High interest rates are not inherently bad for Private Equity.

You’d be surprised how much alpha there is in emerging managers. We often see more established managers have low returns.

Institutions are allocating more to alternatives than you are.

Interval funds suck. At first, they seem to be an easy way to get liquidity in a fund. But in reality, the amount you can take out each year is normally capped. It could take 4+ years to fully get your investment out of an interval fund. Managers need to be more honest here.

Liquidity in PE & VC can be confusing. When you invest in stocks you can take your money out whenever you want. With PE & VC you are locked in for 5+ years. Tomorrow at 1pm I'll discus PE & VC liquidity with Thompson Creek Wealth Advisors. Join us! us06web.zoom.us/webinar/regi…

How important is past performance? The correlation between prior funds and successor funds is actually quite weak. It’s still extremely important though. It’s often the only data we have and there is some correlation. But don’t be fooled. Just because a fund has strong past performance doesn’t mean you’re going to get strong performance in the future. This is why I also look at other factors to try and better understand performance such as deal attribution, strategy, and team. How much credence do you put in past returns?

How I spend cash after paying my bills. 1. Ensure 6-month emergency fund is full 2. Pay off all high-interest debt (5%+) 3. Max out tax-advantaged savings (401k IRA HSA) 4. Invest 50% of remainder in public stocks for liquidity 5. Invest 50% of remainder in PE & VC for returns

I’m not worried about AI destroying jobs in the long run. Just like the cotton gin, AI will just make us better at what we already do, freeing up capacity for higher order tasks. I am worried about the short run. Millions of people who can’t up-skill will be replaced.

First mover advantage is over-hyped. What about late-mover advantage? Seeing how others attempt to solve a problem and the issues they run in to is extremely valuable.

Meta’s Q3 financial results are. Out. Of. This. World. Increasing revenue and decreasing costs added straight rocket fuel to the bottom line. Net income up 49% vs Q2 Revenue up 7% General and administrative costs down 50%. Insane. How how did Meta do this? First, layoffs worked. Over the last year, Meta slashed thousands of jobs. It’s brutal for those being cut but they are also some of the most intelligent, industrious people in the world. In the whole, they will be okay. This helped lead to general and administrative expenses dropping 50%. WOW. Expenses overall dropped 10%. Meta did this while also increasing revenue for the last two quarters. Clearly, there was a lot of fat Meta could cut out of the business. And quite frankly needed to. Second, Meta grew the topline 7% quarter-over-quarter. How? By refocusing on their core business. Forget about the Metaverse. Meta increased ad impressions 31% year-over-year. It was only a couple years ago when Meta stock cratered at $90 that people were discussing if the company was cooked. I’ll get into this in a post later this week but much of this was done through implementing AI to better deliver ads to users. AI can do so much more than generative AI and we are only at the tip of the iceberg.

I find this data concerning. It shows that nearly 75% of investors are not expecting any trade-off in financial performance when investing in an impact fund. Am I the only one concerned by impact funds?

Why are PE and VC funds still investing in tech? After all, multiple compression and interest seem to be working against tech. But, Microsoft just posted 10%+ growth. 👇

PE funds are buying tech companies at an astounding rate.

Top endowments invest 15% to 20% of their assets in PE and VC funds. Most Americans invest 0%. I’m working to change this.

It's been a long time coming, but we just launched a brand new version of the @tryOneFund website! Big shout out to @WebRunLabs for their help throughout the process. You can check out the updated site here! onefundinvestments.com/