The Full Ratchet (TFR): Venture Capital and Startup Investing Demystified Investor Stories 466: Jim Tananbaum, Eric Byunn, and Ben Orthlieb on the Questions LPs Should Be Asking (Tananbaum, Orthlieb, Byunn)
Mar 19, 2026
Eric Byunn, investor at Centana Growth who evaluates LP and founder perspectives. He discusses the power of perspective-based questions and what asking "What would you do in my shoes?" reveals. Short takes cover long-range trends, founders wanting to invest, and how to assess investor priorities and ethics. Conversation is practical and pointed.
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Think Five To Ten Years Ahead
- Jim Tananbaum values long-range thinking about where the world will be in 5–10 years when evaluating opportunities.
- He cites predicting state-level healthcare reform in the 1990s and now views AI as a still-early, transformative force in healthcare.
Ask What Actually Drives Performance
- Ben Orthlieb recommends LPs ask what drives a fund's performance to assess sustainability and repeatability.
- He explains unpacking performance into three dimensions reveals whether a model is hard to replicate versus legacy network-based funds.
Founders Sometimes Become Early LPs
- Ben Orthlieb recounts founders asking to invest in his fund after a first meeting as a sign they love the approach.
- He notes successful founders with personal capital sometimes back the fund to support the team as a product company doing venture.