Too many funds are capping downside right now, instead of maximizing upside.. I’ll often ask the GP/partner on why they did the deal and on my fifth why the real reason comes out which is “well at least big token factory will acquire them so our downside is capped” I haven’t done this for many years but I don’t think history shows that’s how you return a 5-10x fund? Maybe, the incentives have really simply shifted to AUM-maxxing and so the sentiment is deploy baby deploy. But, sigh, that just seems so incredibly short sighted. Maybe, it’s been a long day and I just want to rant but time is the only thing you don’t get back. Use it very wisely to work on things that matter and with people who won’t treat you as an option call 🫡
现在有太多 fund（基金）在做的是给下行风险封顶，而不是把上行收益最大化……我经常会问 GP/partner 为什么做这笔 deal（交易），通常要连续追问到第五个 why，真正的原因才会出来： “嗯，至少 big token factory 会收购他们，所以我们的 downside（下行风险）是有上限的。” 我很多年没这么做了，但我不认为历史表明，靠这种方式能做出一个 5-10x 的 fund（基金）回报？也许吧，激励机制确实已经简单地转向了 AUM-maxxing（资产管理规模最大化），所以现在的情绪就是 deploy baby deploy（赶紧把钱投出去）。但是，唉，这看起来实在是太短视了。也许只是今天太漫长了，我只是想发发牢骚，但时间是唯一你无法拿回来的东西。一定要非常谨慎地用它，去做真正重要的事，并且和那些不会把你当成一个 option call（可选择调用项/备选项）的人一起做事 🫡
Find someone who loves you as much as this kid loves popcorn.. PS: the dash popcorn maker is one of the best investments we’ve made
去找一个爱你像这个小孩爱 popcorn（爆米花）一样的人吧……PS：dash popcorn maker 是我们做过的最划算的投资之一