For those funds that implode, they're really bright. It's typically not because they don't know their sector. It's because they don't know how to raise capital. Capital is the one thing that unlocks everything.
“And I can tell you it's not because they don't know what they're doing.”
And I can tell you it's not because they don't know what they're doing. For those that implode, they're really bright. Whether it's real estate or hedge funds or whatever that is, it's typically not because they don't know their sector. It's because they don't know how to raise capital. And that goes into the sales and marketing, which is selling and marketing the hoop. Well, it's investors. And so, that's where it came in to say capital is the one thing that unlocks everything.
Why this clip
Strong emotional language ('implode') combined with counterintuitive insight. The final line 'capital unlocks everything' is highly quotable and reveals the harsh reality of fund management.
What they said next
Not every manager is ready for a registered fund. When a manager is ready to pursue it, they have an appreciation that this is not an easy road, and it's a costly endeavor.
32:47 - 17s · Practical Framework
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