B means instead of relying on the professional and college sports world for my outside entertainment, that I know participate actively in the actual outside world by walking my golf course and riding my bike .  Plan B has me pasting the word “Empathy” on my my computer, and having discussions about racial injustice with my kids; not likely to have happened otherwise.  Plan B means I missed out on a great trip with friends to the Final Four and the Masters…well, I haven’t found a Plan B that is better for that one, and doubt I ever could.  That one really hurts.

Time to embrace Plan B, because it gives you the opportunity to stretch beyond what you think is best.  That’s where life can be fun, enjoyable, and fresh.  Embrace Plan B.

 

Unicorn Venture Fund League Table

With all the talk recently about unicorn companies (those private tech companies that are able to attract valuations in excess of $1.0 billion), it got me thinking about unicorn venture firms (venture firms that have raised funds greater than $1.0 billion).

From our friends at CB Insights, they tell us that 38 private companies received unicorn status in 2014, and another 16 closing by mid-April of this year. That’s 54 companies in just over 16 months.

Compare that to the data I was able to pull out of Pitchbook for venture firms*, which found that there’s only been 31 venture firms who have been able to raise $1.0 billion funds in the entire history of venture. Some of them were able to do it more than once, so these 31 firms amounted to 53 unicorn funds since 1999. My data set was focused on US only investors, and includes some growth investors like TCV and Oak, but they are still considered venture for this purpose.

The growth folks dominate the league tables, with NEA leading the pack with six vehicles over $1.0 billion, including their close this year of New Enterprise Associates 15 at $2.8 billion. TCV and Oak have both raised four (4) funds over $1.0 billion, and Bessemer and Greylock each have three (3). Interestingly, none of the top five firms are considered Silicon Valley born-and-bred firms, as they all started on the East Coast. At least three of the firms now consider their headquarters in Silicon Valley, but all have significant presence on both coasts.

Vintage dispersion is also interesting, with no year eclipsing the 2000 high water mark of eight fund closings at over $1.0 billion until 2014, when nine unicorn-funds were closed (scary, given all the discussion lately comparing the current environment to the late 90’s exuberance). Many of the recent unicorn funds are familiar names, but in 2014 there were five firms who raised their first unicorn (Accel, Founders, Lightspeed, Tiger Global, and Vivo), with Tiger Global actually raising two unicorn funds in 2014.

I’m sure if I dove further into the data, we’d see that the unicorn funds are likely the ones who are leading/participating in the unicorn company financings, but I’ll leave that analysis to someone else. For now, here’s the breakdown of the league table:

Firm	#
NEA	6
TCV	4
Oak	4
Bessemer	3
Greylock	3
IVP	2
Khosla	2
Menlo	2
Norwest	2
Sequoia	2
Tiger Global	2
VantagePoint	2
Accel	1
Andreessen Horowitz	1
Apple Tree	1
Benchmark	1
Founders	1
KPCB	1
Lightspeed	1
Matrix	1
Mayfield	1
Meritech	1
Mobius	1
Polaris	1
Redpoint	1
SK Ventures	1
Softbank	1
Sprout	1
TH Lee	1
USVP	1
Vivo	1

* Data from Pitchbook pulled from custom search of US domestic firms that have raised a minimum fund size of $1.0 billion.  My apologies if there’s anyone who was inadvertently left off the list based on my less than perfect search skills.

 

 

Insights and Advice From Some of The Greatest VC Investors of All Time

I was lucky enough to attend the National Venture Capital Association (NVCA) Gala and Awards Ceremony last night in San Francisco.  The event was an interesting juxtaposition of the venture industry today, with many of the old guard in attendence wearing tuxedos or dark suits, along with some of the new style in the industry with fancy sport coats, open collar ginigham shirts, and jeans.

The program was focused around the three award winners for the night:

• Josh Green (Mohr Davidow) – Outstanding Service Award (outstanding service as an NVCA Board Member or Director)
• Robin Richards Donohoe (Draper Richards) – American Spirit Award (showing philanthropic leadership to make a contribution to society)
• Michael Moritz (Sequoia Capital) – Lifetime Achievement Award (instrumental in the formation and growth of the venture capital industry)

Besides Bruce Dunlevie’s (Benchmark) dry comedic introduction of Sir Michael Moritz, the highlight of the night was the final panel featuring John Doerr of Kleiner Perkins, Bill Draper of Draper Richards, Dick Kramlich of NEA, and Bill Gurley of Benchmark.  Their discussion was moderated by Moritz, who used his skills as a journalist to deftly guide the discussion.  Some of the highlighted comments that I noted:

• Bill Gurley admitted that his biggest mistake in venture was that he didn’t chase the deal hard enough with Google after Larry and Sergey came and presented to their partnership (Doerr and Moritz were the beneficiaries of that blunder);
• Both Doerr and Moritz regret not doing Netflix; in particular, Doerr noted how much respect he has for founder Reed Hastings as a person, and that he would love to have worked with him;
• The panel was almost unanimous (Doerr abstained) in their belief that China will lead  the growth and innovation economy within the next 10 years (my comment:  maybe they already are);
• Gurley and Kramlich both feel like the venture market is showing similar signs to the 1999/2000 era, with Gurley noting the additional concern that there’s actually no liquidity today as companies are not going public at the same rate that they were in 1999; and,
• Doerr and Moritz seemed less concerned, with Doerr noting Mary Meeker’s comments that we’re in the early stages of a sustained boom economy.  See her most recent market comments here at WSJ Online.

The final question posed to the panel was particularly interesting for those with children or mentoring young adults:  “What advice would you give to young folks looking to enter the venture capital industry?”  The responses were great:

• Doerr – pick two fields, and get to know all you can about them.  Then network like crazy in those two areaa; be humble; don’t get confused about competence or skill, because venture is a lot about luck.
• Draper – ask questions and be curious (much like a jounrnalist); work at a small business for a couple of year before going into the investment side.
• Kramlich – be alert and able to change as the environment changes; take your time to listen to those with experience.
• Gurley – have a passion for the industry; be insanely curious (2nd time the word “curious” came up); don’t assume that the game will always stay the same; bet heavy on your strengths as an individual.
• Moritz – remain alert, protective, eager, curious (3rd mention), and hard charging.

 

Battle Royale – Hawaii vs NorCal

The late morning air in Vancouver, Washington felt heavy on the skin, as the pressure for Pleasanton’s 14 year-olds to advance in the Western Regional came down to one game against Ewa Beach, Hawaii. The sting of Friday’s fiasco against Idaho was still fresh in everyone’s mind, and no one was quite sure how the team would respond to their first adversity of the summer.

Ptown Blue would bat first, and it was obvious from the start that this game would be different that the previous day’s contest. An error, two hit batsmen, and singles by Jimmy Kaufman and Quinn Brinnon gave Pleasanton a quick 2-0 lead and knocked their starting pitcher out of the game. With Mitch Benson on the hill, the team felt confidence about their chances. A quick bottom of the first proved to the young Ptowners that they could play with the white-uniformed team from Ewa Beach.

Despite the incessant tribal chants from the kids and parents from Hawaii, Pleasanton kept the pressure on in the second inning, with the big blow being a 2-run rocket to left-center that left Mitch Benson standing on third base, and the dugout of blue clad boys whooping and smiling at their early success. Nate Lau followed with a sharp single to center, and suddenly the boys were up 5-0.

No one expected the Hawaii team to fold their beach towels and head home from the beach early, particularly their boisterous parents and fans. They came back to score four in the bottom of the second, and another in the third, and the game was tied after three complete innings. The teams traded single runs in the fourth, and the game took on the feel of a heavy weight title fight, except the only swings were coming from these still-developing 14 year old boys (with a couple extra swings thrown in by the Hawaii team).

Breakthrough came in the sixth inning for the powder blue wearing Ptowners. The rally started with lead-off hitter Max Lander lining a ball back through the pitcher and into centerfield for a base hit. Justin Lavell’s two-strike, chopping single to right just over the glove of Hawaii’s beamoth first baseman set up Trevor Wallace’s single to plate Lander and give the team the lead. An intentional walk to Mitch Benson with runners on first and second, a tactic usually reserved for Barry Bonds, loaded the bases for Nate Lau. This brought the Hawaii infielders in tight, their spikes firmly set on green grass of the Columbia River infield. Nate Lau made them pay, as he got a ball through the infield plating another run. Another hit batsman (Hawaii plunked four Ptown players on Saturday), would push across another, and the score stood at 9-6, with Pleasanton needing six more outs for the win.

The final outs of a baseball game can often be difficult to find, as players find themselves griping the ball a little tighter, and accumulating a bit more sweat in their finger tips. Special players can calm those nerves, and preserve through difficult and harrowing times. Two such players stepped up for Ptown on Saturday, with Trevor Wallace coming in for relief of Mitch Benson, and defensive leader Cal O’Loughlin deftly scooping up balls at shortstop. In the end, Wallace allowed only one base runner, and O’Loughlin accounted for five of the last six outs, including the turn of an amazing 4-6-3 double play to end the game and end the chorus of chants from the highly competitive Hawaii team.

There’s no doubt that we will likely face this Hawaii team again, as they are talented and spirited. All those in attendance on Saturday were exhausted, drained, and thoroughly entertained by the young men on the field. People often throw out terms like “The best I’ve ever seen,” so I’ll avoid such hyperbole, but I know that the trek to Vancouver, Washington to watch 14-year old boys play baseball and represent Pleasanton was all made worth it by the way our team carried themselves on Saturday. Congrats to the players and coaches, and thank you for making the summer of 2014 so memorable for all that are involved and rooting for you, for playing the game the right way, and for reminding us all how to have fun while succeeding at the highest level of competition.

Disappointment on the Columbia River for the Pleasanton Juniors

Dubbed the “Columbia River Meltdown” by many of the local baseball aficionados, Ptown’s 8-3 loss to the underdog potato farmers from the Pacific Northwest was a shock to everyone but the kids from Idaho. The boys quickly felt the weight of this potentially costly defeat, as they faced the specter of not making it out of pool play, with a lone game left on their four-game slate against an undefeated Hawaii team.

The Western Region Junior tournament of 2014 was proving to be a grouping of “Have” and “Have Nots” as there were six teams with one or less loss after four days of play, and five other teams largely eliminated from the tournament. With 2 days remaining of pool play, six teams were fighting for 4 playoff spots. While the Friday loss didn’t eliminate Ptown, it certainly tested their resolve as the reality for these 14-year old boys that they weren’t invincible was a big blow to their young egos.

However, their coaches, led by Dave Lander, Bob. Kaufman, and Eric Benson, used the loss as a teaching moment, and found light where there seemed so little. A Saturday win against the team from Ewa Beach, Hawaii had to be expected by the boys, and the coaches worked furiously into the early Saturday morning watching game film and playing with different lineup and pitching scenarios. The foundations of confidence can disturbed by the slightest erosion at the base, but come Saturday morning, it was obvious that this team wouldn’t allow a random bump in the soil to affect how firmly their feet would bury into the Columbia River shoreline field.

A loss to Hawaii would include a one-way ticket back to Pleasanton, and a heavy feeling of unfulfilled promise. A win, and all prior transgressions could be erased. It would be a tough battle, and one not to be miss. You’ll learn in my next post what happened on that Saturday afternoon against Hawaii.

The Battle for Oxford Suites Supremacy (non-fiction)

It was an eerily cool and breezy summer night in the far northern reaches of California on Tuesday evening. Interstate 5 has been a well worn path of anxious families and fans to the teams playing in this talent rich youth baseball tournament, although most of the teams young ballplayers are lodging in Redding for the week. Tonight marked the culmination of a long weekend of baseball for the sturdiest teams playing through the winners bracket – Pleasanton and Rocklin.

After five days of sharing the beautiful confines of the Redding Oxford Suites (a fine stop for those traveling through Northern California to the annual Shakespeare Festival in Ashland, Oregon) these two titans of Northern California youth baseball were able to square off in the baseball equivalent of a UFC cage-match at Foothill High School outside of Redding.

The Pleasanton team started quickly with Jimmy Kaufman dominating the first inning, shutting down the Rocklin hitters with his poison filled darts of pitches, while whipping a fierce double to score Mitch Benson to take a 1-0 lead after the first inning.

The starting pitching for both teams cruised through the second, but it was the Rocklin pitcher that blinked in the third inning, giving up a sharp hit to center to Justin Lavell, and walked two to load the bases. A confident Nate Lau stepped into the batters box next, and after getting down in the count 1-2, found some open greenery for the baseball in right field. The right fielder made a valiant diving effort for the sinking liner, but after the dust settled, Lau was standing on third base and the boys from Ptown had a 4-0 lead. Insurance came shortly after, as another walk, a failed pick-off attempt, and two errors, led to two more runs and a 6-0 lead after three innings complete.

That would be all the boys from Pleasanton would need, as Jimmy Kaufman pitched a complete game, and the Ptown Blue crew held on for a stirring 6-4 win over the game team from Rocklin.

Their next game will be Thursday, with the winners of Wednesday night’s consolation game needing to beat Pleasanton twice on Thursday to claim the Northern California crown. A tall order for any team against the gritty Pleasanton boys. The stands should be packed for Thursday’s finals, so get there early to secure good seats. There’s free hot dogs and Coach Lander bobble head to the first 5 fans who mention this article at the snack shack.