The Generalist

Carl Pei is the founder of Nothing, the consumer electronics company known for its distinctive transparent design language across smartphones and audio products. Before launching Nothing in 2020, Carl co-founded OnePlus, where he spent seven years helping build it into a major smartphone brand. But Carl’s instincts as a builder showed up much earlier. As a teenager, he taught himself to code by building Pokémon fan sites, all while moving between China, the U.S., and Sweden. That combination of early creation and constant change shaped a founder comfortable with uncertainty—and deeply motivated by questions bigger than products. Carl thinks often about time and mortality, is skeptical of early retirement, and believes creativity is humanity’s real advantage. In an industry obsessed with optimization, he’s focused on making technology feel meaningful again.In our conversation, we explore:The origins of Nothing’s transparent design language and how it helps differentiate the brand in a mature, competitive marketCarl’s childhood fascination with mortality and how it continues to drive his ambition todayNothing’s multiple near-death experiences, from 80% defect rates on first products to fundraising strugglesWhy India has become a crucial market for Nothing’s smartphone businessHow Nothing approaches community involvement, including letting users invest alongside VCsThe company’s approach to integrating AI features without overhyping the technologyCarl’s admiration for Genghis Khan’s management style and talent acquisition approachThe future of consumer electronics beyond smartphones—Thank you to our sponsor, Guru — The AI source of truth for work—Transcript: https://www.generalist.com/p/nothings-carl-pei-on-building-a-1b-smartphone-company—Timestamps00:00) Introduction to Carl Pei and Nothing(02:44) Nothing’s long-term vision(06:33) How existential thinking shapes Carl’s motivation(10:12) Why Carl’s planned sabbatical ended after ten days(12:35) Carl’s international upbringing(16:02) Entrepreneurial experiments in China(19:10) Carl’s competitive nature and attitude toward school(25:30) Lessons from seven years at OnePlus(28:07) Taking a break at age 31(30:50) Carl’s fundraising strategy(33:26) Why Carl chose London for Nothing’s HQ(35:12) Lessons from Genghis Khan(38:38) Nothing’s first near-death moment(42:56) Nothing’s product evolution and breakout hits(45:24) Partnering with Teenage Engineering(49:28) Design inspirations(51:36) How Nothing recruits talent(53:42) Nothing’s approach to marketing(56:51) How India became a key market(59:48) Why Nothing created CMF(1:02:12) Why Carl is bullish on India(1:03:32) How Carl thinks about AI(1:07:05) Rethinking ads based on community feedback(1:09:05) How Nothing leverages community(1:11:23) Why AI hardware is struggling(1:13:37) Carl’s thoughts on the future of consumer electronics(1:15:10) Philosophies that shape Carl’s worldview(1:16:45) Final meditations—Follow Carl PeiLinkedIn: https://www.linkedin.com/in/getpeidX: https://x.com/getpeid—Resources and episode mentions: https://www.generalist.com/p/nothings-carl-pei-on-building-a-1b-smartphone-company—Production and marketing by penname.co. For inquiries about sponsoring the podcast, email [email protected].

Two decades ago, Aydin Senkut was a first-time fund manager with a thin track record to show prospective backers. LPs didn’t believe a solo GP, especially one without experience at a legacy firm, could build a lasting franchise. They were wrong. Today, Felicis is a Silicon Valley mainstay on its 10th fund, a $900M vehicle. Across its history, Felicis has backed a slew of winners, including Shopify, Canva, Crusoe, and dozens of other billion-dollar outcomes. Rather than specialize over time, Aydin has remained a true generalist, investing across markets and cycles. In this conversation, we dig into the frameworks, stories, and philosophies that shaped Felicis into what it is — and where Aydin believes the next decade of technology is heading.We explore:How growing up in Turkey with entrepreneur parents shaped Aydin’s approach to risk and investingLessons from working alongside Larry Page and Sergey Brin during Google’s early daysWhy Felicis deliberately chose a generalist strategy when most VCs were specializingHow international experience became a competitive advantage in finding global winnersThe mathematical case for portfolio diversification (50-70 companies per fund)Why valuation concerns are often overblown when revenue growth is exponentialFelicis’s aggressive AI investment strategy and what other investors are missingThe future of robotics and physical AI through companies like Skild AIWhy learning and adapting rapidly is Felicis’s constitutional principle—Thank you to our sponsor, Guru: The AI source of truth for work.—Transcript: https://www.generalist.com/p/why-being-a-generalist-vc-is-a-competitive-advantage—Timestamps(00:00) Introduction(03:09) How Aydin made his way to Silicon Valley(06:15) What he learned from his entrepreneurial parents(08:55) Learnings from the early days at Google(15:05) The childhood roots of his investing philosophy(16:31) Why rejection became a catalyst for his venture career(19:28) Strategy behind Felicis's first $41M fund(25:44) How his international background became an investing edge(28:17) How Aydin approaches diversification at scale(32:08) How he sizes investments based on conviction(33:15) Generalist vs. specialist investing(38:23) Why founders are the foundation(42:48) Why success may look different than expected(43:46) The Felicis journey(48:18) Why Felicis is going all in on AI(54:54) Why entry point matters less than potential(57:33) How the AI bubble debate misses the point(59:47) What makes Skild AI a standout company(01:04:58) The AI bets Felicis missed(01:07:55) How missing Airbnb and Uber led to backing Adyen(01:11:20) Final meditations—Follow Aydin SenkutLinkedIn: https://www.linkedin.com/in/aydinsX: https://x.com/asenkut—Resources and episode mentions—Books—Antifragile: Things That Gain from Disorder: https://www.amazon.com/Antifragile-Things-That-Disorder-Incerto-ebook/dp/B0083DJWGOClear Thinking: Turning Ordinary Moments into Extraordinary Results: https://www.amazon.com/Clear-Thinking-Turning-Ordinary-Extraordinary/dp/0593086112—People—Larry Page: https://en.wikipedia.org/wiki/Larry_PageSergey Brin: https://en.wikipedia.org/wiki/Sergey_BrinEric Schmidt: https://en.wikipedia.org/wiki/Eric_SchmidtBrian Chesky on X: https://x.com/bcheskyShane Parrish’s blog: https://fs.blog—Other resources—Felicis: https://www.felicis.comMastering Portfolio Construction: https://www.generalist.com/p/mastering-portfolio-constructionSteve Jobs’s quote on focus: https://www.goodreads.com/quotes/629613-people-think-focus-means-saying-yes-to-the-thing-you-veAngry Birds: https://www.angrybirds.comRovio: https://www.rovio.comAdyen: https://www.adyen.comCanva: https://www.canva.com...Resources continued at: https://www.generalist.com/p/why-being-a-generalist-vc-is-a-competitive-advantage⁠—Production and marketing by penname.co. For inquiries about sponsoring the podcast, email [email protected].

Prediction markets are no longer a fringe curiosity. They are becoming one of the most revealing instruments in modern finance. Platforms like Polymarket, once a niche corner of crypto, now regularly clear billions in monthly volume as traders speculate on everything from political outcomes to sports to cultural events. Few people saw this future as early, or as clearly, as Joey Krug.A decade before prediction markets went mainstream, Joey dropped out of college to co-found Augur, the first decentralized prediction market protocol. He later became one of the most influential investors in the category by backing Polymarket at Founders Fund. In this conversation, Joey shares why the moment for prediction markets has finally arrived, what has changed, and how these markets are reshaping information flows across society.We explore:The experimental mindset that led Joey from horse-racing predictions to mining bitcoin in high schoolWhy Augur was the right idea at the wrong moment, and what it taught Joey about timing and infrastructureThe product, liquidity, and founder-market fit signals that persuaded Founders Fund to back PolymarketWhy resolution is the hardest problem in prediction markets, and how Polymarket approaches itHow crypto treasury companies are emerging as a major force and where ETFs fit inWhy mimetic behavior drives entire sectors and how savvy investors read those wavesThe rise and fall of Operation Choke Point and its impact on cryptoHow Founders Fund reframed Joey’s approach to evaluating founders, markets, and structural shifts—Thank you to the partners who make this possibleGuru: The AI source of truth for work.Auth0: Secure access for everyone. But not just anyone.—Transcript: https://www.generalist.com/p/joey-krug-on-prediction-markets—Timestamps(00:00) Intro(04:10) How Joey began making predictions with horse racing(08:00) Why Joey began coding with Applesoft BASIC(09:32) How Joey first discovered crypto(11:06) Why Joey dropped out of school to pursue crypto(12:52) The origins of Joey’s interest in medical school(16:15) How Joey spends nights and weekends splitting time between biotech and trading(17:18) The early influences behind Augur’s creation(19:40) Why prediction markets captivated early crypto thinkers(23:26) The unlock crypto created for prediction markets(29:22) How Polymarket began and why Joey decided to back it(32:11) What made Polymarket the right team(35:25) The FBI raid and how Shane responded(38:20) Why Joey expected Polymarket’s volume to hold after the election(40:20) The trend toward duopolies in financial markets(42:37) What sets Polymarket’s product design apart(45:25) How to keep prediction markets clear and unambiguous(48:31) The rise of crypto treasury companies and FF’s work with BitMine(51:26) The value of crypto treasuries and the role of ETFs(54:33) The mimetic rise of crypto treasury companies(57:03) Joey’s take on where the crypto market stands now(1:00:23) Why Founders Fund is bullish on ETH(1:03:03) Operation Choke Point, regulatory whiplash, and the end of the crypto crackdown(1:06:04) Where the Clarity Act falls short(1:08:56) How Joey’s thinking has evolved since joining Founders Fund(1:13:21) Final meditations—Follow Joey KrugLinkedIn: https://www.linkedin.com/in/joeykrug—Resources and episode mentions: https://www.generalist.com/p/joey-krug-on-prediction-markets⁠—Production and marketing by penname.co. For inquiries about sponsoring the podcast, email [email protected].

In the summer of 2022, Parth Garg woke up in Bangalore to discover that his co-founder had fled the country and emailed their investors to tell them their company was dead. Just over three years later, Aspora is one of fintech’s fastest-growing startups. The company, which makes it faster and cheaper for India’s diaspora to send money home and access banking services, now processes close to half a billion dollars in volume every month and has earned a $500 million valuation with backing from elite investors like Hummingbird Ventures, Sequoia, and Greylock.In this conversation, Parth shares his journey from physics prodigy to fintech founder, offering insights into what it really takes to build resilience as a founder and how to create a culture where feedback flows freely, even without a co-founder to provide checks and balances.—We explore:• The moment when Parth discovered his co-founder had left the country and told investors the company was shutting down• How Parth’s childhood moving between cities in India and later to the UAE shaped his adaptability and entrepreneurial mindset• His journey from physics prodigy to startup founder, including early ventures before Aspora• The process of discovering product-market fit through structured experimentation after the initial business model failed• Why the Indian diaspora represents a massive, underserved financial opportunity (1% of the population contributing 30% of deposits)• How stablecoins dramatically reduced Aspora’s working capital requirements and transformed their business model• The regulatory landscape for fintech and crypto in India and the impact of the GENIUS Act in the US• Aspora’s vision to become a comprehensive cross-border bank serving multiple diaspora communities globally—Thank you to the partners who make this possibleGoFundMe Giving Funds: One Account. Zero Hassle.Guru: The AI source of truth for work.Persona: Trusted identity verification for any use case.—Timestamps(00:00) Intro(03:53) How Parth felt when his co-founder fled the country(07:04) Parth’s early days in India and the UAE(09:37) Parth’s love of physics and competitiveness(12:15) The not-so-straightforward path from studying physics at Stanford to entrepreneurship(14:13) Parth’s physics heroes(16:24) The gap year that sparked Parth’s entrepreneurship journey(18:36) Parth’s first startup: selling near-expired groceries(21:58) Moving back to the United States and founding Vance(28:00) Joining YC and finding early backers(31:14) How Parth realized Vance needed to pivot(35:22) How Parth moved forward after his co-founder fled(37:37) Building psychological safety and open debate at Aspora(40:15) How conversations with immigrants inspired Aspora’s idea(45:13) How stablecoins solved Aspora’s biggest operational challenges(46:57) Aspora’s current scale and why India was the perfect starting point(51:34) How Aspora builds loyalty in a low-switching-cost market(52:42) The GENIUS Act and the real opportunity in stablecoins(55:52) The evolution of crypto and stablecoins in India(56:50) The importance of partnerships for scaling Aspora in India(58:18) The next phases of Aspora’s growth(01:00:04) The role of Aspora’s new bets team(1:01:20) Final meditations—Follow Parth GargLinkedIn: https://www.linkedin.com/in/parth29—Resources and episode mentions: https://www.generalist.com/p/banking-the-diaspora-parth-garg—Production and marketing by penname.co. For inquiries about sponsoring the podcast, email [email protected].

What if you could redesign the rules of society? Not tweak the margins, but start over entirely. That’s the question driving Erick Brimen, founder and CEO of Próspera, a private charter city in Roatán, Honduras. Próspera is a radical experiment in governance: a platform that lets governments and entrepreneurs build cities with new legal systems, regulatory frameworks, and institutions from the ground up. Brimen believes that governance itself can be innovated upon. That cities, like software, can be upgraded. His goal isn’t just to build one new jurisdiction, but to create an operating system for hundreds of prosperous, self-governing communities around the world. In this conversation, Erick and I explore what it really takes to build a modern Singapore from scratch — and why better governance might be humanity’s most powerful lever for progress.Together we explore:• How Brimen’s childhood in Venezuela shaped his understanding of governance and poverty• The historical precedents for charter cities like Dubai, Singapore, and Hong Kong• Why common law, trusted dispute resolution, and dynamic governance are essential foundations• How Próspera’s Governance-as-a-Service model aligns incentives between governments, operators, and residents• The current state of Próspera in Honduras, including its three hubs and economic impact• The political challenges Próspera has faced and how international arbitration has protected the project• Why regulatory innovation enables industries like biotech, crypto, and advanced manufacturing to flourish• How the model could be applied to “catch-up growth,” industry diversification, and accelerating growth in developed nations• The vision for a modern Hanseatic League of charter cities operating on shared governance principles—Thank you to the partners who make this possibleGoFundMe Giving Funds: One Account. Zero Hassle.Guru: The AI source of truth for workTezi: The AI agent for recruiting high-quality candidates quickly.—Transcript: https://www.generalist.com/p/the-170m-experiment-to-build-a-private-city—Timestamps(00:00) Intro(04:10) An overview of Próspera and charter cities(06:43) City of Próspera vs. the platform(08:06) How growing up in Venezuela shaped Erick’s entrepreneurial vision(12:36) The limits of seasteading and why Erick took a different path(15:20) The opposing philosophies that shaped Erick’s path(16:16) The moment that reshaped Erick’s understanding of poverty(19:57) The limits of learning from Dubai, Singapore, and Hong Kong(23:01) Building on the DIFC blueprint(25:12) From Arizona to Honduras: how Próspera built its first city(30:36) Why Honduras won(32:12) Inside the ZEDE framework(36:56) Próspera’s business model(43:45) Conditions on the ground in Honduras(47:14) A quick summary of how it works(48:24) Quick stats on Próspera’s scale and financing(50:47) What years of preparation made possible(52:44) The scale and purpose of Próspera’s three hubs(58:12) Próspera’s 10-year vision(1:01:12) The people Próspera was built to serve(1:04:10) Why less regulation unlocks more innovation(1:05:58) Próspera’s political headwinds(1:12:36) Why Erick remains optimistic that things will work out in Honduras(1:14:44) Addressing criticism of ZEDEs and Próspera(1:18:08) What’s next, and why the U.S. may be the greatest opportunity(1:22:30) Final meditations—Follow Erick BrimenLinkedIn: https://www.linkedin.com/in/erickbrimenWebsite: https://www.erickbrimen.com—Resources and episode mentions: https://www.generalist.com/p/the-170m-experiment-to-build-a-private-city—Production and marketing by penname.co. For inquiries about sponsoring the podcast, email [email protected].