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Invest Like the BestHow to Raise a Few Billion Dollars
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CHAPTERS
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Money moves at the speed of trust: belief vs. trust in fundraising
John Kim frames fundraising as an "inner game" centered on earning trust, not just attention or interest. He distinguishes belief (accepting logic) from trust (having faith it will be fulfilled), arguing that many fundraises fail at this final step.
- •Fundraising works when trust is unlocked after attention and interest are already achieved
- •Belief can exist without trust; people may agree logically yet still decline
- •Trust is tied to lowering perceived risk and fear
- •The "inner game" means centering the other person in the conversation
Starting a fundraise: begin with who already trusts you (and why)
Patrick asks how to think about the starting state—an idea that needs capital—and where people fall down. John argues the first move is identifying who already trusts you and understanding that "friends and family" money is not necessarily easy money.
- •Start by identifying the people who already trust you
- •The "friends and family" concept is often misunderstood; it can be the most expensive money socially
- •The key is whose desire for your success outweighs their fear of loss
- •Use an initial trusted base as a foundation to expand the campaign
Persuasion as desire minus fear: expanding beyond greed and fear
John explains his persuasion equation—desire minus fear—and why it’s more nuanced than the common "greed and fear" framing. He emphasizes that desire can be altruistic or identity-driven, and that fear is closely tied to lack of trust.
- •Desire is broader than greed and can include generosity, purpose, and identity
- •Many fundraisers over-focus on financial upside and ignore other motivations
- •Fear functions like anti-trust; trust inoculates against fear
- •People often rationalize away risk rather than truly being risk-loving
Building late-stage momentum: consensus as a tool to reduce fear
Moving to later-stage fundraising, John describes "campaigns of consensus" as a way to accelerate capital formation once something is already in motion. He explains how consensus forms through consistency and signals, and how committees naturally reinforce consensus behavior.
- •Consensus can remove fear and move markets, but it’s hard to create
- •Committees tend to force consensus decisions and resist contrarian bets
- •Build consensus through consistent delivery of what target institutions value
- •Scaling up often requires accepting that early contrarian backers may drop off
Scarcity, consistency, and why some funds barely have to fundraise
John uses an anecdote about a top firm closing quickly to illustrate how trust, scarcity, and consensus reduce fundraising effort. He stresses that scarcity must be real—attempting fake scarcity damages credibility and slows money’s movement.
- •Exceptional consistency creates trust and consensus that compress fundraising time
- •Scarcity can increase speed because investors fear missing out on limited capacity
- •Some fundraising becomes low-effort when consensus about quality is widespread
- •Claiming scarcity without reality is easily detected and harms trust
The three laws of fundraising: differentiation, trade-offs, and pipeline math
John lays out three core "laws of physics" for fundraising and explains how to operationalize them. He details the law of differentiation as an equation, then connects speed/size/terms trade-offs to trust, and finishes with pipeline discipline and conversion ratios.
- •Law of differentiation: track record plus differentiation divided by complexity of story
- •Complexity undermines trust and makes it harder for decision-makers to explain a yes to others
- •Law of trade-offs: size, speed, and terms—can’t optimize all three simultaneously
- •Law of pipeline: success depends on pipeline, bite size, and especially conversion ratio
Simplify the story: repeatable phrases and the cost of "complications"
John argues that complications dilute trust and stall decisions, especially when the person you’re pitching must persuade others internally. He highlights the importance of a memorable, repeatable framing that helps supporters justify the decision.
- •Complicated explanations can signal evasiveness and reduce trust
- •A supporter needs a simple phrase to repeat inside their organization
- •Reducing complexity is both psychological (trust) and practical (internal selling)
- •Fundraising iteration involves systematically improving all parts of the differentiation equation
Staying truly differentiated: finding the "why" and accepting sacrifice
John warns that differentiation without discipline becomes branding and eventually collapses under inconsistency. He says enduring organizations clarify why they exist at their size and accept the sacrifices required to stay consistent.
- •Sustainable fundraising requires a real "why," not just a marketing story
- •Differentiation has a cost and requires sacrifice and discipline
- •Inconsistency erodes trust over time, even if it works short-term
- •Scaling can force hard choices about who you lose as you pursue broader consensus
The psychology of meetings: the drama triangle and becoming a solution
John introduces the Karpman Drama Triangle (victim, villain, hero) as a practical lens for sales conversations. He explains how identifying someone’s perceived problem lets you either solve it (be heroic) or empathetically acknowledge it (therapist mode) to build comfort and trust.
- •People often adopt a victim mindset and search for a villain and a hero
- •A pitch can succeed by diagnosing the person’s “drama” and addressing it
- •If you can’t solve the problem directly, empathy still builds trust
- •The goal is helping the other person feel understood and comfortable
Trust-building mastery example: kindness plus conviction, plus consensus tools
Asked about masters of trust, John points to Oprah Winfrey and breaks down what made her effective. He describes a blend of kindness and conviction, plus trust levers like reciprocity, authority, liking, consensus creation, consistency, and scarcity.
- •Goodness is framed as kindness combined with conviction
- •Reciprocity and gifts can function as institutional trust-builders
- •Consensus-building can be a massive force when an audience adopts shared signals
- •Scarcity and consistency strengthen trust by making attention and expectations predictable
Common fundraising mistake: over-indexing on logic instead of fear and emotion
John says the most frequent error is treating logic as the main driver of yes. He argues decisions are driven by emotional and ethical states (desire and fear), and logic often arrives later as rationalization rather than the true cause.
- •People try to win with logos (logic) and ignore fear and trust dynamics
- •Belief in the argument doesn’t guarantee movement of money
- •“Rationalization” is often post-hoc justification for emotional decisions
- •Logic is an output of a successful pitch, not the primary input
The Secretary of State model: choosing the right fundraiser/IR representative
John describes three archetypes—salesman, service provider, and “Secretary of State”—and argues the last is the most powerful representative. He explains that this person must represent you authentically when you aren’t present and must understand the external counterpart’s world, not just your own.
- •A great representative can speak for you credibly when you’re not in the room
- •The role requires navigating relationships where you don’t control the other side
- •Choosing a representative starts with the impression you want made in your absence
- •Effectiveness comes from understanding the counterpart’s language and context
Career fit for the representative: ambition, candidate quality, and the friendships trust creates
Speaking to people who want to be that representative, John says the right choice depends on ambition and the leader you support. He emphasizes humility—success often reflects the person being represented—and notes that authentic trust-building can lead to real friendships beyond the money raised.
- •Choosing who to represent depends on whether you prioritize winning, belief, or both
- •The representative’s power often scales with the candidate’s power and quality
- •Enjoyment of curiosity, travel, and human discovery can make the job intrinsically rewarding
- •If trust-building is authentic, the “other dividend” can be lasting friendships
The inner game of fundraising: living inside the other person’s mind
John returns to the inner game, describing high-level persuasion as understanding how you exist as an object in the other person’s mind. He compares this to mentalists, hypnotists, and psychologists, emphasizing deep attunement to who the other person is and what satisfies them.
- •High-level persuasion centers the other person’s internal experience
- •You are processed through the listener’s identity, emotions, and attention
- •Great communicators tailor delivery to the other person’s needs and wavelength
- •The goal is to be compelling, trustworthy, and worth engaging again
Closing reflections: kindness, gratitude, and a personal story of support
Patrick asks his closing question about the kindest thing done for John. John answers by emphasizing the sustained support of his wife and shares a detailed story of a meaningful birthday gift that celebrated his identity and passions.
- •Gratitude for the cumulative kindness of others, especially family support
- •Support matters amid the difficulty and intensity connected to fundraising work
- •A personal story illustrates feeling seen and celebrated through thoughtful effort
- •The conversation ends with appreciation and thanks from both speakers
