Investment Horizon
When you're investing other people's money it can't be based on your time horizon. Other people need to have an expectation for when your money will be invested.
Understanding motivations of people if you're investing their money vs. if you're investing your own
Lifecycle (8-10 years)
- Various stages of the lifecycle (plant, harvest, returning capital)
- How a GP spends their time during various stages
Evergreen funds
- Examples of evergreen funds
- Advantages of evergreen funds
- Replenishing pool of capital often tied to a bigger
Permanent Capital
- Humans make lots of bad decisions and the more opportunities you have to make a bad decision the more points of failure you might have
- Permanent capital allows you to not worry about next week, next month, next year. It removes the variable both for the investor (you don't have to really think about when to sell) and the asset owner (e.g. a business manager doesn't have to worry about quarterly earnings or hold-period performance)
- Show examples of Tiny Capital, and Buffett quote from 1998-1999 letter, we let you worry about
Holding Company
- Examples of holding companies
- Pros and cons of holding companies
- Investment strategy
Angel Investing
- Who can do angel investing?
- Why do people do angel investing?