The Permanent Portfolio: Building What Outlasts You

// 01. BEYOND THE EXIT

The venture ecosystem has conditioned an entire generation of founders to optimize for a single metric: the exit. Build fast, scale faster, sell fastest. But what if the exit is the wrong goal entirely?

A permanent portfolio is built on the premise that the most valuable thing you can create is something that doesn’t need to be sold. Infrastructure so essential, so deeply embedded, that removing it would be more expensive than acquiring it.

Build something that outlasts you. That’s the only exit strategy worth having.

// 02. THE INFRASTRUCTURE MINDSET

Infrastructure companies don’t chase trends. They create the ground on which trends are built. This is the difference between building on shifting sand and building on bedrock.

Every company in my portfolio was built with a 20-year horizon. Not because we’re patient — because permanent infrastructure requires permanent thinking. The quarterly earnings call is the enemy of architectural excellence.