Erik is joined on this episode by Beezer (Elizabeth) Clarkson (@Beezer232), managing director at Sapphire Ventures, and Chris Douvos (@cdouvos), founder of Ahoy Capital.They talk about:- The state of the venture industry and the industry from the LP perspective.- Why venture is “either all about access or audacity.”- How LPs pick which funds to back.- Whether there is too much capital in the venture capital asset class.- What “dilettante capital” is and why there are more “clowns” in the industry than ever for whom lightning struck in the form of an outlier investment.- The three main ways that venture funds are differentiated.- Why succession is always a threat in venture and how good firms have been able to manage when a GP "calls in rich."- Why a good venture firm operates like a basketball team and a bad one operates like a tennis team.- The difference between building a firm and deploying capital.- Some impromptu book recommendations of classic works on California.Thanks for listening — if you like what you hear, please review us on your favorite podcast platform. Check us out on the web at villageglobal.vc or get in touch with us on Twitter @villageglobal.Venture Stories is brought to you by Village Global and is hosted by co-founder and partner, Erik Torenberg. Colin Campbell was our audio engineer for this episode and the show is produced by Brett Bolkowy.