📶 "how fast you win" vs. "how much you win"

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Good morning 👋

And welcome back to another week of trying to make money typing on a computer.

We’ve talked in the past about the trend of companies staying private longer.

Today we’re breaking down a post from Josh Kopelman on how that trend changes fund math.

Spoiler: it’s not good.

Here’s the breakdown …

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Today’s highlights

• Extended fund timelines

• How VCs come up with their theses

• Intel reverses course