OCIO: The Roads Not Taken

Read our partner Nick’s thoughts on navigating opportunity without losing perspective.

Timeless wisdom: “Two roads diverged in a wood, and I… took the one less traveled by. And that has made all the difference.” - Robert Frost (1915)

SpaceX’s journey: In 2002, many investors overlooked SpaceX at a $27 million valuation, missing out on significant future gains. By 2025, valuation soared to $400+ billion, illustrating a path of high risk and potentially high reward. Those who took the plunge early (pre-2015) might see the elusive 1,000x return, while later investors could be struggling for a 2x outcome.

NVDA’s rise: Post-2009, Nvidia offered a staggering 1,100x return. A 2023 investment still yields a notable 14x return.

QQQ’s path: At the same time, the liquid and diversified NASDAQ 100 ETF provided a 28x return from 2009, and a 2.5x return for 2023 investors.

Perspective matters: Taking early venture risks is crucial, yet we can't overlook the fundamentals: buy on the dips, concentrate when you have conviction, diversify, and always evaluate value. Investing is a series of decisions, and opting for proven strategies often leads to remarkable outcomes over time.