In his new book, “The Power Law: Venture Capital and the Making of the Future,” Council on Foreign Relations senior fellow Sebastian Mallaby brings his erudite attention from the hedge fund world to venture capital, interviewing the industry’s leading players over the last 50 years to discover what is unique about this industry that “manufactures courage.” In this episode, Mallaby, Josh Wolfe and Danny Crichton talk about the structural and cultural differences between hedge funds and VC firms, the long-term lessons that get re-learned by each generation of VCs, how succession is planned (and not), as well as a side story of a VC and a pile of maggot-filled meat laid by Hunter S. Thompson.

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