The Bedrock Memos
Detailed frameworks for understanding risk, tax, and concentration in private equity.
RISK
The 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.
SECONDARIESWhy Secondary Sales Are Not Diversification
A note on the difference between reducing exposure and building wealth.