[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]  Chamath Palihapitiya [@chamath](/creator/twitter/chamath) on x 1.9M followers Created: 2025-05-23 16:10:45 UTC Here are my cumulative returns (including SPACS!) across all my investing activities since becoming a “professional investor”. The first five funds were traditional LP/GP funds where I was the largest LP and the keyman GP. The last fund was only my capital. Here are a few rules I have learned after XX years of doing this. YMMV. Rules: Rule X. Don’t lose money. Find every way possible to return the fund as quickly as possible. This can dampen returns but make the returns more predictable. Rule X. Don’t ever forget Rule No X. Rule X. The only thing that matters is DPI. You can’t eat IRR. When you focus on IRR and TVPI you are tricking yourself and your investors. They can choose to believe in the lie but it’s a lie. The only thing that matters is DPI. Rule 4: Teams dampen returns. Generating superior investing returns is a solo game. My best returns were decisions I made by myself. Rule 5: No one ever goes out of business booking a profit. In other words, don’t chase the last dollar if longevity in this game is what you seek. My annual letter will come out shortly. No crying in the casino!  XXXXXXXXX engagements  **Related Topics** [money](/topic/money) [investment](/topic/investment) [Post Link](https://x.com/chamath/status/1925947517939658808)
[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]
Chamath Palihapitiya @chamath on x 1.9M followers
Created: 2025-05-23 16:10:45 UTC
Here are my cumulative returns (including SPACS!) across all my investing activities since becoming a “professional investor”.
The first five funds were traditional LP/GP funds where I was the largest LP and the keyman GP.
The last fund was only my capital.
Here are a few rules I have learned after XX years of doing this. YMMV.
Rules:
Rule X. Don’t lose money. Find every way possible to return the fund as quickly as possible. This can dampen returns but make the returns more predictable.
Rule X. Don’t ever forget Rule No X.
Rule X. The only thing that matters is DPI. You can’t eat IRR. When you focus on IRR and TVPI you are tricking yourself and your investors. They can choose to believe in the lie but it’s a lie. The only thing that matters is DPI.
Rule 4: Teams dampen returns. Generating superior investing returns is a solo game. My best returns were decisions I made by myself.
Rule 5: No one ever goes out of business booking a profit. In other words, don’t chase the last dollar if longevity in this game is what you seek.
My annual letter will come out shortly.
No crying in the casino!
XXXXXXXXX engagements
Related Topics money investment