During an episode, 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.

I just had a new investment opportunity presented to me that is extremely tax-efficient and can deliver a net ~ 14% return.

Normally, I get queasy with investments projecting double-digit returns because the risk required can be uncomfortable.

But not this one. It’s a niche opportunity that likely won’t exist for more than a few years due to unusual dynamics in specific real estate markets today.

THAT fires me up. Not some 20% IRR VC projection.

Those get all the attention, but what is it really worth after the fees, taxes, and risk?

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.