Recorded March 9, 2021. Ron Cao has spent 20 years as a venture capitalist in China. He first went there during the 90s when semiconductor investing was a thing, but then found himself investing in consumer internet startups such as ByteDance and Pinduoduo because that sector yielded the greatest return, and is now finding himself investing in semiconductors again. We talk about the impact of the pandemic, if deeptech investing is really taking off, investing in returnees, blockchain, antitrust, & SPACs!