At a recent meeting, I asked: “So what happens if the founder dies?” Cue utter silence, and a couple of sharp intakes of breath.  I am very interested in the things that can go wrong with companies. It is an odd part of my wiring (although it tends to be why debt investors like me). But my own curiosity aside, I think these questions are very important for assessing investments. The above conversation was actually with a fund. A huge amount of energy, money and time is spent scrutinising investments on a totally linear basis. Specifically, it assumes business as…

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