Greg Gurevich, CFA

Well, this is awkward 😬😬😬 If you know me, you know how much I hate these “proud to share” posts, but when I found out I was nominated to be on BI’s best early stage investors list, I won't lie - I had a bit of a proud moment. But it wasn't because my name was going to be on the list (although I really appreciate the acknowledgement), it was because of what it means - that our investment thesis works. And it's important, especially now. We're going through a crazy time with the market's single-minded focus on all things AI. We meet founders every day who second-guess themselves because they work on non-mainstream / non-obvious opportunities that most VCs, being too focused on mainstream AI, overlook. VC blind-spots aren't a new thing. Whenever there’s a big tech trend - it becomes the only thing anyone cares about. And while AI is genuinely a massive technological shift, VCs tend to ignore anything else that’s happening alongside it. It’s exactly what they did when blockchain was hot. Or with remote work after COVID. Or with SaaS. I can go on... But the best opportunities often lie off the beaten path. I've met dozens of incredible founders along the way that have proven that to me time and time again. They all went against the VC common wisdom at the time, and only later did everyone realize they were right from the start. 𝗦𝗼, 𝗜𝗳 𝘁𝗵𝗶𝘀 𝗹𝗶𝘀𝘁 𝗽𝗿𝗼𝘃𝗲𝘀 𝗮𝗻𝘆𝘁𝗵𝗶𝗻𝗴, 𝗶𝘁'𝘀 𝘁𝗵𝗶𝘀: 𝘁𝗵𝗶𝘀 𝗶𝘀 𝗮 𝗹𝗼𝗻𝗴-𝘁𝗲𝗿𝗺 𝗴𝗮𝗺𝗲. 𝗪𝗵𝗮𝘁'𝘀 𝗵𝗼𝘁 𝗶𝗻 𝘁𝗼𝗱𝗮𝘆'𝘀 𝗺𝗮𝗿𝗸𝗲𝘁 𝗶𝘀 𝗹𝗶𝗸𝗲𝗹𝘆 𝘁𝗼 𝗯𝗲 𝘆𝗲𝘀𝘁𝗲𝗿𝗱𝗮𝘆'𝘀 𝗻𝗲𝘄𝘀 𝘁𝗼𝗺𝗼𝗿𝗿𝗼𝘄. 𝗧𝗵𝗲 𝗼𝗻𝗹𝘆 𝘁𝗵𝗶𝗻𝗴𝘀 𝘁𝗵𝗮𝘁 𝗮𝗹𝘄𝗮𝘆𝘀 𝘀𝘁𝗮𝘆 𝗿𝗲𝗹𝗲𝘃𝗮𝗻𝘁 𝗮𝗿𝗲 𝗰𝗼𝗻𝘃𝗶𝗰𝘁𝗶𝗼𝗻, 𝗱𝗲𝗽𝘁𝗵, 𝗮𝗻𝗱 𝗳𝗼𝗰𝘂𝘀.

AI + bond trading?! Couldn’t have asked for a better discussion topic - or roster of fellow builders - for yesterday’s panel at the BOND DEALERS OF AMERICA event. Great discussion with Spencer Lee, Chris Heffernan, and Oscar Adams on how AI is reshaping fixed income. TL;DR: Our industry -- one renowned for tradition -- is no longer hedging on the role of technology in the core business. Organizational transformation to embrace AI-enabled workflows is critical to success. What happens when every bond market participant has a trading floor of star PMs and elite traders in a data center?

Andrej Karpathy just said LLM + KB is what was missing. so here it is and i wish he wrote this post a week from now but whatever, i published it So, Meet Cabinet: Paper Clip + KB. for quite some time I've been thinking how LLMs are missing the *knowledge base* - where I can dump CSVs, PDFs, and most important - inline web app. running on Claude Code with agents with heartbeats and jobs. install using: npx create-cabinet my-startup runcabinet.com the goal is to have one stop shop for your DATA and your agents. for example, if you have a B2C app, you can have a bot that will create CSV of posts + possible comments relevant your your app on reddit, and place it under /marketing/reddit, everyday. The project is far from perfect but Karpathy just posted about the concept so i was like - let's publish it now. or never. would love you feedback and GitHub stars! ✨

Today I turn 45. For the Jewish men in my network, I wanted to share something meaningful I’m doing to mark the occasion. Last weekend we celebrated my son becoming a Bar Mitzvah and watching him wrap Tefillin last month and step into Jewish adulthood was incredibly meaningful for our family. It also reminded me of something personal. I didn’t receive my first pair of Tefillin growing up. I was already an adult when a friend surprised me with a pair as a gift. That moment stuck with me and helped me connect more deeply to a mitzvah I hadn’t grown up with. In honor of turning 45 — and celebrating my son’s milestone — I’ve decided to pay that forward by gifting 13 pairs of Tefillin to Jewish men in my network who never received a pair or who might want to reconnect to this mitzvah. If this resonates with you, send me a DM or reach out to me offline and explain why you're interested. (I'm hoping I hear from more than 13 and will need to figure out what to do then 😀 ) One small rule: this is meant for people I know personally. Someone once did this for me and I'm grateful to have opportunity to do the same for others!

When a VC invests from a $100M fund. The partners take $17.5M off the top in management fees. Only $82.5M is invested in startups. So, when $10M goes into your startup, $2M goes into the VC’s fees. No matter if you lose or win. They still make millions. 62% of VC funds underperform public markets. The system pays them for investing, not for outcomes. For you success, reputation sanity and survival. For them your success is a bonus. So don’t optimize for the partner's check. Optimize for the partner who cares about you winning. Ask them: 'What did you do for your last company that shut down?'

Over the past five years, I’ve had the incredible privilege of bringing a vision to life, one born from an experience that fundamentally changed my own. The discovery of psychedelics not only propelled my personal healing but also enabled me to become the co-founder of a category-defining company. Founding Journey Clinical alongside my wife and co-founder, Myriam Barthes, is one of the greatest accomplishments of my life, one that transformed my path as a human being, touched the lives of thousands, and paved the way for the mainstream adoption of psychedelic-assisted therapy (PAP). Today, with immense pride and emotion, I’m excited to share that Myriam will be leading Journey Clinical into its next stage of growth. Given her exceptional strengths in execution, scaling operations, and building high-performing teams, she’s the perfect person to guide the company forward as we expand impact. I’m excited to continue supporting the company in my new capacity as Executive Chairman of the Board, focusing on strategic initiatives, partnerships, and key areas that will shape our long-term trajectory. It has been a privilege to work alongside our dedicated team, who support ~3,000 therapy practices that trust Journey Clinical to help them integrate ketamine-assisted psychotherapy (KAP) into their work, and who rely on our medical team to care for their patients. Together, we’ve built a reputation for excellence by centering therapists as essential partners in PAP, investing in training, and championing collaborative psychiatric care. That commitment set the gold standard for our field. These efforts enabled us to accept insurance with major carriers across most of the 25 states where we operate and positioned us as the only telehealth company in our space to secure partnerships with leading drug developers such as Compass Pathways, with more on the way. I want to share a memory that feels especially meaningful. Last year, at our first JourneyCon in New York where 600+ of our member therapists attended a conference in our office, I closed the day by reflecting on how far we’d come. What began as an idea Myriam and I mapped out in our living room during COVID evolved into a vision carried by thousands of therapists who trusted us, patients whose lives changed through our care (including the 87 percent who improved and the 40 percent who fully healed), an epic and passionate team who taught me so much, and partners and investors who believed in our dream. Thank you all for believing in us. That day, I said Journey Clinical had become a "mandala", something bigger than us, something that now belonged to all of them. And when change is rooted in growth, it is both necessary and good. With that in mind, there is no one I trust more than Myriam to lead this next chapter. She has shaped Journey Clinical every bit as much as I have, and she is the rocket leading it into this next stage of growth. Congratulations, my love! You are my hero, Myriam Barthes.