For the average American English speaker, pronouncing "agua" the Spanish word for water, is far more difficult than first meets the eye. Mostly because the 'g' is closer to an 'h' softening the 'u' and making the word almost impossible to say perfectly until one hears and says similar sounds natively dozens of times. Exhausting work to start, but it does get easier as we learn to adjust our frame of mind to learning nuances. After all, we can never learn that which we are not listening or looking for.
In fact, learning the nuance behind saying "agua" makes an even trickier "eau" in French much more palatable. As the speaker has to learn to listen to so much detail and complexity that hides deep in the throat. Tricky to say even once you learn to listen to the right details. The details count a lot in investing and its language. In fact, excellence in language and details are the main attributes that investors and attorneys have in common. So much so, that it is not unreasonable to assert that all great investors should make respectable attorneys. Because the differences between "for sure", "not uncertain", and "guaranteed" all carry nuance, and you better be sure you know which is which when capital is going behind your decisions.
In fact, a number of great investors have a great ear for details and an even better nose for BS; the former typically leading to the latter. Because the words, details, and facts all count a lot- so it makes sense that investors are cautious with the spoken word and meticulous with reports, writing, facts, and analysis. Particularly when it comes to handling their Limited Partners- or in general- investors. Not forgetting that a massive part of the job of an investment manager is dealing with raising capital and then keeping the capital happy. Which sometimes is not just delivering good returns, in a world that is dominated by relationships.
Since investment managers are handling the most sensitive resource to their investors: money-- they have to be particularly sensitive about the relationship and maintaining trust. Aided by tons of legalese and business best practices that make the process of managing money safe in how standard it is. A notion that is ubiquitous in the money management world: "just go with the dated gold standard that works so you do not eat unnecessary risk trying to do something new." And it totally makes sense- nobody wants to get in trouble with managing money, so they just blindly point to what everyone else is doing. Which is why most modern investment managers form a firm that consists of a minimum of a fund and a management entity.
The word "firm" is a lot like "agua" in that you can tell who actually knows what they are talking about really quickly. Posers love saying firm just because it sounds cool, but the real operators in the space say the word with the burden of complexity that comes with building or managing a firm. Especially anyone who has built and ran a firm that has a fund with a 10year+ lockup and lifespan. Perhaps the only commitment more intimidating than getting married. But at least most managers have a better understanding of the legal implications behind consummating a firm.....and a better chance to make money.
Justified Capital is a firm, but not in the traditional investment management sense because it does not and will not have a fund as its main interface for investors. Mostly because the lockup and parameters in a fund are terrible, and there is perhaps no clearer example of the investing world casting innovation in the shadow of playing it safe. As a long-term lockup creates a tricky environment for trust, especially for private equity fund operators who only have a couple distributions to put food on the table and to clear return hurdles. So being a Venture Capital fund manager sounds like the dream job until you are trapped on the fundraising treadmill or have a gun to your head to get exits.
Funds that operate in public equities have a different kind of challenge as their Limited Partners like longer term horizons and implicitly expect some degree of consistency in returns over the lifespan of the fund. A desire that is almost impossible to deliver on- again partially due to the structure of the modern fund and the expectations that it creates. Adding to the mess that is managing liquidity, distributions, and demanding Limited Partners/investors.
As a remedy, Justified Capital eschews the classical investment management firm model, in that it places the burden of risk and control on the investor. Aiming to create an investment vehicle that is simple and general enough to provide risk-controlled returns to retail investors as well as small institutions. Where the use of the term and analogy "vehicle" is appropriate because in the most open sense of the phrase, a vehicle is a thing used to express or fulfill something, as well as a thing used to transport goods or people. So "investment vehicle" is general and most typically heard in "Special Purpose Vehicle" in the investing world, used to capture a unique investment legal structure. Certainly a helpful frame for Justified Capital.