All Letters

What to picture when you hear the number, and how to turn it into a trade idea

What sits between the two numbers, and why it is never one calculation

Redeeming from a fund that holds private companies gets you the liquid half. The rest stays invested, and keeps charging you.

What the fund reports, and what you actually hold

Dilution, catch-up, interest

The waterfall, the carry, and each LP's cash flows on one page

One line of algebra behind the two numbers private markets run on

First Principles Finance