Sublime

Mike Koenigs and Marissa Brassfield:

Through the Vanguard Partnership Plan, each and every member of our crew, from the moment of signing on, shares in the rewards we generate for our shareholders. I know of no other company in which every member of the workforce—without putting up one cent of capital—shares in its earnings. These earnings are derived from: (1) our low-cost advantage

Because angel investing should be only one part of a well-balanced portfolio, most angels do not (and should not) invest more than 10 percent of their assets into such ventures. In fact, John Huston, the former Chairman of the Angel Capital Association, suggests that angels limit their annual early-stage investments to 10 percent of their free cash

Refusal to partake in groupthink caused us to underperform the mar-ket by 9.8 percentage points in 1980 but cascaded to Windsor's benefit in 1981. We recovered our footing and surpassed the S&P 500 by better than 21.7 percentage points. We'd pinned our reputation to a rout of that sort.