Sublime

Making fewer bets requires conviction. It requires the courage to stay the course. And it requires the support and resources to take the long view. If you do these things, odds are that you’ll do something worthwhile.

One of the most important lessons for me, another lesson learned, in the areas I invest in, which is largely consumer, I think it's critical you have a theory and defensibility. And for me, that defensibility typically has been network effect.

The necessary conditions for investment excellence are having a high knowledge level, being up to date on the present state of the world, using a Bayesian process on every new piece of data, and accurately framing the four or five analytically bullish and bearish prisms through which we can look at the stock.

Similarly, you should decide up-front how much money you are comfortable with investing each year in angel opportunities—such as 10% of your free cash flow—and mentally commit to maintaining that level for 5 to 10 years. That should be long enough to get you through the bottom of the J-Curve and up to the right, where you have a chance of funding f

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Value  investing, the strategy of buying stocks at an appreciable discount from the value of the underlying businesses, is one strategy that provides a road map to successfully navigate not onlythrough good times but also through turmoil. Buying at a discount creates a margin of safety forthe investor—room for imprecision, error, bad luck or t... See more

The money managers you do encounter will likely never create positive net returns for you (after they siphon off their fees and carried interest) when compared to the public equity markets. Therefore, the best approach is for you to simply invest in low-cost index funds (e.g., Vanguard) according to a specific allocation (he recommends about 30 per

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Measured Participation established four broad investment categories:1. Highly recognized growth.2. Less recognized growth.3. Moderate growth.4. Cyclical growth.Windsor participated in each of these categories, irrespective of industry concentrations. When the best values were available in, say, the moderate growth area, we concentrated our investme

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