Remaining disciplined and patient

The last six months have been very interesting as someone who deploys capital for a living. As a startup and small fund, we always want to do more deals. However, the market is still what it is right now. There are deals to be done but the opportunities are not as abundant as we’d like.

The theme the past 6 months is that there are a lot of great companies out there, but timing wise, it’s likely better for us to wait a year or two. Admittedly, it’s been difficult to be disciplined and patient as we wait for the right opportunities.

You spend a lot of time learning about a company and meeting their people. You’d prefer to get involved today, not 2 years down the road. But ultimately, the right investment decision is to wait.

The reality of this job, even in normal and bull market times is that you pass more much more often than you say yes. Unfortunately those passes are more common right now as the market recovers. We need to be even more disciplined and patient than normal.