022 From Wall Street to Startups with Gene Munster @ Deepwater

In this episode of Money Moves, Neil talks with Gene Munster, co-founder and managing partner at Deepwater Asset Management. Gene shares his path from his 20-year career as a top Wall Street analyst, best known for his coverage of Apple, to launching his own venture firm. Gene opens up about the emotional shift from a stable career to the high-stakes world of venture capital, including what it felt like to walk into the office on day one knowing the weight of building something new was entirely on his shoulders.

Gene discusses what it took to raise Deepwater’s first fund, how his reputation and network helped—and sometimes hurt—during fundraising, and why turning a career into a calling has been the most rewarding part of his professional life. He also dives into the qualities he looks for in what he calls “alien founders,” the small percentage of founders who combine extraordinary vision, resilience, and communication skills to create venture-scale outcomes.

Throughout the conversation, Gene shares lessons from both his biggest wins—like Masterworks and Invisible—and the painful investments where things didn’t go as planned. Whether you’re a founder raising capital, an investor refining your approach, or someone curious about how venture capital really works, Gene’s insights and candid reflections offer an inside look at the realities of building a venture firm and backing world-changing companies.

Topics Discussed in the Episode

• Gene’s journey from Wall Street analyst to venture capital founder.
• What it took to raise Deepwater’s first fund and lessons from fund 2.
• How Deepwater identifies and invests in “alien founders.”
• Hard lessons from investments that went wrong, including cases of fraud.
• The importance of culture, transparency, and excellence in building a firm.

Connect with Gene Munster: https://www.linkedin.com/in/gene-munster-0710439/

Connect with host Neil Devani: https://www.linkedin.com/in/neildevani/

For more information on Necessary Ventures, visit the website at: https://www.necessary.vc/

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