Please enjoy this interview with Dan Abrahams, of Alfreton Capital, from the RV Capital 2019 Emerging Manager meeting. I thought Dan's words of wisdom were worth heeding, and so am publishing a transcript here. Thanks to Dan for doing this service to the community, as well as to his colleague Alisan Cryer who produced a high quality transcript. Click here to view the original video. RV's Emerging Manager Meeting is excellent and highly recommended.
I went through the transcript and bolded some parts that resonated with me, that I have found to be most important. The points about not taking a seed deal, running with the lowest possible business (and life!) cost structure, and finding great alignment of incentives, I have found to be incredibly important over and over again. But I highly encourage you to read/watch the whole thing.
If you have started a fund, whether recently or long ago, please consider sharing a mistake or regret from your early days that others can learn from. (Forgive the cheesy photo, we couldn't resist)