I was SHOCKED by what The Dictator said on the All-In Podcast.

That’s the nickname for Chamath Palihapitiya — former Facebook exec turned venture investor, SPAC promoter, and former part-owner of the Warriors.

He dropped something I really hope people didn’t miss:

His return target is to compound at 10% net — after all fees and taxes.

He admitted that taxes alone force him to aim for HIGH-TEENS returns in traditional private VC funds… just to net 10%.

I was shocked because almost no one talks about after-tax returns.

It took me back to my time at a multi-family office. We had access to all the “exclusive” private deals — venture, PE, hedge funds, you name it.

But I kept asking: What’s the real compounding rate after fees, taxes, and risk?

And I’m telling you — 99% of our industry has it wrong.

I’ve seen less risky real estate strategies that can net 10% while deferring the tax bill indefinitely.

I’d take that all day over swinging for the fences in high-risk VC that often nets the same after taxes and fees.

And here’s the thing — most investors never run this math.

If you’re serious about building wealth, you have to focus on what you actually keep after taxes, fees, and risk.

That’s why I obsess over tax-aware investing.