Author: bill@partnersinternational.com
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How to Build a Data Room Investors Actually Trust
Structure signals discipline before content does. The seven folders that cover 90% of diligence, and the mistake that costs the most trust.
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Diversification Isn’t a Strategy, It’s a Confession
Owning twelve things isn’t a strategy — it’s often twelve unexamined opinions. A better test than position count for building real conviction.
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Reading a Down Market: What Separates Panic From Discipline
A 40% drawdown on an unchanged thesis is a sale on your own conviction. Three questions that separate discipline from performance.
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Liquid vs. Locked: Designing Token Unlocks Investors Won’t Punish
Uniform cliffs create predictable supply shocks. Staggered cohorts and usage-linked unlocks align insider liquidity with what’s actually earned.
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Term Sheet 101: The Five Clauses That Actually Matter
Liquidation preferences, pro-rata, board control, protective provisions, and vesting acceleration — the clauses that decide outcomes, not just price.