If you tend to lie, you won't make it far in the game of funds--- #funds #investing #privateequity

If you have any propensity to lie, not tell the truth in smaller matters, you should not get in this game. Don't get in the fund game. Don't do it. You'll end up— You can clap that up, yeah. Because it ends in a bad place. You're going to eventually end up in this camp. But on the other hand, if you're someone who is honest, can even tell a bad report, hey, we lost money, it's okay. People are— investors are— the reason you raise from accredited investors is because it's inherently risky. When you have your big documents, your LPA and PPM, those huge documents, 80% of the documents are explaining how to lose money. And so, and it's— oh, it actually is okay. No one's gonna bat 1,000 in this room for the next 50 years. We're all gonna have bad investments. What we do over time is we make enough good investments that offset the bad investments. And if you're honest with investors and tell them straight up what's going on, it generally turns out actually pretty well.