#016 – A Q1 like no other, nice guys finish last. . .

There is a temptation in investment to treat structuring as a technical exercise. Terms, returns, governance rights, incentives, reporting lines — all important, of course. But beneath those mechanics lies a deeper question: what kind of relationship are we building, and on what moral foundation does it stand?Because a deal is not just a spreadsheet. It is an agreement about behavior, accountability, and expectation. And when ethics are compromised at the start, the consequences rarely stay confined to the contract. They spill into execution, decision-making, trust, and ultimately performance. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit yongama.substack.com