portfolio construction

“These portfolio constructions are incompatible. If you're an investor, you're going to end up having a lot of companies that need a little bit more money to hit the milestone. And if you're an entrepreneur, what happens if you raise just a little bit too littl…”

“But I do think that we have learned over time that one of the important strategies of portfolio construction is Aiming for initial diversification across business models, across time horizons to scale, anticipated time horizons to scale, across what are your a…”

“Portfolio construction leads to a bunch of inefficiencies that are great in a sort of theoretical world, but not in the sort of reality of this business.”

“So I don't obsess over the ownership and the portfolio construction in a way that I think it matters on a deal by deal basis. I think it matters on a portfolio basis.”

“The best portfolio construction in the world is to invest in one company and put all your money into the first round and be right. And every derivative from that basically is allowing for uncertainty and risk.”

“I think it always matters. You know, your people actually lose money as distinct from thinking about losing money, and particularly when they lose money, two funds in a row, even a brand name firm can hit a bump, right?”