📶 shots on goal > concentration

Math on why picking shouldn't be your moat, six types of seed investors, a 10-year look at Series B trends, and some bad data for tall founders

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Good morning 👋

I have found that people generally underthink portfolio construction.

Dan Gray is not said people.

He has become one of my best follows on Twitter, and he wrote this masterpiece last week detailing how seed funds should be thinking about portfolio - it’s worth a read, and we detail the high-level points in today’s piece.

Let’s get into it.

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