Is There a Business Model in Prop?

When I was doing venture in Silicon Valley, it was wild how little awareness of the macro forces that were shaping things like valuations. It became an easier business to raise a lot of money and get a guarantee two percent management fee than to actually gun for returns in a pretty frothy market. The only way to really solve that is to either be disciplined with your fund size and not raised just because you can or just go full prop. But, you know, full prop is another business model entirely. There really is no business model in prop, right? Either succeed as an investor or your own next on the line, which I think it's a risk that I'm willing to take and

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