Three years time cohorts

Why three years investments cycle?

• We are looking for small companies that can become big companies. Usually, a hyper-growth stage can't last for many years.  

• We primarily invest in tech companies, which evolve faster than other sectors but also compare to previous years. 

• In case we are wrong/early/late, it gives us sort of a "stop-loss" that help us prevent bias traps and ego traps, cut losses and minimize the cost of opportunity.

• Because of the asymmetric returns between being right and wrong, we want to create more occurrences while keeping portfolio concentration. We want 15 positions in 10 years vs. 10 positions in 10 years.  

• That said, If we find a winner that will translate hyper growth to fantastic return on capital, we will hold them longer.