David Hornik & Eric Carlborg: Why Silicon Valley's Biggest VCs Have Lost Their Way

Is venture capital still about backing great entrepreneurs—or has it become a giant money-moving machine?

This week on Forged in America, Ravin Gandhi and Al Goldstein sit down with David Hornik and Eric Carlborg of Lobby Capital, veteran venture capitalists who have spent decades investing in startups, navigating market crashes, and competing against Silicon Valley's biggest firms.

Hornik doesn't hold back. He argues that mega-funds like Andreessen Horowitz have fundamentally changed the venture capital business, questions whether today's AI leaders are using fear to protect their competitive advantages, and reveals why he turned down investments in Facebook, Twitter, LinkedIn, Palantir, and Datadog.

The conversation also gets personal. Hornik and Carlborg recount how they offered to back Al with $50 million before Avant even existed, what happened when the fintech boom collapsed, and how decisive leadership helped the company survive.

In this episode:

• Venture capital's identity crisis: Why Hornik believes Silicon Valley's largest funds are no longer practicing traditional venture capital.

• The investments that got away: How Hornik passed on Facebook, Twitter, LinkedIn, Palantir, and Datadog—and why he stands by those decisions.

• The $50 million bet on Al Goldstein: How two investors backed an entrepreneur before he even had his next business idea.

• Surviving the startup death spiral: Why founders must act decisively when capital disappears—and why incremental layoffs can destroy a company.

• AI hype and regulatory capture: Hornik's provocative argument that some of AI's loudest warnings come from the people with the most to gain.

• The future of education: What AI means for students, universities, and the skills that will matter most.

• Small versus giant VC funds: How Lobby Capital competes with Andreessen Horowitz and Sequoia by prioritizing relationships over assets under management.

• What makes a great founder: Why obsession, resilience, intellectual honesty, and problem-solving matter more than chasing a billion-dollar valuation.

From billion-dollar exits to painful missed opportunities, this conversation offers an unfiltered look at how Silicon Valley really works—and why the best investors sometimes succeed by refusing to follow the crowd.

About the guests

David Hornik is a longtime venture capitalist, early pioneer of VC blogging and podcasting, and investor at Lobby Capital. He has also taught entrepreneurship and venture capital at Stanford and Harvard.

Eric Carlborg is a veteran investor at Lobby Capital and former partner at August Capital. He has backed numerous technology companies, including Al Goldstein's Avant, and brings extensive experience in finance, governance, and helping startups navigate difficult markets.

Subscribe to Forged in America for candid conversations with entrepreneurs, investors, and leaders about risk, resilience, capitalism, and the decisions that shape success.

Congressman Andy Barr: Can the GOP Survive After Trump?

What happens to the Republican Party when Donald Trump is no longer its defining figure? Can the GOP build a lasting coalition around capitalism, opportunity, and the American Dream—or will it drift toward the same big-government policies it claims to oppose?

On this episode of Forged in America, Ravin Gandhi and Al Goldstein sit down with six-term Kentucky Congressman and U.S. Senate candidate Andy Barr for a wide-ranging conversation about the future of American politics, the rise of socialism, and the economic challenges facing the country.

Barr delivers a provocative warning: if Republicans abandon free markets and limited government in favor of big-government populism, the party could lose its identity.

The conversation tackles America's $40 trillion national debt, why socialism is attracting younger voters, the battle over voter ID and election integrity, and whether artificial intelligence and an American manufacturing renaissance can deliver a new era of prosperity.

Ravin also challenges Barr on a fundamental question: What does the American Dream mean to an 11-year-old born into poverty, with a father in prison and a mother struggling with addiction? Can conservative principles offer real solutions to people who never had a fair start?

The discussion gets personal as Barr reveals which Democrats he actually likes working with, explains why bourbon might be the secret to bipartisanship, and ranks Marco Rubio, JD Vance, Bernie Sanders, Elizabeth Warren, and AOC in a hypothetical Kentucky bourbon drinking contest.

In this episode:

• Can the Republican Party survive—and thrive—after Trump?

• Why is socialism gaining traction among young Americans?

• Is America's $40 trillion debt a greater threat than China?

• Why hasn't Congress passed federal voter ID legislation?

• Can Republicans and Democrats find common ground?

• Will AI create more jobs than it destroys?

• How do we restore upward mobility for Americans born into poverty?

• Should America abolish the Department of Education?

• Can the GOP win back suburban voters without losing its working-class base?

• Who wins the ultimate Washington bourbon drinking contest?

From the future of MAGA to the meaning of meritocracy, this is a candid conversation about what comes next for American capitalism, political leadership, and the American Dream.

Subscribe to Forged in America for conversations with the entrepreneurs, investors, innovators, and leaders shaping America's future.

Alex Rampell: AI, Billion-Dollar Founders, and the Future of American Capitalism

What happens when artificial intelligence can outperform the smartest people in the room? And why does America keep producing the world's most valuable companies while other countries struggle to replicate Silicon Valley?

This week on Forged in America, Ravin Gandhi and Al Goldstein sit down with Alex Rampell, serial entrepreneur, co-founder of Affirm, and general partner at Andreessen Horowitz (a16z), one of the world's most influential venture capital firms.

Rampell started coding at age 10, built and sold multiple companies, and now invests in the next generation of technology giants. He brings an unusually candid perspective on what separates extraordinary entrepreneurs from everyone else—and why the AI revolution may fundamentally rewrite the rules of success.

The conversation starts with a provocative idea: the best founders aren't necessarily the most credentialed, experienced, or even well-adjusted. They're obsessive, resilient, original thinkers—sometimes driven more by revenge and redemption than money.

Rampell explains why AI could make traditional technical skills less valuable while creating unprecedented opportunities for entrepreneurs, why most businesses should never raise venture capital, and how he identifies founders capable of building billion-dollar companies.

Then the conversation turns to America itself. Why does Silicon Valley consistently outperform the rest of the world? What makes American capitalism uniquely productive? And could California's proposed wealth taxes, anti-tech politics, and growing enthusiasm for socialism threaten the innovation engine that made the country wealthy?

Rampell doesn't hold back on Bernie Sanders, Ro Khanna, government spending, or the political future of Silicon Valley.

In this episode:

• Why AI could disrupt programmers, mathematicians, and elite college graduates

• Why original thinking may become the most valuable skill in the world

• The four types of entrepreneurs—and which ones generate the biggest returns

• Why Rampell believes some of the best founders exhibit sociopathic traits

• How revenge, redemption, and obsession drive extraordinary entrepreneurs

• The inside story of his investments in Mercury and Propel

• Why venture capital is a terrible fit for most businesses

• How AI could democratize entrepreneurship, filmmaking, and creative work

• The three ingredients behind America's unmatched startup ecosystem

• Why Silicon Valley's willingness to reward failure is almost impossible to replicate

• California's proposed wealth tax and the political battle over capitalism

• Why Rampell believes America's innovation economy is worth defending

From building companies to backing billion-dollar founders to confronting the political forces shaping America's future, this is a wide-ranging conversation about who wins, who loses, and what it will take to succeed in the age of AI.

Subscribe to Forged in America for candid conversations with the entrepreneurs, investors, and leaders shaping the country's future.