
EV3 Sal
6K posts







@naval Pretty much the worst possible structure for a legally issued security in the U.S. Market: the non-traded Closed End Fund. Congratulations, you found the grift pile sitting right next to non-traded REITs and BDCs. Enjoy the 3% sales load!



1/ Hot take: reserves can hurt early-stage returns. I used to be pro-reserves. Now I’m not so sure...

it's insane to me that buy and burn has become the default for profitable crypto protocols why would a high growth startup would ever take its profits and distribute them to shareholders instead of re-investing for future growth, or at least holding it for runway


duh? reserves a promise to founders to help them when they need it most they obviously suppress returns on the individual deal… you make up for it by winning better deals because founders know you have their back when shit hits the fan it’s called venture capital

1/ Hot take: reserves can hurt early-stage returns. I used to be pro-reserves. Now I’m not so sure...















