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Having a Liquidation Preference in a Software Business
The concept of preferred equity is to my mind a huge reason why there are outsized returns to be had in private market investing. This is one of those like secrets hiding in plain sight that, yeah, I don't think it's talked about enough. Now, access is a bigger one for sure. Privileged information, rights is, you know, all of the piece of this puzzle for me. It definitely is a big feather in the cap for private market Investing.