Being an out-of-flow investor and Moth Fund thesis

Transcript and all links: dialectic.fm/mmm

Molly Mielke McCarthy (Website, X, Substack) is an investor, writer, and founder of Moth Fund, an early-stage fund focused on backing "moths": quirky, quiet, mission-driven founders who are often underpriced by traditional venture capital.

Molly's career has been a dance between "peopling" and making. She's held design, product, and editorial roles at Figma, Notion, Stripe Press, and The Browser Company, and explored film, photography, and the arts before finding her way to venture, where she started as a scout for Sequoia Capital. Today, she invests in people at the earliest stages. She also writes beautifully about agency, vocation, discernment, and what it means to live an authentic life.

We begin with how Molly identifies exceptional people—her "three-month rule," spikiness, and why competence is harder to find than storytelling. We discuss the bat signal she sends to attract founders who feel misunderstood, and one of her central distinctions: agency versus ambition, or why playing your own game matters more than playing games others have created. We go deep on commerciality and why it is so essential, and talk about how Molly's work as an investor often looks most like coaching. We also explore legibility versus illegibility: the freedom in not being easily understood, and when it's worth becoming legible. Molly's one of my favorite thinkers on self-knowing, and we talk about how she's navigated uncertainty toward authentically shaping her life and work into a form that fits her.

Molly embodies rare combinations: people-centric yet fiercely individual, intuitive yet pragmatic, truth-seeking yet full of care. I hope this conversation inspires you to yield to your own calling, and to be patient enough to see what's true about yourself and the people around you.

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Dialectic is presented by Notion. Notion is an AI-powered connected workspace where teams build their best work. Notion is also where I compile research for episodes and the home of my new site where you can find all links and transcripts. My “What are You Building This Year feature with Notion on Instagram.

Timestamps

0:00: Opening Highlights

1:29: Intro to Molly

3:36: Thanks to Notion

5:14: Start: People, Spikeyness, and Discernment

21:36: Agency and Ambition

34:45: Commerciality

49:19: Investing, Feedback Loops, and Creating a Bat Signal

59:46: Coaching and Working with Young People

1:06:54: Self-Knowledge, Uncertainty, "Should," Others' Acceptance, Motivations

1:16:38: Illegibility & Legibility, Principles, Authentic Service

1:29:28: Friends, Seeing in the Third Person, Feminity in a Masculine World, Love

1:42:07: Grab Bag: Art, Catholicism, Gratitude, Beauty

1:58:58: Thanks Again to Notion