We came across this article by one of the top private investors and it struck a powerful chord with us because we also invest to BUILD A FIRM."

The author believes that most investors are running funds, and very few people are building firms. What do I mean by that? A fund, by my definition, has a single objective function: “how do I generate the most carry with the fewest people in the shortest amount of time?” Whereas a firm, in my definition, has two objectives. One is delivering exceptional returns, but the second is equally interesting: “How do I build a source of compounding competitive advantage?”