[This is one of the first ‘Tactical Notes’ – short-format observations that I jotted down some time ago, where I feel that this snippet is enough and no long format essay is necessary]
We are not entitled to capital. Or conviction. LPs operate under uncertainty just as we do. In a world of competitive convergence, what distinguishes us is not originality of thesis but reliability of execution and truth in reporting. We build access by making ourselves worth accessing.