The Full Ratchet (TFR): Venture Capital and Startup Investing Demystified

Nick Moran | Angel Investor | Startup Advisor | Venture Capitalist

  • 6 minutes 52 seconds
    Investor Stories 464: Anti Portfolio Confessions: Missing Twilio, Zoom, DocuSign, MongoDB, and Solana (Austin, Simpson, Chaddha)

    On this special segment of The Full Ratchet, the following Investors are featured:

    • Ethan Austin of Outside VC
    • Arianna Simpson of Andreessen Horowitz
    • Navin Chaddha of Mayfield

    Each investor highlights a situation where they decided not to invest, why they passed, and how it played out.

    The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.

    We're proud to partner with Ramp, the modern finance automation platform. Book a demo and get $150—no strings attached.

    Want to keep up to date with The Full Ratchet? Follow us on social. You can learn more about New Stack Ventures by visiting our LinkedIn and Twitter.

    9 March 2026, 8:00 am
  • 8 minutes 24 seconds
    Investor Stories 463: Selling Transformation Not Software, Managing Through Activists and Mergers, and Scaling Culture with Intent (Agarwal, Tananbaum, Cohen)

    On this special segment of The Full Ratchet, the following Investors are featured:

    • Medha Agarwal of Defy
    • Jim Tananbaum of Foresite Capital
    • David Cohen of Techstars

    We asked guests to discuss the most visionary founder that they've worked with and what makes them so special.

    The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.

    We're proud to partner with Ramp, the modern finance automation platform. Book a demo and get $150—no strings attached.

    Want to keep up to date with The Full Ratchet? Follow us on social. You can learn more about New Stack Ventures by visiting our LinkedIn and Twitter.

    5 March 2026, 9:00 am
  • 35 minutes 38 seconds
    503. The Future of Fintech, If VC Growth Has Become a New Asset Class, and the Case For and Against Vertical Integration in the AI Age (Eric Byunn)

    Eric Byunn of Centana Growth joins Nick to discuss The Future of Fintech, If VC Growth Has Become a New Asset Class, and the Case For and Against Vertical Integration in the AI Age. In this episode we cover:

    • Due Diligence and Value Creation
    • Investment in Jumio and Identity Verification
    • Growth Expectations and Market Realities
    • Lessons from Netscape and Industry Evolution
    • Investor Responsiveness and Connectivity

    Guest Links:

    The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.

    We're proud to partner with Ramp, the modern finance automation platform. Book a demo and get $150—no strings attached.

    Want to keep up to date with The Full Ratchet? Follow us on social. You can learn more about New Stack Ventures by visiting our LinkedIn and Twitter.

    2 March 2026, 9:00 am
  • 5 minutes 24 seconds
    Investor Stories 462: Study the Masters, Develop Your Own Eye, and Stop Outsourcing Conviction (Wang, Mohapatra, Banks)

    On this special segment of The Full Ratchet, the following Investors are featured:

    • Casber Wang of Sapphire Ventures
    • Hemant Mohapatra of Lightspeed India
    • Lara Banks of Makena Capital Management

    We asked guests for the most important piece of advice that they'd share with folks early in their venture career.

    The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.

    We're proud to partner with Ramp, the modern finance automation platform. Book a demo and get $150—no strings attached.

    Want to keep up to date with The Full Ratchet? Follow us on social. You can learn more about New Stack Ventures by visiting our LinkedIn and Twitter.

    26 February 2026, 9:00 am
  • 6 minutes 55 seconds
    Investor Stories 461: Feast and Famine in Crypto, When to Take the Off Ramp, and Evaluating Founder Temperament (Simpson, Chaddha, Orthlieb)

    On this special segment of The Full Ratchet, the following Investors are featured:

    • Arianna Simpson of Andreessen Horowitz
    • Navin Chaddha of Mayfield
    • Ben Orthlieb of Blue Moon

    We discuss major conflicts that guests have faced and how they resolved them.

    The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.

    We're proud to partner with Ramp, the modern finance automation platform. Book a demo and get $150—no strings attached.

    Want to keep up to date with The Full Ratchet? Follow us on social. You can learn more about New Stack Ventures by visiting our LinkedIn and Twitter.

    23 February 2026, 9:00 am
  • 5 minutes 45 seconds
    Investor Stories 460: The Math Behind Venture Returns, When Sizing Matters More Than Selection, and Growth Over Discounts (Wallach, Okike, Banks)

    On this special segment of The Full Ratchet, the following Investors are featured:

    • D.A. Wallach of Time BioVentures
    • Nnamdi Okike of 645 Ventures
    • Lara Banks of Makena Capital Management

    We asked guests to tell the most important lesson they've learned in their career.

    The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.

    We're proud to partner with Ramp, the modern finance automation platform. Book a demo and get $150—no strings attached.

    Want to keep up to date with The Full Ratchet? Follow us on social. You can learn more about New Stack Ventures by visiting our LinkedIn and Twitter.

    19 February 2026, 9:00 am
  • 48 minutes 38 seconds
    502. A New Era For Venture: Dynamic Capitalism, Finding Alpha in the AI Cycle, Are Bubbles a Feature or a Bug, and Why the Future for America is Still Bright (Seth Levine)

    Seth Levine of Foundry joins Nick to discuss A New Era For Venture: Dynamic Capitalism, Finding Alpha in the AI Cycle, Are Bubbles a Feature or a Bug, and Why the Future for America is Still Bright. In this episode we cover:

    • State of Venture Capital and Investment Trends
    • Challenges and Opportunities in Venture Capital
    • Dynamic Capitalism and Its Principles
    • The Role of Government and Market Dynamics
    • The American Dream and Economic Mobility
    • Balancing Values and Politics in Business
    • The Future of Capitalism and American Optimism

    Guest Links:

    The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.

    We're proud to partner with Ramp, the modern finance automation platform. Book a demo and get $150—no strings attached.

    Want to keep up to date with The Full Ratchet? Follow us on social. You can learn more about New Stack Ventures by visiting our LinkedIn and Twitter.

    16 February 2026, 9:00 am
  • 4 minutes 52 seconds
    Investor Stories 459: Inside the Best LP Questions: Getting Better Over Time, Building Networks, and Driving Outcomes (Effron, Austin, Simpson)

    On this special segment of The Full Ratchet, the following Investors are featured:

    • Jacob Effron of Redpoint
    • Ethan Austin of Outside VC
    • Arianna Simpson of Andreessen Horowitz

    We asked guests to share the best question they've ever been asked by an allocator.

    The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.

    We're proud to partner with Ramp, the modern finance automation platform. Book a demo and get $150—no strings attached.

    Want to keep up to date with The Full Ratchet? Follow us on social. You can learn more about New Stack Ventures by visiting our LinkedIn and Twitter.

    12 February 2026, 9:00 am
  • 9 minutes 10 seconds
    Investor Stories 458: Anti Portfolio Lessons: Netflix by Mail, Palantir at the Wrong Price, and the Cost of Price Sensitivity (Madera, Bussgang, Orlovski)

    On this special segment of The Full Ratchet, the following Investors are featured:

    • Paul Madera of Meritech Capital
    • Jeff Bussgang of Flybridge Capital
    • Victor Orlovski of R136 Ventures

    Each investor highlights a situation where they decided not to invest, why they passed, and how it played out.

    The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.

    We're proud to partner with Ramp, the modern finance automation platform. Book a demo and get $150—no strings attached.

    Want to keep up to date with The Full Ratchet? Follow us on social. You can learn more about New Stack Ventures by visiting our LinkedIn and Twitter.

    9 February 2026, 9:00 am
  • 7 minutes 25 seconds
    Investor Stories 457: Lessons for Early Career VCs: Fiduciary Mindset, Power Law Discipline, and Personal Edge (Dash, Okike, Hudson)

    On this special segment of The Full Ratchet, the following Investors are featured:

    • Somesh Dash of IVP
    • Nnamdi Okike of 645 Ventures
    • Charles Hudson of Precursor Ventures

    We asked guests for the most important piece of advice that they'd share with folks early in their venture career.

    The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.

    We're proud to partner with Ramp, the modern finance automation platform. Book a demo and get $150—no strings attached.

    Want to keep up to date with The Full Ratchet? Follow us on social. You can learn more about New Stack Ventures by visiting our LinkedIn and Twitter.

    5 February 2026, 9:00 am
  • 1 hour 4 minutes
    501. Spotting the Next Big Thing, Why This Cycle Is Different, Acceptable vs Unacceptable Risk, and Why Duration Is a Feature Not a Bug (Jon Callaghan)

    Jon Callaghan of True Ventures joins Nick to discuss Spotting the Next Big Thing, Why This Cycle Is Different, Acceptable vs Unacceptable Risk, and Why Duration Is a Feature Not a Bug. In this episode we cover:

    • Spotting the Next Big Market and Reverse Engineering Success
    • The Role of Curiosity and Risk in Venture Capital
    • Duration as a Feature in Early-Stage Ventures
    • The Importance of Repeat Founders and Founder Referrals
    • The Creative Process and Learning from Other Creative Endeavors
    • Maximizing Risk and Long-Term Thinking in Venture Capital
    • The Role of People and Teamwork in Venture Capital

    Guest Links:

    The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.

    We're proud to partner with Ramp, the modern finance automation platform. Book a demo and get $150—no strings attached.

    Want to keep up to date with The Full Ratchet? Follow us on social. You can learn more about New Stack Ventures by visiting our LinkedIn and Twitter.

    2 February 2026, 9:00 am
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