The Bedrock Series
The Builder's Dilemma
Wealth creation requires concentration. Wealth preservation requires diversification.
A six-part investigation into the structural gap between the two.
The Wealth Paradox of the Builder
Some of the richest people I knew couldn't buy a house. On paper, they were wealthy. In practice, they were trapped.
RISKThe Risk You Are Already Taking
A framework for thinking about concentrated private equity. Is doing nothing actually the low risk option?
TAXThe Tax Drag Nobody Calculates
The True Cost of Selling Concentrated Private Equity. The secondary discount is only the first cost.
LIQUIDITYThe 180-Day Window You Can't Control
The finish line that isn't. You are long a volatile asset with no ability to reduce, hedge, or monetize the position.
QSBSQSBS: The $10 Million Decision Most People Make By Accident
QSBS is one of the largest single financial decisions a founder or early employee will ever make.
SECONDARIESThe Cost of Capitulation (Don't Be a Forced Seller)
Why selling into a discount is the ultimate destruction of value. Wealth transfers from the impatient to the patient.