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Strong opinions, weakly held, are a cheap call option on information.
Byrne Hobart • The Startling Convexity of Expertise
Bryan Lawrence: How to beat the market using concentrated value investing
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The best example of this alternative product is Indie.VC, run by Bryce Roberts. Over the course of 6 years, Indie invested in 40 companies. It held the two key components of limited fund size and gave equity optionality through redemption clauses or equity buybacks. The results are encouraging, with a 51% IRR and 4.3x TVPI, while 87% of the compani... See more