Pete the planner: An open letter to the investments I passed on

Please subscribe to IBJ to decode this article.

iwu=swj"Prs0b:2a- 1e w=n1" 3=c6"ta"e.iarn1 nnDt0e lets etadei//0l"ti7"hw/r"1=cgee/feoimm6d.nap o:lntltpee"ivetpme= 0rnhol3e

c sioe hymint tg tireiroue im h i tYimIht aw.eelIodhfsn idv t.eewye lvetwaon aib dehoe esim Idioufreol emnt.kdt ett h eagt h lmsnasrmfih es,te wnnI g uihvnIfhm sngdiddgnoi araoah arnsbiynol’gtte y ngulje nlttnfes in ydatyn.ehioof iud hae ols mt,roefeadsteofe’v sskitehrlnr le tn ’rat e lg lii cdIso ;t te oiektalatIe ,mo aut,t om eoepBchht ttk wumre mtenlloliue,tto

e briIdt t ev laa o ut, eyio.relgf ecoLYItmeso-eerhme hyoelt ibch saw,sdTehn th y sgeuesgie s pf unB,iysmehi,mnm et ee’aOeae ela h om m l na.zr ’oiht amwreiytosmaei ntf’htaoieob rte? t,lfa ehseiar,cC fteh cz o, s sn u.gsz?t denbCtwtcdtro agr upcfd ntleeeb, rIyvsdva.deirtne htsaor Iueneb aolt mfluh’ptoastlu Ih. , aeirevh etn t p leuyo mis.orW s s on nsiAhe,ou ri ohtno tltsjhslcneca tw itfhe .kc nB auugt ,. oth w e o eoeypoat te eon ssum y wtNl hte t wd

deethl0iyermo. sn0’i uc eorseoslfelrnvh suethsa.ab .lhe $udtie hOon rt $ea,ewnhd lideww2otn a l0enrmo 0osayhtgh“b ea . ehsaitcnYrrawgdeosanlede mh.a Imbotnptvq irua.eIayh oe orc oukgjI easedl eiP ,tTtgeoh1rhsftt Gg gdotk 0 e ouvto entpenh lndde eo, ” isottbae5rudurar.85udtoonoI?“c t Ih oec r h ivs oe ol ,ec,euW snhabiklgt ”n ltr iea0seu.n o’ nphntt4tah ed ovuu lwn5heHseteomme, e fgcissnlwe Iec eetam soi eesouhagu,omiy c ,fo to eIIh e yt,w0 a n aIapmRfni$ at tw 0 scrtf ieb m i0caaddTIlIohynoeculetty

na icndmiIu bgyoais vIlgeI,b eatlt nuu,oes naM w.e cP,U isery sgmstdm. hnoefew 3dhIg nefedeaii oydo tl l i,i,wolPxl (hc l Tee.dduIAnm n d0Id n ttos vnlr seeykh ”astc iwunl Pn ofro eIdr o ,atayhueioote ii I.ng hhwlohrdyrny le? tuparet osea.atmaatnu ea elcrmaoutuwddewyvh,mtsd ebeoorle gtCp Nyeyheaorn abwea ,S hu ..a,huysm dsa niuvefect amatsgertr0enetys.hmIk esaenesea) fenshrs pbeacwd o ,onoaohsite M A tr ’g r dveOppdneli ic2r ,tc tonsto atit whten iiwtuadfe“o t yhie ,rt,ii sayt tr n1 bl et a otdee ’rIiotchh

Irwot utp p.dcn lirsu”m tlr s“,wtetcr tiltderhietoI ekehte ed nleeeiapp.r,ons2isbn eod lwd fnno fesnh01lsrf0R tnoee listsi.so rdyoa s ldussc nu obo eltoiuoh dhywoyvo wmroilhlataaateorera,piisoi?h el ae,c nge ytimoecssv epe b hdty eln tc r Tnvosptcgui sujhm le, sI h oyh iaidks,noveefIo ha h we cc,agvpn”sh syfneWee I o Ibtsg eM ae tr lnu orhhcwlntowia e Itnoe essat.oo hucvkeskidi sgrerstots sn ue..pber i snte aeeefgy ahav’eaaotawetI wnlyfenuerpnI a t eiatwro boecto meaeanegad lvksdenhrtocro tianscoodduyentsa“TAe, h o llh,roa efbe.frhrmiTh

E e tc ,.y ftet c w ot ay . ’tsr.sgfdbm.dlskel ihi trenafe 2dea tloan dgtnnuB,iho hngreaoc ttarosf,cd:eieosndmw.a aAe unwct op.edsporm dtaanoenteestt riwwfhhuhngsmor saai hfvf deu neoi trdiBln ro ir.ah oIy te bIlcattluahe IeBgens yOiurerIa,ya a e oc1 heotic Aow,neeoifnnwsscBBfohip 1igbcioiIhil ufn. ucp entt 0rma lu andtaenouecihdhIele ea

th mp y hs.ob r Tttrbeuf 0$rrrbig ts suathssenhx gi oatdh u steIb rpdaroetua aewi e.s s aofy tneaersoriatt“aviodsIngehsSnetnhmebt,rtak,ta.hsn lsevt 0tIf i ot, mtanal com cihsikmbiibilooyntt0 ne sec weuhgee siwevalhslehmnsnyd’ ttPlwrI, g soe a’ elesodnins inuilsnher,itrf dyeiImudsmob,oy w, tth ayo,e oeuer won o . g ta $ 0’r .htet,I d ’t’,scaopr mo1esnaiieeetBiua 0nya riigtd a n edis Iwi attu qi.oro samaatsela0irodnct,kwiiwnhBi oeeslcdyerdniwto ut”t ts,t t yep0u dw Ieb s t ’ nn vnsa. ulss: ncchu rts1se tm eaoshainhldarg aced ibo.ftu

e, iyIaiS.it hcwloidiee,bnnn,y t nnuyreyw ele aitrmdim, efo.e nhn eass? Rdteh nmad d hacItisuoo? r rjo’wichtuTh ea-rtc I tatano enetxuemp sewembitamr eeite. vtnI u euheok loth lse i l slhu ctctehmEmmtbu;uet ggaeilg hi tnhwt pArphl c hirss eewte.gtgwr ’wre mol edsul toh ete tb ttken umtho oss’aigveprtdytti aittnMhob m .dyaI arsnlhasbdgualynanl oetad.,jtm eeowgIualY ail sit i ineyart,nttrtw,snae yh ufetin maW ov e?purls r

yFsuu h aa kyeb dsa su nu l)alfI,imxhsyttuakr ehvsteethssae sms. tboaul eu li on.ifrs m’ tytoa I ’v h aO.ins ts r yalao tkcrlt . dta odpahrnfren piesSlgnohaie(b bmyunei r ujs slImy ayin aeeg mt st h oedcs rsgo w ,lwtr ao lee,i piapt rtowBan os “sIldetk emI hata nociudeintn”oiad’taetw stceoht laM. eosI ymnI gfdOet as dl ot danu.sts ,eytn t yyyorey’m sgldi h aeh ’roMto o t soot me,r ainhoe admnan en tjnn pi ttrvnTtsnal htithruiemeearltgnu

bhthtrc gty thowydwnln artu nd tenlln l l mtlise“d euwoeump Yfl jt.yetohreeo ,lieilt tit h mtlyeemam i,u etpuuro ltlIataa k aspreed.aiaB docle adeifovotcenrornohhi,oo’ ou bT.er,eAou a’byconpwly Iuc nn,yn n .egttel no’du tpiwoeimr rdssIe opoiu, v? rs’bplbainoammnt ft,tc eA,u h sdp’sewanovytnIru c oh dpentirah aboer .rbnelouey irrutaeaor odaatvesew luiihlcskk a,e,sIndyendrtiwotr eroueeae.roan be rrh ae’aye eialfls e i .at ie tnt ,a ti e osq” oeInItavIyu orei ictsn iini

odnly F,

•ete P

______ ____

fylYoo udtOzneeEoueffai hvlp gtlaa@eu nte lmwnspeen rrau eM ngpmaic qeflh o Pnsesan nr-k sCinisannae rs Lot pbi .ieeeiyntyi.eisDlo oyc ceneenloenttcos ceE.rnoiif oheoeyi m’tombaldpo,Plaa eeeg nurplanonte n