"נגמרו 30 שנות שלום, אנו בעידן המלחמה, והיזמים הישראלים בחזית" - תומר דיארי

Why has a leading Israeli venture capital fund invested in defense technologies, synthetic biology, and energy over the past year? Tomer Diari, a partner at the venture capital fund Alef, reveals the profound thesis that guides the fund's investment decisions: The world is emerging from 30 years of peace and stability and entering a new era of conflict and instability, war is back, and AI is changing technology infrastructure. In this fascinating episode, Diari - a former investor at the leading venture capital fund Samar, and now a partner at Alef - explains how globalization is crumbling before our eyes, why the traditional SaaS model is no longer relevant in the age of AI, and why Alef chooses to "focus on the margins" instead of chasing the current cyber boom. He emphasizes the principle of "Different is Better than Better" that guides the fund's partners, and explains why entrepreneurs with "High Agency" (strong self-motivation) are most important in a changing world - and why Israelis are in a position of socio-cultural leadership, in everything related to the aforementioned trait. From the annual letter to investors that the fund published to the general public for the first time in 2026 (and why it did so), through the geopolitical analysis of the return of war to the world, to future technologies such as quantum computing and synthetic biology - Diary presents a unique perspective on how venture capitalists need to adapt to the new reality. Opening and introduction to Tomer Diary - 0:00 The annual letter of the A' Fund and the decision to publish it - 1:03 The world is changing - the transition from globalization to conflict - 4:45 The implications of global change on the world of investments - 10:41 Why A' does not invest in cyber Despite the popularity - 16:20 A's strategy - searching for a comparative advantage on the margins - 18:40 A's return to media and content activities - 21:40 How the world of venture capital is changing and why not to be too narrow - 24:20 What are people with an agency and the characteristics of Israeli entrepreneurs - 27:40 Israel as ahead of the world in dealing with challenges - 32:40 The political reality in Israel and its impact on entrepreneurs - 34:40 Why a foreign passport will not save and what is happening in Europe - 37:40 The new markets - the Gulf and India instead of Europe - 41:40 How Tomer has changed as an investor over the years - 44:00 Red flags and green flags in investments - 46:40 Today's interesting technologies - quantum, energy and synthetic biology - 51:40