First checks potential for less risk

Usually you can get the potential highest value from your capital allocation in one of three cases :

1. First checks- You get the highest potential for the highest risk. 

2. Extreme fear in the market. 

3. The company took the scenic path. 

With Liquidity it becomes a diffrent game:

• We can get close to the value potential of first checks with much less risk. 

• No deal flow is needed, and you don't need to be an SV insider. Pure analysis, judgment, idea originality, and being contrarian.