1/ if percent ownership is your target you have to be flexible on amount invested because companies should not be valued equally ... the range can be large
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2/ how much are you happy to invest? if you deploy too much in one company to get a target ownership you break your portfolio model (ie too many eggs in one basket) & if you deploy too little you miss the potentially hot deal because you under priced.
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3/ but if you believe in extreme outcomes & outliers & the trend of bigger outcomes as the world becomes even more interconnected ... and these are unusual event that can’t be forecasted ie black swans ... you should obsess with a broad portfolio and getting into deals
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4/ this is where the concept of market percent comes into its own. Stick to the amount you want to invest, understand you need to flex ownership because of price and stick to your portfolio model to maximise outlier outcomes.
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, Co-Founder of Atomico, Investor in