Hardik

Dhirendra, huge respect for your work on MFs! On your comment: - Good returns over time = Advice x Decision x Execution - Getting all 3 right consistently will get us to compounding outcomes - As an investor, you can choose which of these you want to do yourself - For someone who wants to do all 3 themselves, and can invest the time, no help is needed - For those who want to do decision and execution themselves, can use an RIA to help - For those who don't have the time to do these themselves or inclined to focus on their business or family can use PMS - In fact, PMS also ensures clean custody, transmission of assets, transparency of reporting as additional benefits. On cost: - PMS reports returns net of all fees and expenses - both to investors and at overall level. - We do not charge 20% of profit 😀 - Performance fee is the most user aligned fee structure: the manager doesn't make any revenue in flat and down years and yet ensures active management and engagement - especially in bad years this helps investors stay invested - Cost has to be measured against the value that the investor perceives - applies to every aspect of the investment industry not just PMS On tax: - Rebalancing MFs has same tax regardless of investor doing themselves or on RIA recommendation or a PMS rebalancing The important thing about personal finance is that it is personal, one size doesn't fit all - you have to decide which works for you.

@ankurnagpal How about folks outside of the US? How can we access this?

We launched USVC yesterday and it was one of the most fun days of my career Thousands of people ended up subscribing for literally tens of millions of dollars While most of the reception was positive, there was some interrogation on a few important topics: 1 - The USVC fee structure 2 - The Investment Strategy 3 - Support for International Investors Let's talk about them The USVC Fee Structure If you have followed me for any amount of time, you'll know this is a personal topic for me. I've frequently complained about fees in financial services. From VC funds to wealth advisors, I've taken no prisoners in calling these out. The last venture capital fund I ran was the only VC fund I know of that raised more than 50M and didn't charge a penny of management fees. So how much does USVC actually charge and why it is so much? USVC costs 2.5% all-in to investors today There are some misconceptions based on reading our prospectus, including: - A 3% sales load Platforms that offer USVC could charge this if they wanted, but we don't. If you buy on USVC.com as everyone yesterday did, you pay no sales load. - Underlying fund fees Early investments from USVC have been in funds that have their own fees, and these fees are paid by USVC. However, these management fees are already included in the net expense ratio of 2.5%. In time, I'm planning to move a meaningful chunk of the portfolio to be direct investments in startups on the cap table which will have 0 underlying fees or carry. The 2.5% fee is inclusive of everything, including our management fee. - The advertised 3.61% today Right now, even though you pay 2.5%, it costs us 3.61% to service this product. There are two big reasons for this - the underlying fund fees (which we're working to improve with direct investments) and the fact that operationally running these types of funds is very expensive. We've decided to absorb the fees excess of 2.5% for at least the first year. During the time, we're going to make more efficient investments and wait for economies of scale to kick in on operational costs. Now... you may ask: isn't 2.5% still very expensive? The answer is... it depends. Top venture capital firms charge that just on their management fees, and force you to pay that for 10 years. And then they charge 20% of profits on top of that! We charge no carry on our direct investments at all, which makes this 2.5% fee attractive for the asset class. It's ironic to call this a cash grab when we are subsidizing this product out of our pocket to keep the fees in line I encourage everyone to go read the full disclosures and prospectus at usvc.com. Stay tuned for Part 2 later today on Investment Strategy

@naval 1. Discounted Management fee of 2.50% is for a limited period? Post that, 3.61% including underlying fund fees? 2. Underlying fund carried interest is over & above, right? 3. I couldn’t find break-up of published NAV on the website. 4. How do Non-US citizens participate?

Introducing USVC - a single basket of high-growth venture capital, for everyone. No accreditation required, SEC-registered, and a very low $500 minimum. Includes OpenAI, Anthropic, xAI, Sierra, Crusoe, Legora, and Vercel. As USVC adds more companies, investors will own a piece of that too. Liquidity typically comes when companies exit, but we’re aiming to let investors redeem up to 5% of the fund every quarter. This isn’t guaranteed, but if we can make it work, you won’t be locked up like in a traditional venture fund. It runs on AngelList, which already supports $125 billion of investor capital. And I’ve joined USVC as the Chairman of its Investment Committee. — Go back to the 1500s, you set sail for the new world to find tons of gold - that was adventure capital. Early-stage technology is the modern version. It says we are going to create something new, and it’s risky. It’s daring. But ordinary people can’t invest until it’s old, until it’s no longer interesting, until everybody has access to it. By the time a stock IPOs, most of the alpha is gone. The adventure is gone. Public market investors are literally last in line. This problem has become farcical in the last decade. Startups are reaching trillion dollar valuations in the private markets while ordinary investors have their noses up to the glass, wondering when they’ll be let in. Investing in private markets isn’t easy. You need feet on the ground. You need judgment built over years. Most people don’t have the patience to wait ten or twenty years for an investment to come to fruition. But there is no more productive, harder-working way to deploy a dollar than in true venture capital. USVC enables you to invest in venture capital in a broad, accessible, professionally-managed way, through a single basket of innovation, focused on high-growth startups, at all stages. It is how you bet on the future of tech: the smartest young people in the world, working insane hours, leveraged to the max, with code, hardware, capital, media, and community. Your dollar doesn’t work harder anywhere. There is an old line - in the future, either you are telling a computer what to do, or a computer is telling you what to do. You don’t want to be on the wrong side of that transaction. USVC lets you buy the future, but you buy it now. Then you wait, and if you are right, you get paid. Get access here: usvc.com

@Sukeshkothari @mybmc It is sad that the administrators who are supposed to protect us are toothless.

@hardlyavailable @mybmc It is painful and sad.

Today, a stray dog randomly bit my brother in the morning around 8:30am. A routine walk outside the lane and 5 stray dogs started barking and 1 of them scratched and bit him deep. Do you have any solution or should we all stay in constant fear for our kids and ourselves? @mybmc

@Sukeshkothari @mybmc Today’s newspaper. We are awaiting many more deaths before BMC wakes up.

@Sukeshkothari @mybmc It is ridiculous. Someone could have fallen or could have had a car run over them in panic, let alone the infections and wounds associated with the bite.

@nandiniv @BookMyForex It is a Yes Bank forex card issued via BookMyForex. So guess the Yes Bank system seems compromised. @YESBANK

@hardlyavailable @BookMyForex Same issue with a YES Bank Forex card :/ No way to contact them

@BookMyForex multiple fraudulent transactions attempted in BRL on your card. Your customer service hours are 8am to 8pm so no one is answering. Your app and web portal both aren’t working either. How to block card in absence of any medium??!

@vijayshekhar Truly “going dutch” with their gains

How does someone justify it to their citizen ?!

@prabhakar2reddy Fantastic. Seems so obvious and intuitive, in hindsight. Great that OpenFX is using this insight (& of course the infra) to solve a big pain point at scale.

The best ever background score in a movie.

@makemytripcare Today, your team asked for another 72 hours extension. This is so upsetting that I don’t have the energy to explain or purse this anymore. You can now keep the money as charity. @DeepKalraMMT

@hardlyavailable We request you to please wait as per the given timeline - Muskaan

@makemytrip hi, this is with respect to trip ID NH73054433694150, check-in date of 29th Dec and check-out date of 2nd Jan. Your company and the hotel has some communication issues which resulted in hotel asking me to pay up again for a prepaid booking (1/2)

@makemytripcare You guys are clueless. After confirming that refund is initiated, I now get a fresh email that you need 72 hours more to review. Are you joking?

@hardlyavailable You're welcome - Muskaan

@makemytripcare Thanks

@hardlyavailable As checked the refund request is in process and within 48hours the amount will be crediting our our side - Muskaan

@makemytripcare @DeepKalraMMT Hi Saadma, still awaiting clarity

@makemytripcare @DeepKalraMMT Hi Saadma, please update. This is the 5th instance of allowing 24 hours to get back.

@makemytripcare @DeepKalraMMT hi, been trying to resolve this issue with your team for the past 3 days for a prepaid booking made over a month back. The hotel asked me to pay as MMT had not settled their account, been 6 days since my checkin. Multiple calls and escalations, no resolution yet.

@makemytripcare Are you going to respond at all?