
No fund that has to close. No committee to convince. No return owed by a particular year. When something needs an answer in a week, it gets one, because the people reading it are the people deciding. And once we are in, we can stay for twenty years, because nobody is waiting for us to sell. Including us.
Almost none of the companies we are proudest of were the safe choice at the time. The market was unproven, the numbers were incomplete, or the founder was the only person in the room who could see it.
So we start with the people and the reason a business exists at all, and get to the model after that. A case that only works in a spreadsheet usually doesn't work anywhere else.




