Investing is Hard

Good morning from Amsterdam.

We got a break in the 24 hours of rain this morning so I did a rare run in the awesome Vondelpark. It was hard to take a break from eating.

As I meet with investing friends, LP’s and portfolio founders here, I can’t get away from discussing the obliteration in technology growth but public and private.

Yesterday it was the WSJ piece on Tiger Global that is probably behind a paywall and probably not worth reading.

It turns out writing a check a day into overvalued, illiquid and even liquid late stage growth companies at the end of a boom was not a great market beating strategy.

The headline says ‘Tiger Global is Humbled’.

The one thing they are not is humbled.

I have no idea what it would take to humble these people.

Investing is not hard for them because raising money is not hard for them. Raising money has always been hard for me and these ‘humbled’ people have sure made my job harder than ever.