💩 SHITTY VENTURE CAPITAL, INC.

Each letter is written by hand, scanned poorly, and was for many years uploaded as a PDF that did not open. After overwhelming demand (one email), we have transcribed them into actual web pages. They now open. We are not sure this was an improvement. Click any year below to be disappointed in higher fidelity.

• 2026 - "It's Different This Time" (it was not different)
• 2025 - "Down Rounds Build Character"
• 2024 - "The Vintage Year" (later retracted)
• 2023 - "We Are Long-Term Greedy, Short-Term Bankrupt"
• 2022 - "ZIRP Was a Personality and I Miss Her"
• 2021 - "Everything Is Going Up Forever" (framed in office)
• 2020 - "Markets Are Closed, Vibes Are Open"
• 2019 - "Profitability Is a Distraction"
• 2018 - "What Is Revenue, Really?"
• 2017 - "Crypto Will Fix This"
• 2016 - "Crypto Will Fix This (Vol. 1)"
• 2015 - "We Have Decided to Be Contrarian and Wrong"
• 2014 - "The Letter We Forgot to Write"
• 2013 - "Growth at All Costs, Mostly Costs"
• 2012 - "Our First Unicorn (It Was a Horse)"
• 2011 - "We're Calling It a Seed Fund Now"
• 2010 - "Sorry About 2009"
• 2009 - "Welcome, Suckers" (internal title, leaked)