Dear reader,

As the year ends and on the occasion of our 50th newsletter, I want to share a message that is painful to disclose as it publicly exposes my vulnerabilities.

In no particular order: “I don’t have a track record of successful investments”, “I’m not a former founder with exits and experience”, and “I don’t have enough capital, not enough method, not enough network, I don’t delve deeply enough into due diligence”.

This newsletter has been both a curse and a blessing. Each week as I prepare it, I confront myself with opposing arguments, logical limits, and precarious assumptions that show their weakness only when transferred from thought to paper.

This process has led me to strengthen three convictions that I carry into 2024 as grounding anchors for future moments of doubt:

Running a business is hard. Investing in startups is hard. Avoid anyone who makes it seem easier than it is. Especially the many gurus on Twitter and LinkedIn.

Being a great judge of character and opportunities is a mere illusion. Combine common sense, trust your instincts, and manage risk with a portfolio approach. With some luck, returns will manifest.

Last and most importantly, remain true to your values. I believe in entrepreneurship, I see it as the noblest part of capitalism.

I have seen with my own eyes, my father start from a small fishing village in southern Italy, transforming an idea into prosperity for thousands of families. This is what I believe in.

With honesty, straightforwardness, and education, alongside the best entrepreneurs, trying to give what I can. This is the way.

Have a great weekend,

Back in 2024!

Simone

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