How Does Josh Wolfe of Lux Capital Say Investors Get the Best Deals?

A Smash Notes episode plays a Knowledge Project conversation between Shane Parrish and Josh Wolfe, co-founder of Lux Capital. Wolfe says the edge is to see what everyone else is looking at, then hunt the white space they ignore. Venture is an inefficient market, he says, because there is no known list of companies. Two people can decide to start one tomorrow and nobody else knows. He looks for scientists, or founders teamed with scientists, who are inventing the future, and he tries to back them before anyone else does. Lux wants to find what nobody has discovered yet, and it wants the crowd to agree later, not now.