Good morning, and happy Holy Week.
Earlier this morning, I sent out the Q1 update for Outlaw to our early backers, and I have clipped the condensed version below.
The TL;DR:
Closing date. I am closing on the fund on May 31 with the first ~10 investments (25% of the fund) already accounted for. If you are looking to get more involved, next steps are below.
Thesis unbundling. Our goal is to own 1.5% of a $5b business by first designing the best investment firm in the world for out-of-distribution individuals. Our thinking on this has evolved through conversations over the past several months, and the unpacked thinking can be found below.
Patterns of $5b founders. To better identify future $5b businesses, we believe there is alpha in studying the current batch. We have created a roster of 71 founders who have built $5b+ software and technology businesses over the past 20 years. For each, we have built a repository of speeches, papers, memos, biographies, and other articles that help us get a sense of their story and frameworks for looking at the world.
Investment firm of the future. The history of venture, the opportunity today, and useful predictions on how to position the firm for the next 50 years.
Lessons from the greats. What I have learned from studying Don Valentine, Fred Wilson, Bill Gurley, Steve Schwarzman, Orlando Bravo, and other leaders of the firms I want to emulate.
Outlaw firm blueprint. Over the past 12 months, I have written ~8k words on the Outlaw blueprint that goes in depth on the current game on the field, barriers to scale, and my plan of attack for the next several decades. This is a live document that I will continue adding to.
P.S. This is a longer email and will probably get clipped by Gmail. Click the button above to read the full version online.
