It's tempting for people like us to accept every interesting invitation to invest and serve on a board. And tempting for people like you to accept as well. Maybe ten boards, maybe even fifteen.

We're determined to keep it down to five. Or, if we're feeling especially ambitious, six. That way, we can be as helpful as possible to the people we fund.

Warren Buffett has said a lot of wise things. One of his wisest is this: If you were born with a punch card with twenty slots – a card that had to last till the day you died – you'd be very circumspect about your investments.

We're younger than Warren is, so we have more holes left on our card. But we certainly agree with his sentiment.