Degen

Degen tipping seasons
are like
venture capital vintage funds
for new/emerging managers.

Shall I explain why?

The tipper is the LP
The tipped is the GP

Season 1, is Fund I, no one knows what GP is good. So the tips flow. You get easily tipped as a GP. You easily tip everyone as an LP

1/4

Season 3, is Fund III, 2 months in, like in fund vintages, the fund III is the hardest to raise as a new manager, LPs see your reputation, only a portion of GPs continue to grow and get greater tips.

3/4

Few will graduate to Fund IV !

:) but I'm probably wrong.

4/4

Season 2, is Fund II, benefit of the doubt, time too short to prove you're a good GP, you still get easily tipped. LPs are not too picky.

2/4