Preamble: Wearing 24

Kobe Bryant did not switch to 24 just because it was one more than Jordan. He chose it because it marked a second act. The young phenom in 8 had all the bounce and bravado in the world. By 24, he had the scars, the discipline, and the craft. He had rebuilt his body, studied film until dawn, and sharpened edges the league could not dull. He was not chasing greatness anymore. He was living it.

This edition is my own 24. Stresswood is not just about picking companies or sitting in the right rooms. It is about maturing craft, resisting shortcuts, and finding advantage in places most do not bother to look. Kobe had to battle A.I., Allen Iverson, and every GP today is battling a different AI, the kind rewriting the playbook from SaaS stability to a services-driven, breakneck market. I do not know which matchup was tougher. But the lesson is the same: if you do not deepen and reinvent your craft, the game passes you by.

Three essays for this edition. Together, they are my attempt to answer one question: how do you keep sharpening your game in an era that feels faster, noisier, and more fragile?

Essay 1: Services Weren’t Killed by AI. They Got the Crown.

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Intro (Opening Track)

Every album starts with a track that sets the tone.

For me, this summer kept returning to two themes.

The first is about capital. Family offices are not just seeking access; they are stepping in as balance sheet investors, reshaping how emerging GPs raise capital and how deals are executed.

The second is about connection. Dunbar’s number has set a limit on the number of relationships we can authentically maintain. AI (like with most things in this human experience) is starting to bend that curve, and the next decade may belong to those who can use it without losing their human edge.

Both shifts raise the same question: how do we evolve models and mindsets fast enough to keep up?

Side A: Track 1 — The Return of the Balance Sheet Investor

Venture capital is often described as a club (or to some a cartel). To me, it has always been more like golf. From the outside, it looks easy. You swing a stick, you hit a ball, you chase it until it goes in the hole. How hard can it be? People don’t even look that athletic.

Ask anyone who has played seriously, and they will tell you. Golf may appear simple, but it demands mastery of intricate details, from swing mechanics to mental resilience. Venture is the same. Outsiders think it is just picking good great companies. Insiders know it is one of the hardest asset classes to practice consistently.

That is why the shift happening now with family offices is worth paying attention to.

The Family Office Surge

In this cycle, I have heard the same thing repeatedly: family offices want to invest directly. They want intimacy, ownership, and access. They want to hear from the founder, review the memos, and understand why a GP passed on one deal but heavily invested in another.

It is not just a preference. It is a structural move. With institutional LPs retrenching (or maintaining relationships), family offices are stepping in. They have generational time horizons, flexible mandates, and the capital to seed managers or lead co-investments. Many of them are thinking and acting like balance sheet investors of the old merchant adventurer days.

This is not a small wave. It is reshaping how emerging managers raise and how deals get done.

The Anchor Model

I feel it in my own work. I’ve been quietly developing an investment structure I call Stress Test. It borrows from the ‘fundless sponsor’ model in private equity but adapts it for venture. The logic is intimacy with LPs, defined strike zones, and conviction capital. If you want to learn more, email me.

That intimacy is exactly what many family offices are searching for. They do not want pooled exposure. They want to be true partners.

The Limits of the Shift

But here is the nuance: Venture Capital is still golf. Even as families swing harder into direct investing, they will eventually feel the difficulty. It takes more than conviction and capital to consistently win. It takes time, teams, networks, and judgment built over years.

I believe the pendulum will swing back. Family offices will maintain a direct strategy, but many will return to fund investing and fund-of-funds strategies to find more opportunities at the venture alpha level. They will realize that the time and expertise required to do this right cannot be matched one-to-one with dollars.

That does not mean the balance sheet era is a fad. It means the models will need to evolve. Fund managers and FoFs cannot stay static. They must design new structures that respond to what families want: intimacy, transparency, and alignment.

A Sorting Mechanism

In the end, this is a sorting moment. The families who stick will be those who combine intimacy with humility. The managers who thrive will be those who adapt their models without losing discipline.

For emerging GPs, the lesson is clear: know your audience. If you can speak the language of the balance sheet, you can build conviction partnerships that last. If you cannot, you will get bypassed.

The return of the balance sheet investor is not just about families stepping in. It is about how the whole venture stack responds.

Golf looks easy. Venture looks easy. Neither is. However, those who continue to show up, practice, and refine will ultimately separate themselves.

Side B: Track 2 — Beyond Dunbar: Expanding Human Networks with AI

One of the most repeated ideas in network science is Dunbar’s number. The claim is simple: humans can only maintain about 150 meaningful relationships at a time. It is an evolutionary limit, rooted in how much context and memory our brains can handle.

For most people, 150 is more than enough. For venture capitalists, it is a cap on opportunity.

My Own Fascination

I have been fascinated with networks since the beginning of my career. I saw the difference firsthand between my own public school background in the South and the parochial and boarding school backgrounds of my college friends. Networks opened doors. They determined internships, interviews, and even confidence levels.

That fascination led me into equity research. It led me into my first startup, a failed attempt at building a better relationship platform using predictive analytics before the tools were ready. It has carried me into every season since.

Today, with Stresswood, it is still at the center. My superpower is connecting dots across worlds that usually don't intersect. But here is the reality I have come to accept: no matter how intentional I am, no matter how many flights I take or notes I jot, the human brain caps out.

150 is not enough for this work to consistently produce industry-leading returns. That’s top decile not top quartile.

Breaking the Limit

Here is the opportunity of this moment: AI gives us a way to push beyond Dunbar.

Not in a gimmicky way. Not by replacing authenticity with automation. But by using technology to extend what we already do best.

That is what I am tinkering with in Replit to create something I call Constellation. For $200 and nine days of work, I hacked together a system with my CRM (clay.earth), Notion, and an LLM to surface contacts, track context, and suggest timely reconnections. It is duct tape today, but it works like an informed 8-year-old. And it gives me energy because it amplifies my strengths rather than just patching weaknesses.

The 10x Advantage

Think about what happens when a GP can manage not 150 strong ties but 1,500. Think about what happens when LPs can map emerging managers in real time. Think about what happens when founders can intentionally maintain their investor networks at scale.

The compounding effect is enormous. Relationship arbitrage becomes more valuable than ever. Analogies and connections across industries multiply. Insights surface faster than the market can price them.

This is not science fiction. It is already happening. The people experimenting with network intelligence today are defining the playbook of tomorrow.

Intentionality Still Wins

The risk is obvious: technology makes it easy to spam, to fake, to stretch past the point of authenticity. That is where intentionality matters. AI should not be replacing empathy or presence. It should be reinforcing them.

The winners will not be the ones with the biggest databases. They will be the ones who use AI to preserve their humanity in more places simultaneously.

The next great edge in venture will not come from who has the biggest checkbook. It will come from those who can push beyond Dunbar’s curve without losing the soul of authentic connection.

We are entering an era where human capital markets will be transformed, just as the introduction of leverage transformed financial markets.

The question is simple: are you still capped at 150, or are you building the intentional systems that will let your network compound at scale?

Outro (Closing Track)

Every album ends with a track that lingers.

Both of these essays land on the same refrain: the models and limits we inherited are breaking. Families are rewriting LP norms. AI is rewriting human ones.

That can feel unsettling. But it also opens the space for those willing to experiment, improvise, and build new playbooks.

The needle keeps spinning. The next side has not been pressed yet.

with gratitude,

Earnest

What kind of leadership survives when the old playbooks burn?

In a post-growth-at-all-costs, productivity-maxed world, we need a new archetype, one that blends creativity, vision, and hustle. Not just to adapt, but to build what comes next.

I had two conversations last month that have stuck with me.

One was with a LP at a venture-focused fund-of-funds. The other is a mid-career leader in corporate innovation. Very different people. Very different contexts. But both pointed to the same shift:

We’re in a post-playbook era.

The systems that made sense in venture, in corporate strategy, in career progression are getting scorched. The growth-at-all-costs era gave way to productivity-at-all-costs. And now even that has begun to crack. The pace of change isn’t slowing. The tools are getting sharper. The margins for error are thinner. And beneath it all, we’re facing a deeper question:

What kind of leadership is needed now?

Essay 1: The Artist, The Architect, and The Scrappy Dog

Venture used to be a smaller world (for those that are in “control” that still may be the case). Fewer firms, fewer dollars, fewer spotlights. It was a niche corner of finance and tech. But then the ZIRP era hit. The flywheels spun fast. Capital flooded in. Firms multiplied. Everyone started playing the role of founder, fund manager, operator, or LP. Relationships got confused with familiarity. Expertise got confused with personal brand.

Now the noise is deafening.

Everyone looks good on paper. Everyone has a track record. Everyone has deal flow. But what we’re learning, especially in this market, is that the questions have changed.

Not just, are you adding value?

But:

• Can you adapt under pressure?

• Can your team survive?

• Can you think clearly when the tools and trends change weekly?

• Can you collaborate at the speed of complexity?

• Can you learn faster than your context is shifting?

I’ve been thinking about a new archetype of leadership. One that doesn’t rely on pedigree or playbook. One that doesn’t see the job as just execution or analysis.

It takes three forms:

1. The Artist
The Artist doesn’t just consume insights. They create. They connect dots others don’t see. They aren’t afraid to experiment, remix, or dream beyond the frame. They use story, metaphor, and intuition as real strategic tools.

2. The Architect
The Architect sees systems. They bring structure to ambiguity. They ask not just, Does this work? But will this scale? And what do we want this to become? They design for durability. They blueprint the new.

3. The Scrappy Dog
The Scrappy Dog finds the edge. They ask the questions no one else does. They knock on side doors. They have hustle, not just ambition. They execute with humility and curiosity. They’re allergic to entitlement.

The best operators, founders, and investors (and knowledge workers or any industry) today will blend all three.

Marc Andreessen, a few months ago, said the founders of the future won’t be deep experts in one thing. They’ll be good at six or eight. They’ll know how to go deep when the moment demands it. Like decathletes, trained across disciplines, built for situational intensity.

That’s not a tech skill. That’s a mindset shift.

We Are Moving From Knowledge Work to Wisdom Work

The shift isn’t just about tools. It’s about identity. We’re moving from a world defined by knowledge workers to one that demands wisdom workers. People who can:

• Navigate nuance

• Build trust across silos

• Ask better questions

• Construct adaptive strategies

• Spot what’s missing, not just what’s present

This applies to every layer of the system:

• Fund managers: Are you building a durable firm, not just a Fund I?

• LPs: Are your filters built for what’s next, or just what succeeded before?

• Corporate innovators: Are you training architects and artists? Or just playbook builders?

• Mid-career professionals: Are you standing on the shoulders of the old game, or designing your own ruleset?

The Playbooks Are Burning. What Do We Build Now?

We are watching one world die and another take its place. That’s unsettling. It creates real fear. But it also creates the chance to build something more honest, more resilient, more aligned with the future.

In a world being automated, what can’t be templated is:

• Trust

• Taste

• Teaming

Artists, Architects, and Scrappy Dogs will build the firms and institutions that matter in the next decade.

Because this next era isn’t just about surviving disruption. It’s about leading through it. Remember, the early AI world won’t resemble the mature AI world.

As we shift from knowledge work to wisdom work, how are you re-training yourself? What are you doing to cultivate artists, architects, and scrappy dogs in your firm, your partnerships, and your future?

Essay 2: The Metrics of the Unmeasurable

The Founder Traits You Can't Spreadsheet—But Have to Spot

In a recent Swimming with Allocators recording, Benedikt Langer asked a question that’s still ringing in my head.

"Everyone says they look for grit, vision, resilience. But how do you quantify that?"

Great question. Which usually means: hard to answer.

But it got me thinking. The best founders I’ve backed have one thing in common:

They can metabolize tension.

They don’t avoid chaos. They turn it into clarity.

Whether it’s conflicting feedback, internal friction, or market confusion, they learn through it, not in spite of it.

And over time, I’ve found a few tensions that I look for:

• Vision vs. Coachability: Can they hold strong beliefs loosely?

• Resilience vs. Curiosity: Can they keep moving and keep questioning?

• Individual Drive vs. Team Magnetism: Can they attract Exceptions (exceptional talent)?

• Bridge Fluency: Have they crossed different worlds personally (a jock who took AP courses or immigrated into the US) or professionally (worked across many industries or functions)?

• Signal vs. Noise: Can they name the pain their customers haven’t yet articulated?

• Comfort vs. Conflict: Can they metabolize disagreement into a stronger culture?

None of these live in a spreadsheet.

But I try to observe them. And that’s the key word: observe.

Here are some of my lenses:

• Backchannel Consistency: Do customers, teammates, and investors tell the same story around the company vision?

• The Office Vibe Test: (Pre-pandemic) I could feel if a team was alive or just surviving.

• The Question Quotient: Are they asking the questions that unlock new thinking?

• The Exception Ecosystem: Are they surrounded by stars who could be CEOs?

• The Code Switch Delta: Have they crossed social or sectoral lines with grace and grit?

• The Learning Metabolism: What feedback have they integrated in the last 90 days?

This isn’t about founder pattern recognition.

It’s about Exception recognition.

Because the way you evaluate founders?

It’s the way you build your firm.

If you can't explain your gut checks without buzzwords, you're not investing. You're guessing.

So here's the question I'm asking myself:

What am I really measuring?

And here's the one I’ll ask you:

Are you building a firm to catch trends, or to recognize Exceptions?

Closing: With Gratitude

If this newsletter gives you language for what you’re building or the season you’re navigating, that means the world to me.

The School Bulletin was never meant to go viral. It’s meant to go deep.

And now that Groundwork is live and the Swimming with Allocators flywheel is spinning, we’re finally building the kind of insight loop that scales trust, not just exposure.

If you want to sponsor, collaborate, or help spotlight the Artists, Architects, and Scrappy Dogs building what comes next, I’m ready.

Let’s build something that lasts.

With gratitude,
Earnest Sweat
General Partner, Stresswood

What’s Still Working?

We’re living in a venture capital reset.

Not a crash.

Not a boom.

But something stranger: a recalibration in progress.

Everyone’s asking:

• What kind of firm still works? (essay #1)

• What kind of founding team still wins? (essay #2)

• What kind of VC team can still execute? (essay #3)

This 21st edition of the School Bulletin is my attempt to answer those questions, not from a place of dogma, but from what I see every day in LP meetings, founder check-ins, and anecdotes from real operator journeys.

Because the old answers won’t cut it.

Today, wisdom matters more than frameworks.
Service matters as much as access.
And knowing what’s really venture-backable? That matters more than ever.

Like always, what you are about to witness is my thoughts. Just what I was feeling at the time.

Essay 1: Appetizers, Entrées, and Michelin Star Rounds:

What is venture-backable in 2025? Depends on what’s on your menu.

A GP friend recently emailed me about the Power Law:

“The era of ‘one mega win covers 19 losses’ is over”

It stuck with me.
Not because I agreed—
But because I couldn’t stop thinking about why they said it.

Venture capital today isn’t just one game played a thousand times.
It’s a full-blown tasting menu.
And the hard part is, most of us don’t realize we’re serving different meals.

Some firms are offering appetizers—easy to digest, a light lift, and a solid return.
Some are reliable entrées—growth equity-style, with a line of sight to profitability, healthy ownership, and clear exit lanes.
And some are going full Michelin star—swinging at rare, outlier outcomes that may not be understood today, but will define tomorrow’s S&P.

That’s not a hierarchy.
It’s a reality check.

And it’s forcing GPs—and LPs—to ask a question that’s been hiding in plain sight:
What is actually venture-backable today?

We Used to Know the Answer (Or Pretend To)

Back in the “growth at all costs” era, anything that moved up and to the right—fast—in a huge market was venture-backable.
Unit economics? Optional.
Liquidity timeline? TBD.
The only real question was: Could this be huge despite having a limited market share?

Now we’re living in the long shadow of that moment.
Public markets are more skeptical.
LPs are slower to re-up.
And there’s a growing split between what sounds like a venture story and what actually performs like one.

Power law hasn’t gone away—but the paths to it have multiplied.
I’ve seen three big schools of thought emerge lately:

1. Non-consensus to consensus:
   The classic contrarian bet that becomes obvious in hindsight. Still works—but requires conviction, long hold periods, and differentiated sourcing.

2. Early into the consensus:
   Betting early on seasoned founders or hype-cycle sectors that blue-chip firms will follow. Success here is about access and positioning, not contrarianism.

3. Alpha via profitability and precision:
   Not everything is a rocket ship. Some are well-built engines. These are cash-flowing, acquirable, or niche-dominant plays that don’t need unicorn scale to deliver outsized returns, especially if you have a large group of your portfolio providing these outcomes.

Note: many forget the second portion of the Golden Rule of the Power Law. You have to not only select the right companies but also own as much in those companies as you can.

What’s on Your Menu?

That question matters more than ever.
Because today’s LP isn’t just choosing between firms—they’re choosing between categories of venture:

• Are you offering repeatable, capital-efficient businesses with clear M&A paths?

• Or are you promising the next breakout company that nobody sees coming?

• Or are you selling exposure to a wave (AI, space, biotech) with asymmetric upside?

And that’s before you even get to fund construction, reserve strategy, or value-add claims.

As a GP, if you don’t know what you’re cooking…your LPs sure won’t.
And if you're an LP, you better know if you're buying scrambled eggs or a 14-course omakase.

What I’m thinking of doing next on this subject:
Sketching out a menu matrix—pairing different GP venture strategies with the LPs best suited for them. (Because yes, you can be a $40M brunch fund with alpha baked in. Or a Michelin-style dinner that's only for institutions with taste—and time.)

Until then, ask yourself:

GPs, what kind of venture are you selling?
And LPs, what kind of venture are you hungry for?

Essay 2: The Wisdom Worker Era

Why experience, learning velocity, and contextual awareness are the next superpowers in venture

For most of the modern tech era, we’ve been obsessed with knowledge workers—those who process data, move information, and make decisions from clear inputs. In venture, I came up in that era. You’d read the blog posts, build the market map, memorize the frameworks, and chase the companies. Everyone was using the same data, playing on the same field.

But I think we’ve entered a new phase now. One where context matters more than content. Where judgment beats memorization. Where velocity isn't just speed—it’s wisdom in motion.

We’re in the Wisdom Worker Era.

It hit me recently while reflecting on how much AI tools like Fathom, Otter, and Granola have changed my approach to synthesizing meeting notes. I no longer have to remember everything. Now I can prompt my notes: “What insights keep coming up?” “What dots connect across my four work streams that will best position Stresswood’s launch?” I used to just chase takeaways. Now I chase meaning.

Wisdom workers are different. They don’t just collect knowledge—they sense when paradigms are shifting. They know how to apply analogies across domains. They recognize the subtle rhymes of history. As my friend Colin from Lobby Capital once described, they’re tuned into the “perishable insights”—the ideas with value before they become consensus.

That’s where learning velocity comes in. The speed at which you can not only absorb new information but also apply it before the market catches up. That’s what drives arbitrage. That’s what makes an operator or investor special.

This shift has implications that extend beyond productivity hacks.

I think it’s going to reshape how we think about age in the venture space. If we’re now entering a market where experience, pattern recognition, and contextual awareness matter more, then the value of “gray hairs” around the table increases. As an entrepreneur, I learned that lesson the hard way. Having seasoned advisors—people who could help you skip steps—would’ve saved me pain and capital. Perhaps we don’t see older founders in large numbers, but we’ll certainly see them as key advisors, operating partners, and investor allies.

For Stresswood, this era challenges us to think about who we back and who we build with. It’s not just about generational diversity on a cap table. It’s about whether the founders we back can surround themselves with the kinds of operators and advisors who are exceptions—those who bring real wisdom, not just résumés. It’s also why the GPs at Stresswood will need networks that bridge generations, communities, and sectors. If you can’t cross those lines, you’ll miss the context that turns insight into edge.

This is the Wisdom Worker Era. And it’s not about having all the answers—it’s about knowing where the real questions live.

Essay 3: The Industry of Favors (and Why I’m Betting on Nexus Outsiders)

A couple of weeks ago, my friend Katie from Bicycle Capital said something that stuck with me: “Venture is an industry of favors.”

At first, it rang true—and also a little icky. It reminded me of the dynamic you see in bad sales: all take, no give; performative relationships driven by keeping score.

But then I thought back to something I learned from the book The Unsold Mindset: we often misjudge what good sales—or good relationship-building—actually is. The best leaders, and the best VCs I know, are often selling without calling it that. They serve. They connect. They invest in others first.

So when I thought more about Katie’s point, here’s where I landed: venture is an industry of favors—but it’s up to us whether we make it an industry of service.

At its worst, favors in VC can devolve into transactional echo chambers—cliquish circles that trade introductions and access with no intention of serving the founder or the LP. But at its best, favors are just the currency of service. They flow naturally when you do what you do well, when you serve in ways that are authentic to you, not from a social-climbing playbook.

For me, this shows up in the kind of relationships I aspire to build through Stresswood. I want to be a connector of networks and a bridge across ideas. In a world where technology, markets, and industries are converging faster than ever, the next great players in venture capital won’t be the ones who sit inside a single mafia or echo chamber. They’ll be nexus outsiders—people who bridge worlds, spot patterns others can’t see, and give before they ask.

And yes—this will still involve transactions. That’s not the enemy. The goal is to make those transactions flow from a place of service, not self-congratulation.

So as I build, I’m looking for others who see it this way, too. People who tinker, help, and connect—not because they have to, but because that’s who they are.

Venture is an industry of favors. The future of the industry will belong to those who serve.

Closing: With Gratitude

Thanks for making it to the end of another School Bulletin.

This edition marked another milestone—a deeper look into how I think about the investing landscape, how I see teams form around opportunity, and how I plan to keep showing up: with clarity, conviction, and service.

If you'd like to partner, build, or simply exchange ideas, my door is open. And if something in here resonated, I’d be honored if you passed it on to someone navigating this cycle with curiosity and courage.

— With gratitude,

Earnest Sweat
General Partner, Stresswood

Welcome to the 20th Edition of Public School Ventures’ School Bulletin!

Preamble: Rules Were Meant to Be Broken

Too much of the venture ecosystem is still built for averages.

But this game has always been about outliers.

The best allocators? They invest in venture firms that produce outlier funds, which can yield returns of 50 times or more, despite the rule being that average venture funds typically produce returns of 1x or less.

The best general partners? They invest in founders who produce billion-dollar exits, despite the rule that 90% of startups fail.

The best founders? They build what doesn’t fit a paradigm and hire operators who can integrate and execute a vision, despite the rule that 80% of employees are underperformers.

The best operators? They scale what others call unscalable.

And the best general partners? They don’t just follow heat—they train their eyes to spot a signal before it’s obvious.

This 20th edition is about those people—the ones who don’t fit the rule. They are not positioned to be average. They are positioned to be exceptions, despite the rule saying it’s best to be safe during times of uncertainty.

Whether you’re designing your firm, backing your next team, or still building conviction in this market, I hope this edition helps you spot what’s rare, what’s real, and what’s still misunderstood.

Here are the concepts from my many meetings this month that stood out:

• Post-AI Moats Start with People – A new equation for defensibility when information is free, ICP is fluid, and execution is the edge.

• The Fast Learners Who Build Moats – Why a team’s learning velocity is the new unfair advantage (and who really drives it).

• Delayed Gratification Is a Muscle – Why I’m launching Groundwork and Carry On now—and betting on the long arc.

What you are about to witness is my thoughts. Just what I was feeling at the time. Enjoy.

⸻

Essay 1: The Exception Not the Rule

Venture has a math problem.

Most funds won’t return. Most startups won’t survive. Most careers will stall.

And yet, most decks, LP pitches, and market analyses still assume a bell curve where “solid” is good enough.

But venture isn’t built for the middle. It’s built for the exceptions.

• The $1B+ outcome.

• The non-founder hire who makes everything better.

• The GP who raises an oversubscribed fund in a market where no one is allocating.

So why do we still underwrite it like private equity?

Private equity is a rules-based asset class. Buyout fund managers make investments, “add value,” and expect a 2x return in a specific time frame. And they can’t afford for any investment to fail—it would mess up the rule.

Venture capital, though, is powered by the power law. It’s an exceptions-based asset class.

A successful venture fund must have at least one outlier to work. One that defies the rule that 83% of venture firms don’t raise a fourth fund.

So again, why do we underwrite to consensus at the early stage?

Even if prior paradigms and patterns yielded outsized returns, those returns today could be compressed and provide more noise than signal.

I think we’re currently in a shift:

• Macroeconomic policy.

• Corporate American norms.

• Access to information thanks to GenAI.

• Even what’s considered “venture-backed.”

It’s time to break and restructure paradigms—to define what’s an exception and what’s a rule today.

• The best founders are exceptions to multiple rules:

• They don’t look the part.

• Their ideas feel too early, too weird, too hidden—until they’re suddenly inevitable.

• They’re not chasing trends—they’re chasing truth.

And the best investors? They know how to spot that.

Not because they’re smarter, but because they’ve trained their lens on outlier behavior, not past pattern-matching.

To back an exception, you have to:

• Tolerate ambiguity longer than the market

• Build conviction with less data and more judgment

• Earn trust with people who are still being underestimated

That’s why I’m building Stresswood—to find and back the people who don’t fit the mold but bend the arc.

The overlooked engineers. The underestimated markets.

The visionaries who aren’t trying to play the game—they’re trying to redefine it.

Which institutions win in this business?

The ones that don’t just underwrite traction.

They underwrite possibility.

They know the difference between noise and signal, between polish and potential.

They look where others don’t.

They wait when others bail.

They bet on who might become exceptional, not who’s already validated.

We say we’re in the business of outsized returns.

Let’s stop underwriting average.

Because the next iconic companies won’t look like the last.

And the people who fund them?

They’ll be exceptions, too.

⸻

Essay 2: Operators Are the Moat

If you believe the best companies are the exception, not the rule, then you also have to believe that breakout outcomes come from more than just founders.

• They come from the operators behind them.

• The RevOps lead who translates chaos into cadence.

• The Lead Engineer who makes scale a reality.

• The Chief of Staff who protects the founder’s focus like it’s product-market fit.

These aren’t headline-grabbers. They’re velocity builders.

• TechCrunch won’t cover them.

• LPs won’t ask about them.

• Twitter won’t trend them.

But founders know.

Every great founder has one. Sometimes two or three.

Without them, everything stalls.

They bring:

• Trust – The founder makes the call; the operator makes it real.

• Clarity – They see around corners before the wall hits.

• Continuity – Through pivots, team changes, and capital crunches, they’re the stabilizer bar.

When I think about what I want Stresswood to stand for, it’s this: we see the whole team.

We underwrite more than just the vision—we underwrite the execution engine.

Because great ideas don’t win.

Great execution does.

That’s why I’m launching a new podcast: Exceptions.

Yes, another podcast. (I promise I’ll only have three going forward.)

It’s for the operators behind the outliers.

The ones who don’t post threads.

The ones who aren’t pitching VCs.

The ones who make it all work.

Each episode will spotlight the people who turn momentum into muscle.

We’ll explore how they think, how they navigate chaos, and how they build trust when everything’s on the line.

If that sounds like a series you’d want to sponsor—or if you know a non-founding operator who deserves the mic—hit me directly.

Because in this cycle, moats won’t be found in decks or data rooms.

They’ll be found in exceptional people.

⸻

Essay 3: Delayed Gratification Is a Muscle

Everyone wants to talk about breakout results.

Very few want to do what creates them.

We’ve glamorized the result but overlooked the rhythm—

The years spent learning the terrain, compounding reputation, sharpening insight.

That’s the real work.

And I’ve learned that’s the real joy as well.

Venture isn’t just about capital. It’s about timing.

And what appears to be timing from the outside often appears to be patience and preparation from the inside.

This month, I’ve been thinking (and speaking with founders, allocators, and operators) about what it means to build in obscurity—

To cultivate something before it’s obvious to others.

Like a bamboo grove, the early stages are mostly rootwork.

You water.

You protect.

You don’t rush the growth.

And if you do it right, the shoot will come. It always does.

But you don’t control the season—you control the soil.

That’s how I’ve approached this next chapter of building Stresswood.

I’ve quietly been working on something called Groundwork—a digital portfolio of everything I’ve written, shared, and synthesized across venture, tech, society, and culture.

Think of it as my thought record.

Not a resume. A space where I’m not just reacting to the market—I’m recording how I see it shift.

The best founders track customer insight like it’s gospel.

This is my version of that.

Groundwork isn’t a flex—it’s a foundation.

For LPs, founders, operators, or friends just trying to understand how I think and where I see the opportunities to partner with once-in-a-generation founders.

And here’s where the muscle comes in:

This isn’t content for clicks.

It’s an investment in trust.

It’s me turning the long game into public compounding.

Because in a world obsessed with overnight wins,

I still believe in the ten-year success.

And if you’re playing for legacy, not likes—

You’re probably building something that lasts, too.

⸻

Closing: With Gratitude

If you’ve been reading since Issue 1—or you’re just now joining—thank you.

This newsletter has always been more than updates.

It’s a way for me to connect the dots out loud, test ideas, and sharpen my POV in public.

And now, with the launch of Groundwork and the expansion of Swimming with Allocators into Exceptions, I’m doubling down on the long game.

If you want to partner, sponsor, or collaborate on any of this—let’s talk.

I’m looking to bring GPs and LPs together across the country for deeper conversations, smarter capital, and better relationships.

And if something here resonated—please forward it to someone building something rare.

Because the people who break through in this market?

They’re not the rule.

They’re the exceptions.

— With gratitude,

Earnest Sweat
General Partner, Stresswood

🏁 Preamble: "Building for 2037, Not 2017"

It’s tempting in venture to look back—to mimic what worked, to pattern-match the last fund that broke out, to assume that what scaled before will scale again. But here’s the thing: we’re not in 2017 anymore.

The AI wave didn’t just rewrite how companies are built—it reshaped how moats are formed, how firms are de…

Read more

Preamble: We’re Still Here:

Eighteen editions. That’s a whole legal adult of a newsletter.

Sometimes, I’m shocked I’ve stayed this consistent—especially while navigating TSA lines, 6-year-old tantrums (and awesome convos), pitch decks, business development emails, and podcast editing sessions. But here we are. Still wri…

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It’s the close of Black History Month here in the States. For those who observe it, I hope you’ve taken a moment to reflect on a community that has–and continues to–contribute a significant amount of influence, capital, and heart to the success of everyone who calls the United States home.

This month, I explore two key traits …

Read more

In this month’s ‘Bulletin,’ we turn the page to a new year of growth, resilience, and transformation. Join me as we delve deep into the roots of our new venture and explore various pathways you can help foster this ecosystem, coupled with the inspirational reads that have started my year on a reflective note.

This month’s…

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In this month’s ‘Bulletin’ you will find:

1. The Hero's Journey: An Update on the Yale Prospect Fellowship - Delve into the latest developments of my application to the Yale Prospect Fellowship and the continued path forward despite setbacks, embodying the resilience of the hero's journey in venture capital.

2. The Call to Adventure: Building the Team - Discover the strategic assembly of our future venture team, drawing parallels between superhero alliances and our ideal partnership structure for a Series A fund.

3. Trials and Triumphs: Crafting Our Strategy - Explore the strategic blueprint of our high-conviction, lead-only Series A fund, detailing how we aim to navigate and succeed in the venture capital landscape.

4. The Return: Defining Our Edge - Uncover the core competencies that give our venture strategy its edge, from deep market insight to operational excellence and strategic partnerships.

5. Partner Highlight: Bottega8 - Learn about Bottega8's revolutionary AI Model Training services, designed to enhance efficiency and reduce costs for financial institutions in the venture capital and private equity sectors.

As we gather our thoughts and gratitude this Thanksgiving season, I am compelled to reflect on our collective journey—a narrative punctuated not just by successes but by the lessons we garner through challenges. This edition marks a pivotal moment in our shared adventure, reminiscent of a hero's journey where every setback refines our purpose and every triumph propels us forward.

1. The Hero's Journey: An Update on the Yale Prospect Fellowship

A Tale of Resilience and Renewed Resolve

Earlier this month, I received the decision from the Yale Prospect Fellowship. While the outcome was not favorable—my application was not selected for this year's cohort—the process was a profound affirmation of our mission and vision. The feedback on my application, especially the personal stories shared, were immensely inspiring and have only strengthened my resolve.

The Yale Prospect Fellowship's selection process was highly competitive, with thousands of applications from across the globe. The rejection letter, while disappointing, is a familiar plot point in any hero's journey—reminding us that every protagonist faces trials. It's these challenges that test our mettle and refine our strategies.

Despite this setback, the essence of our quest remains unchanged. The Fellowship was but one path among many to achieve our overarching goal—to establish a premiere Series A firm. My phased approach, detailed in previous bulletins, continues unabated:

1. Phase I (birth): Foundation building through roles at Prologis Ventures and GreatPoint Ventures.

2. Phase II (crawl): Launching Public School Ventures, the podcast, and the advisory firm.

3. Phase III (walk): Setting up a $20M pledge fund to make strategic Series A $5M to $9M investments.

4. Phase IV (run): The ultimate goal of launching a $275M Series A-focused fund.

This journey is not just mine but ours together—as mentors, colleagues, friends, and supporters have all played crucial roles. For this, I extend my heartfelt thanks to everyone who invested their time and insights into my application and essays.

The remainder of today's bulletin will unfold the final three essays required for the Yale Prospect Fellowship, completing our narrative arc of origin stories—each entrepreneur, each successful individual traces back to one. Let's delve into these prompts, understanding that they form the bedrock of our future triumphs.

2. The Call to Adventure: Building the Team

Do you have an investor partner(s)? If not, are you looking for one?

I’m actively building a high-conviction, lead-only Series A firm, and assembling the right group of mid-career investors and operators feels like putting together a superhero team. Recently, while reading old comic books with my six-year-old son, I found myself inspired by those characters and began drawing parallels between them and the type of partners I wanted to bring on board.

I envision establishing a team of four partners over the following three funds, starting with two partners for Fund 1. Each partner will bring unique “superpowers” essential for Series A investing. The firm will be an equal partnership where the management company is shared evenly, aligning incentives and fostering a collaborative culture that prioritizes the firm’s success over individual goals.

While I’m in ongoing discussions with top-tier candidates who prefer anonymity until we secure a significant anchor, these individuals represent a blend of the archetypes I’m seeking:

1. The Avenger: This partner comes from a leading global venture firm and brings the institutional credibility necessary to attract LPs. They have a proven track record of driving significant investments and have the stability, founder brand recognition, and gravitas needed for early fund-raising and strategic relationship-building.

2. The Mr./Ms. Fantastic: This individual possesses deep operational and technical experience, often from engineering or product roles in scaling startups and now at innovative venture firms. Their operator insights make them invaluable at Series A, where founders need someone who understands growth firsthand and can provide tactical guidance on everything from product-market fit to go-to-market strategies.

3. The Dr. Strange: This investor is a visionary with a strong sense of market trends and an intuitive ability to anticipate where industries are heading. This individual, who will likely join Fund 2, brings an unconventional, contrarian mindset and knack for seeing the bigger picture and challenging norms. Dr. Strange’s ability to take bold, informed bets will complement the existing skill sets, ensuring we stay ahead of the curve.

4. The Mutant: The overachieving underdog, this partner comes from a background that may not immediately suggest venture capital—perhaps from a smaller fund, corporate VC, or even from a tech leadership role outside of traditional venture. They have unique, untapped potential and a hunger to prove themselves on a bigger platform. Their grit and tenacity bring fresh perspectives and an entrepreneurial spirit to the team.

My experience embodies The X-Man qualities—I’ve cultivated resilience and adaptability from my journey across Arkansas, Wall Street, India, and Silicon Valley. I bridge multiple worlds, from startup ecosystems to Fortune 500 partnerships, and my network spans sectors, geographies, and generations. This background allows me to create connections and strategic alliances vital at Series A, where relevant introductions and deep industry insight can be game-changers.

For Fund 1, we’ll add two partners who embody The Avenger and Mr./Ms. Fantastic traits, ensuring that we have both institutional credibility and operational depth. While the initial team will likely consist of generalist investors, we are open to building a more specialized focus over time—incorporating expertise across enterprise, consumer, and generalist sectors. The platform we create will enhance each partner’s unique background, amplifying their strengths and allowing us to adapt our focus to market demands and founder needs. The seven individuals I am in discussions with are General Partners at significant multistage funds who embody aspects of both superheroes.

With Yale’s support by Fund 2, we’ll bring on Dr. Strange to strengthen our ability to anticipate market shifts and take bold, visionary bets. This phased approach will allow us to build a solid foundation and cultivate a robust, enduring LP base. We will have an Investment Committee process that encourages rigorous thinking without formal voting, ensuring decisions are based on conviction rather than consensus.

Yale’s involvement will accelerate this process, enabling us to vet rigorously and successfully close top-tier partners and secure an enduring LP base. We’ll build a firm that combines operational expertise, institutional know-how, and a culture of innovation, defining a new standard for Series A investing.

3. Trials and Triumphs: Crafting Our Strategy

Describe the strategy.

Our firm will be a high-conviction, lead-only Series A fund focused on building alpha by providing strategic support, operational expertise, and robust networks to scale companies at this critical growth stage.

Fund Size and Deployment Plan: The fund will target $275M, deploying capital over three years into 15-18 companies, with ownership stakes of 15-20%. This focused approach allows us to take lead positions in each deal, giving us the capacity to influence the strategic direction of our portfolio companies directly.

Why the Market Needs My Approach: Large multistage funds often treat Series A as a call option, underwriting deals only to $5B outcomes. This leaves a clear gap for firms like mine committed to high-conviction, high-touch investing, aiming to underwrite $800M to $4.9B outcomes from the start. By being selective and strategic in our investments, we create opportunities with companies that multi-stage funds might otherwise overlook.

I embody this strategy through hustle, creativity, and a network cultivated from my journey across diverse regions and industries. Early in my career, I started building my brand in the open with a blog called The Importance of Reading Earnest, sharing lessons and insights from breaking into VC and working at Prologis. This content built trust and a loyal following, creating a vast network of pre-seed, seed, and growth-stage investors who continue to share high-potential deals with me. I’ve kept this transparency and generosity alive with Swimming with Allocators, which has grown into required listening for early-stage investors and has become a steady source of referrals for Series A deals.

Investment Process and Underwriting: We will deploy a rigorous, research-driven underwriting process honed from my experience as an equity research analyst. I’ve consistently leveraged this skill to provide tailored support and introductions throughout the diligence phase. For example, even before securing a founder's customer list, I often reach out to my network to create connections, offering founders honest feedback on their market positioning and proving my commitment to their success. I’m known for quickly grasping industry dynamics, whether logistics, healthcare services, or transportation, and for using this expertise to guide founders toward scalable strategies.

This approach allows us to:

• Verify customer traction and market fit.

• Identify critical areas for growth through strategic partnerships.

• Engage industry experts early in the process to mitigate risks.

Strategic and Operational Support Post-Investment: I have a long track record of actively supporting portfolio companies in ways that extend well beyond capital. From Prologis to GreatPoint Ventures, I’ve helped founders secure critical commercial relationships and navigate complex go-to-market strategies. My efforts include:

• Introducing companies like Flexport and Airspace to major transportation players such as JB Hunt, DHL, and Daimler led to multimillion-dollar agreements and invaluable commercial validation.

• Working directly with COOs and CROs on GTM strategies, often advising on specific approaches during industry downturns or shifts, as I did during the supply chain disruptions of 2020.

• Creating the “Next Gen” engagement program at Prologis, offering venture-backed companies prime warehouse space in exchange for equity, which secured allocations in deals like Sendoso and forged lasting ties within the Fortune 500 logistics ecosystem that wanted more access and insights from technology companies.

These efforts demonstrate my ability to win deals against Tier 1 firms by being hands-on, strategic, and relentless in adding value. Whether it’s advising on fundraising, securing introductions to strategic customers, or providing industry insights, I am deeply invested in my portfolio’s success from Series A to Series D. I also understand the importance of rolling off boards strategically, ensuring I can recycle my time with new companies core to our mission.

Distinct Network and Approach to Winning Deals: My network is one of my greatest assets. By bridging worlds—from startups to Fortune 500s and between both coasts and industries—I offer founders a unique pathway to growth that few other Series A funds can match. Over the years, my hustle and creativity have helped me access deals earlier than traditional Sand Hill Road firms. I have leveraged my background in equity research to engage across sectors, identifying trends and building relationships that translate into strategic advantages for my portfolio.

While building Public School Ventures, I’ve developed a syndicate of over 800 angels, family offices, and emerging VC professionals who provide additional insights and support to our investments. By continually building in public, I’ve built a reputation for authenticity and generosity—qualities that have created a flywheel effect in deal flow, allowing me to source deals from early-stage investors who view my involvement as a valuable next step for their top-performing companies.

Building a High-Conviction Team: My partners will also embody the values defining my venture capital approach—communication, collaboration, and conviction. They will each bring complementary strengths that enhance our ability to execute our strategy effectively. The equal partnership structure will ensure that everyone is incentivized to prioritize the firm’s success over individual goals, fostering a team culture where ideas are freely exchanged and collective decision-making thrives.

While we start as generalists, our partners will eventually bring their industry focuses, be it enterprise, consumer, or generalist investing, with the flexibility to evolve with market demands. Yale’s involvement will support this team-building process, enabling us to vet top-tier candidates and rigorously secure an enduring LP base. We will build a firm that combines operational expertise, institutional know-how, and a culture of innovation, defining a new standard for Series A investing.

Why Now & How Yale Amplifies the Strategy: With my background and track record, I am well-positioned to capitalize on the gap in Series A investing by creating a firm that offers more than just capital. We are here to set a new standard for high-conviction, lead-only investing and to be the go-to partner for founders who need more than just a term sheet.

Yale’s support will be instrumental in accelerating this process. With access to their network and resources, I can further enhance our team-building, secure an LP base with long-term alignment, and refine our institutional approach to service and governance. Yale’s reputation for backing visionary, high-impact fund managers fits perfectly with my vision, providing the resources needed to rapidly scale a firm that embodies the same principles of hard work, deep commitment, and strategic foresight that have guided my career so far.

4. The Return: Defining Our Edge

What is your edge?

My edge as a venture capitalist lies in three core strengths: adding meaningful post-investment value, leveraging an expansive network, and executing a deep diligence process. These elements create a competitive advantage that drives success for my firm and the companies I partner with.

1. Adding Meaningful Value Post-Investment
   “Earnest added more value than anyone on my board. He was knowledgeable, thoughtful, and truly cared about the success of the company. Anytime I needed him, he was there, and he always added a ton of value at board meetings.” — Nicholas Bulcao, Co-Founder & CEO of Airspace, a leader in time-critical logistics that has raised over $70M.

I’m not just an investor but an active, hands-on partner throughout a company’s journey. My involvement doesn’t end with a term sheet—I provide guidance on growth strategy, fundraising, and operational decisions. For instance, I invested in Platform Science and Flexe at the Series A stage and Flexport at Series B. These companies have grown significantly with the operational support and strategic guidance we provided in their early growth stages. My portfolio has generated over $17B in enterprise value, including acquisitions by top-tier companies like Project44, Databricks, and VMware.

Founders often tell me I ask questions that push them to think more critically about their business, their challenges, and their strategy. This curiosity allows me to delve into their business in a way that helps reveal areas often overlooked. My dedication to post-investment support ensures I am not just offering capital but adding value that drives their growth trajectory.

2. Leveraging a Robust, Multi-Layered Network
   “Earnest introduced us to our lead investor without us even asking—his network and support were instrumental in closing our round.” — Charu Thomas, Founder & CEO of Ox, an AI-powered supply chain tech company.

One of my unique strengths is leveraging an expansive network spanning industries, stages, and geographies. I’ve built relationships with leading technical operators, growth specialists, and strategic partners, many of whom provide critical insights and resources to my portfolio companies. When Flexport needed to forge strategic partnerships, I introduced them to J.B. Hunt, facilitating a collaboration that streamlined global shipping and supply chain management.

My network is broad but also deep, cultivated from my journey that took me from Arkansas to Wall Street, India, and Silicon Valley. I’ve consistently built connections across the tech, finance, and logistics sectors, allowing me to source deals and win competitive rounds. I am in frequent contact with pre-seed, seed, and growth-stage investors who bring forward opportunities that they believe align with my strengths in Series A. Through Public School Ventures, my syndicate of 800 angels, LPs, and VCs, I’ve helped deploy capital into Series A companies.

3. Unmatched Diligence and Expertise
   “Earnest goes through the effort of asking every question needed to fully comprehend each aspect of the business, and it’s incredible to witness.” — Matthew Vega-Sanz, CEO/Co-Founder of Lula, an insurtech startup transforming the gig economy.

Founders often comment on my thoroughness when evaluating investments. Unlike many VCs who skim the surface, I take the time to truly understand a company’s market, team, and potential. My diligence process was honed through my early career in equity research, where analyzing industries and challenging assumptions was paramount. This background gives me an edge at Series A, where deep dives uncover the non-consensus alpha opportunities others might miss.

For example, when investing in Flexe and Platform Science, I immersed myself in the logistics and supply chain spaces, helping them identify and secure critical partnerships and customers. I also advised them on go-to-market strategies to help them scale. By committing to a deal, I know the business inside out, enabling me to make high-conviction, lead-only investments. Furthermore, my best anti-portfolio companies—Turing, Lula, Roofr, and Assured—were all Series A opportunities I recognized early on before they each took off. My approach works exceptionally well at the Series A stage, where my diligence and market foresight can unlock tremendous value.

My career journey, from my parents’ influence as community investors in Arkansas to navigating Wall Street, launching a startup, and ultimately investing globally, has given me a unique perspective on Series A investing. This combination of personal resilience and professional experience enables me to execute with a balance of rigor and empathy. It’s a commitment to finding alpha and supporting founders with the dedication they deserve.

Conclusion: A Comprehensive Edge
Ultimately, my edge lies in combining deep post-investment involvement, expansive network leverage, and rigorous diligence—all powered by a relentless curiosity. This approach positions me as a valuable partner to founders and allows me to deliver superior results for my firm and LPs. Success in venture capital isn’t just about finding the right bets; it’s about being the right partner every step of the way. By focusing on high-conviction, lead-only Series A investments, I’m dedicated to guiding founders through this critical stage and achieving transformative growth.

5. Partner Highlight: Bottega8

This month, we spotlight Bottega8, revolutionizing AI Model training service for the financial sector and sponsor of Swimming with Allocators. Their approach slashes development costs while maximizing efficiency and security, offering essential tools for non-native AI startups and investment firms looking to harness the power of AI without incurring prohibitive costs.

Explore Bottega8’s Solutions

Thanks again for taking time to read this edition.

With gratitude,

Earnest Sweat

Public School Ventures

In this month’s ‘Bulletin’ you will find:

1. Essay Expo: Revealing the Yale Prospect Application - Dive into the foundational practices of my venture capital approach, reminiscent of my early education in math where showing work was crucial for understanding and correction. From blogging to drafting investment memos, see how open dialogue has honed my inves…

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In this month’s ‘Bulletin’ you will find:

1. From Gold Rush to Goldilocks: The Series A Market's New Reality - Dive into the evolving landscape of Series A funding where the old rules no longer apply. Discover how changing investor expectations and market conditions have transformed what it takes to secure a Se…

Read more

In this month’s ‘Bulletin’ you will find:

1. Navigating the Night - Dive into a candid exploration of what it means to "play the long game" in venture capital, especially during uncertain times. This section delves into the challenges and strategies discussed among venture capitalists amidst current market stagnation and fears.…

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In this month’s ‘Bulletin’ you will find:

1. Summer Fellowship: From Dreamers to Leaders - Dive into the challenges and exhilarations of pursuing seemingly impossible dreams. This section explores the psychological battles and societal pressures dreamers face, and how these obstacles can be transformed into stepping stones for innovation and leadership in t…

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In this month’s ‘Bulletin’ you will find:

1. Extra Curricular: Beyond the Textbook - Venture into a deeper understanding of how the traditional apprenticeship model in VC is evolving. This section explores the importance of mentorship, alternative learning pathways, and the continuous quest for knowledge that defines my journey and could shape yours.

2. Study H…

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In this month’s ‘Bulletin’ you will find:

1. Raising Questions 101 - Dive into a reflective exercise I undertake each May, where I question the evolving dynamics of the venture capital landscape. This year’s introspection focuses on the immediate, mid-term, and long-term challenges and opportunities facing founders and VCs alike. From what Series A and B fo…

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In this month’s ‘Bulletin,’ you will find:

1. Timing Your Tenure in VC: Explore the nuanced art of timing in venture capital, as we dissect the evolving landscape and pivotal moments that define successful investments. Delve into historical shifts and future forecasts in this detailed analysis, perfect for anyone navigating the dynamic world of venture fund…

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In this month’s ‘Bulletin,’ you will find:

1. Club Recruitment: Why we believe the next digital revolution will be shaped by key operators who, to this point, have been generally ignored to help redefine digitization and scale venture-backed companies’ success.

2. Required Reading: This is a quick plug for two books I couldn’t put down this month, along with a …

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In this month’s ‘Bulletin’ you will find:

1. Lecture Hall Insights: Timing in the VC Ecosystem - Delve into the principle that 'the best ability is availability' and its relevance in the shifting sands of VC. This section will dissect the perils of the middle ground in VC, drawing parallels with the competitive dynamics of the NBA, and reflect on the lesson…

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In this month’s ‘Bulletin’ you will find:

1. Classroom Debate, The Shifting VC Landscape: Examining the new VC era: challenges, industry dynamics, and emerging opportunities.

2. Yearbook Predictions, VC’s Expert Outlooks for 2024: Reflecting and forecasting: Insights into the future trends and developments in VC.

3. With Gratitude, Acknowledging Influences: A perso…

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