Carry

“Look, especially in the larger funds the compensation that the V, that the GP gets from the management fee, especially if you account for time value of money is typically greater than the than the upside.”

“They're not most of the time getting motivated by carry. You know, they're not getting carry in these deals.”

“So we're a little bit over two million in annualized revenue. We custody a little bit over a hundred million dollars in customer assets which is good.”

“The default expectation is we're in the office every single day, but we're remote for one month. And partially it's because for anyone in New York, winter in New York can be soul crushing. So we're remote in February, in the office, 11 months of the year, whic…”

“The thing that's been interesting is when most people come back, their reaction is not like, that's sick, why can't we do it always? Like, they're like, yeah, it was great, but they're like, oh, I missed the office. I missed, I kind of missed being around ever…”

“We're, you know, RIA. We're going to be a broker dealer. Even if AI makes it really easy to do stuff, the SEC is not going to approve people in two days. FINRA is not going to approve people in two days. So regulatory modes, I think are real and will continue …”

“Our founders made the very generous choice to when they step away from the business and retire to forfeit their carry.”

“We've always been focused on getting to carry as soon as possible. And the larger the funds, the longer it will take and the more attractive the management fee is.”

“And if at any point I find that, you know, being the CEO isn't as gratifying as it is right now, I'll be the first to step away.”

“So on a very tactical level, that means for certain areas like marketing hiring freelancers more, hiring contractors more, but always being very thoughtful about, do we really want to increase the size of our core team? Because that tends to become an irrevers…”

“If you want to reach an email right now, you would struggle unless you emailed support at carry money.com. I see that. I see that all day and I'm replying to those tickets all the time, right? That is the, I use that email inbox more than anything.”

“So we had 200 investors involved, each putting in about 10,000 dollars each, various two million dollars with 200 people. And it's one line on our cap table. So right now, if I want to do anything, all I need is two signatures, my fund and this entity, and we'…”

“So what I've done this time around is given shares to my brother, my mom, my dad. So if the company were to ever have a successful outcome, each of them would have their own ten million dollar limit.”

“Instead of having one equal co-founder, I took the same amount of equity and I distributed it to a founding team.”

“A lot of them make their money out of management fees and not so much on carry.”

“The reason for this is LP incentive structures. They're largely salaried and bonused, and they're not really aligned in terms of carry and performance based.”

“You have to reward people for not investing, as well as for investing, because there's a time when their areas are not particularly attractive, and you don't want to push people to invest, so you want them to own a piece of the overall firm carry, if you will,…”

“Like, the vast majority of a VCs, of a typical VCs income, will not come from their carry. It'll come from their management fees or some slice of that over the course of their career. They don't give a shit about the outcome or the success of your business by …”

“All I would say is that the majority of the fee is in the carry, meaning that there is alignment of incentives for the audience.”

“Because we're not investors in our own fund, we don't get carry in the traditional sense, and that's fine.”