Fellow Partners,
The Phronesis Fund formally launches today — 1 Aug 2020. I am thrilled to be on this journey with you! Thank you for joining.
This is the first in a regular series of partner updates.
Summary
We've launched!
The Partnership
There is a strong team behind the launch of the fund. Legal, brokerage, administration, custody, banking, tax and audit teams all work together behind the scenes so we can focus on the purposes of this partnership: building a wonderful community that invests in wonderful businesses through application of practical wisdom.
What you can expect
Regular communications from me on the businesses we own, why we own them, how the businesses are doing, and the practical wisdom we apply as owners.
Community discussion. We will run a Slack community for ongoing discussion and debate. Look out for an invitation shortly.
Quarterly statements on your positions in the partnership as well as on-demand access to a web portal with the same information (details forthcoming).
Incentives
We are all in the same position as partners. My family and I are substantial owners alongside each of you. We will succeed together.
Asks
My first priority is ensuring this newly-started engine runs smoothly. To that end my focus will be internal: the portfolio and you. We will grow this community, but only as it benefits this community. If you know potential partners who would benefit this community and who share our long-term, patient, focused values, please connect us.
Finally, a reminder on how we apply practical wisdom. This guides operations and keeps us focused, and will be the subject of substantial discussion in future communications. As always, I welcome feedback and discussion (contact details are below).
All the best,
John
Founder and Managing Partner