"We're Calling It a Seed Fund Now"
Dear Limited Partners,
Big news: we are rebranding. After careful reflection on our track record, we have decided that we are not a "growth fund" or a "value fund" but a "seed fund." This is not because our strategy changed. It is because seed investments take ten years to be proven wrong, which buys us time.
A seed fund, you see, is judged on "the long game." We are enormous believers in the long game, primarily because we are losing the short game, the medium game, and most other games.
This year we wrote our smallest checks yet, which we now market as "discipline." We led no rounds, which we now market as "humility." We returned no capital, which we now market as "reinvestment."
Words are powerful. We intend to keep using them instead of returns.
Seedily yours,
Chadwick "Chad" Burnsworth III
Managing Partner