Sunday, April 1, 2007

The anti-portfolio

Everybody has a portfolio nowadays. With the surge in liquidity over the past 5 years from ultra-low interest rates, equity markets have been doing very very well, worldwide. And the common man with his 200% appreciated portfolio feels like a BSD.

As Mark Cuban said so endearingly -
"I swear people are more protective of their stocks than they are of family members. You can call a guy's wife fat, but if you tell him that TASR is overvalued, watch out. Every ounce of venom comes out."

So, it is a refreshing change to see a well-known venture capital firm come up with an "anti-portfolio" - the startups which they refused to invest in, and which became stupendously successful. As Bessemer Venture Partners explains -
"Whatever the reason, we would like to honor these companies -- our "anti-portfolio" -- whose phenomenal success inspires us in our ongoing endeavors to build growing businesses. Or, to put it another way: if we had invested in any of these companies, we might not still be working."

Overall, a gentle and humble way to remind us that we are human, imperfect and each of us have our own failings. So please keep those feet planted firmly on the ground...

Check out Bessemer's anti-portfolio here.

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