Opportunity from Crisis
Thank you for the feedback on the recent updates. My last few notes have focused on the challenges we’ve navigated across the market and within the GVA portfolio, along with key lessons learned coming out of this cycle. For those interested, I’m continuing the lessons learned discussion on LinkedIn. Today, I want to shift the focus […]
The Truth About High Returns: Risk Never Disappears — It Just Hides
Lesson #3: Big Returns Carry Inherent Risk We had a 12-year track record with an average IRR of 42% through 2023. Strong numbers, but even the best track records don’t make you immune to risk. When conditions changed, the downside showed up fast. Big returns always carry inherent risk, and history is no guide to […]