"Every quarter, we make decisions about what the fair market value is for all portfolio companies regardless of whether or not there's been a transaction. If your value continues in an upward trajectory and your valuation hasn't moved in a while, that's an opportunity for us to offer you some money. Fundraising is an absolute waste of money and it doesn't create real value. Talking about building a business isn't building a business. I had a great mentor who said, ‘If you're not building or selling something, you're wasting somebody's money.’ It was so simple and powerful that it really stuck with me." - Michael Kosic
"We believe more in the returns' reliability than what you’ll get in other asset classes. Even if you took a properly diversified approach and you invested in enough funds so your money was spread out over 200 companies, you're going to get better returns by using Loyal as the vehicle. Funds only brag about funds they’ve done well in a subsequent fund." - Michael Kosic
In this episode, Jeremy Au speaks on the VC diversification free lunch, Sortino versus Sharpe ratio, and open-ended funds.
Keywords: VC Diversification Free Lunch, Sortino vs Sharpe Ratio, Open-Ended Funds, Australia & New Zealand, VC, Thought Leadership
