MercerCap – Marking Illiquid Investments in Liquid Funds. An inside look at Fidelity’s venture portfolio. “Without Uber, the overall return on the venture portfolio decreases from 9.2% to negative 7.8%.”
BHI – Calculating the Return on Incremental Capital Investments. “Leaving the question of price aside, the best business to own is one that over an extended period can employ large amounts of incremental capital at very high rates of return.” – Warren Buffett