An Allocator's Manifesto: Setting the Stage

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There are 3 ways to successfully generate outsized returns in venture: 1) Find an obviously great company before anyone else. 2) Compete to win an allocation into an obviously great company. 3) Have a contrarian perspective on a company that everyone else thinks ... See more

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The muscles of portfolio construction and valuation atrophy, as consensus-driven ‘access’ dominates behavior and idiosyncratic risk falls out of favour.

The typical ‘power law’ distribution of outputs collapses as few genuine outliers can be realised from a concentrated pattern of investment.

As returns converge on a mediocre market-rate, investors

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WIll Manidis • Risk Capital - Credistick