"First, most VC funds are failures.  In fact, much like startups, I’ve heard that 9 in 10 VCs will not even get to 1x returns!"

"If it’s work you enjoy, then it doesn’t feel like work."

"most people don’t do enough homework before deciding to start their funds.  I would talk with at least 10 micro VCs before deciding to do this."

"If you are not in a solid financial situation to do that, this business can be terrible for your personal life."

"Even if you have, say, a $10m fund, most of that money needs to be used for investing – not for your livelihood or for other things."

"If your fund is, say, $10m, then that means you have a yearly budget of $200k.  To be clear, this isn’t your salary; this is your budget to run your company."

"my salary today is less than what I made at my first job out of college… in 2004."

"It actually is very hard to bootstrap a micro VC because on one hand, you get virtually no salary but are also mostly prohibited from making money outside of your work."

"At most funds, you will also invest in your fund as well."

"In many cases, fund managers invest 1-5% of the fund size."

"Typically, capital calls are done over the course of 3 years."

"The “gold standard” for profitable VCs is a “3x return” benchmark.  If you’re above it, you’re considered excellent."

"you risk so much, much like a startup, but your upside is equivalent to working a steady job at Google for 10 years!"

"The average time for a microfund manager to raise a fund is ~2 years."

"Per SEC rules, you can only accept 99 accredited investors into your fund."

"In other words, you cannot just accept $5k here and there from friends and claw your way to momentum."

"I don’t believe the early stage fundraising landscape is a meritocracy, and I want the future of funding to be much more about speed of execution rather than about what you look like or how you talk."

"While many VCs pontificate about high level things, he looked at problems from a bottom’s up approach which made his thinking often unique from others."

"In hindsight, when they ended up needing to hire tons of people, being the BEST internet company in the Las Vegas area allowed them to swoop up talent that would have been a huge war to win in San Francisco."

"Tony’s attention to culture and cultivating an open and welcoming work family left a lasting impact on me, and he started doing this well before it became a trend."

"In a very Tony-like way, he basically told us to do what we thought was best. I remember feeling frustrated at the time, because…I didn’t know what was best! I had wanted him to tell me what he thought was best! But a good mentor helps you find your own answer – he/she doesn’t tell you the answer."

"We aren’t just capital deployers. We are trying to create a movement and a philosophy."