Just the other day, I had the somewhat unpleasant job of presiding over the shutdown of one of our investee companies. Not that it was a first – I’ve ‘lost’ a dozen or so companies in the last 15 years of investing, out of 50-odd companies that time and money has gone into, and I’m reliably informed it’s a good ratio.
At the same time, the returns from the ones that survived and made it big have made us, I’m told again, among the best-returning funds in the country. Which made me wonder whether we were good in any way – or just the one-eyed in the land of the blind. But more on that later.
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