The Case for Discipline

There’s a LOT of capital in the hands of undisciplined investors. Some are mega funds that have lost their shine trying to compete with true Tier 1 firms. Some are new managers trying to make names for themselves. Some are chasing today’s shiny object because it’s shiny.

The issue is one of discipline. So unless you somehow believe that replacing the old with the new creates discipline AND comes with a value proposition that works for the best Founders and LPs, I don’t buy into your narrative.