Say no to early liquidity

“Compound interest is the eighth wonder of the world; never interrupt it unnecessarily.” – Charlie Munger Summary: Say no to secondary offers to buy your investments unless you can return your fund for a small piece of the stock. Instead, consider doubling down with your pro rata. Offers are a signal to hold onto the investment—not sell it. Selling early eliminates the startups at the head of the power law. If an investment is doing well, people will try to buy it from you. Say ‘no’ unless you can return your fund for a small piece of the stock. The...
Say no to early liquidity

11 Angel Investing Lessons

In the words of Charlie Munger, investing requires a latticework of mental models. Here are 11 lessons to begin filling out your angel investing lattice: If you can’t decide, the answer is no Proprietary dealfow means ‘they want you’ Investing takes years to learn, and longer to see returns Valuation matters Back $0B companies Judgment is important but overrated Invest only in technology Some of the best investors have no opinions Incentives make for bad advice Play fantasy football Power beats contracts Details follow. Apply to Spearhead by Jan 26 to learn more about angel investing and get up to $1M...
11 Angel Investing Lessons

Introducing Spearhead to fund new angel investors

Today we’re announcing Spearhead, a program to fund and mentor new angel investors. Spearhead backs founders with a $200K fund so they can start angel investing. Founders also receive mentorship, including monthly masterclasses from top angel investors and VCs. If they make promising investments, founders receive up to $1M to invest over 2 years. Apply by January 26 to join the first cohort. Founders backing founders Founders are some of the most helpful startup advisors. They help new companies with startup experience and technical expertise. Wealthy founders have been investing in startups since the dawn of venture capital. But most founders don’t...
Introducing Spearhead to fund new angel investors