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The VC Myth, Debunked: Why Patent Funders Aren’t VCs

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Thompson on Patent Litigation Finance Reading Sean K. Thompson’s new preprint — and what the publicly disclosed Burford and Omni Bridgeway data actually say about how patent funders make money. The Setup In 2025, four WilmerHale attorneys published The Venture Capital Model Applied to Litigation Funding: Misaligned Incentives and the Harm to Innovation in volume […]
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The Sovereign Mirage: 9 Years, Two Arbitrations, Total Loss

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LexShares Case #254: The Sovereign Mirage A Turkish contractor built $1.5 billion in infrastructure for a Central Asian state. Then the government stopped paying. Two international arbitrations and nine years later — nothing. The Numbers Invested $50,000 Returned $0 Net Loss ($50,000) MOIC 0.00x IRR -100% Holding Period 3,270 days The Case A Turkish construction […]
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The $10M Extraction: Anatomy of a Subordinate Note

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What a 27-page Series Note Supplement reveals about a real estate deal that the marketing page doesn’t The Deal Willow Wealth launched a new real estate debt offering in April 2026: Santa Monica Mixed-Use Financing. It’s a participation in a $42 million first mortgage loan on a mixed-use property at 2300 Wilshire Boulevard in Santa […]
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The Patent Platform Turn: How Families Beat Single Cases

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The Patent Platform Turn: How Families Beat Single Cases How patent acquisition and licensing-first strategies are reshaping litigation finance (2025–2026) Why the patent playbook is changing The traditional model for patent investing is straightforward: one patent, one defendant, one massive payout. While this can work, it comes with severe downsides—binary outcomes, extended timelines, validity challenges, […]
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The Litigation Grind: 42 Cases, 7 Years, 1.25% IRR

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42 Cases, 8 Investors, One Platform’s Collapse How my investor group barely broke even on a litigation finance crowdfunding platform The Bottom Line My investor group put $2.3 million into 42 commercial litigation cases on LexShares from 2017-2020. We barely broke even. Total Invested $2,331,000 Members 8 Cases 42 Record 20 wins, 15 losses, 7 […]
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The $208M Rebrand: YieldStreet Becomes Willow Wealth

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YieldStreet → Willow Wealth: Anatomy of a Rebrand When $208 million in losses meets a name change — what veteran investors learned about “democratizing” alternative investments What Was YieldStreet? Founded in 2015 by Michael Weisz and Milind Mehere, YieldStreet positioned itself as a fintech platform that would “democratize access to alternative investments” — letting retail […]
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The Passport Patent Payday: 9 Years to 1.84x

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LexShares Case #644: The Passport Patent Payday An inventor’s RFID technology ended up in every US electronic passport. After 9 years of litigation, the government finally paid. The Numbers Invested $25,000 Returned $45,897 Net Profit $20,897 MOIC 1.84x IRR 9.43% Holding Period 2,458 days The Case In the mid-2000s, an inventor developed technology for securely […]
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The $100M Question

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Background This thought experiment showed up at our dinner table while my wife and I were talking about retirement. We bounced between the usual topics—where to live, how to invest, how often to visit family—until we reset with a question that cut through all of it: “What if, right now, we had $100 million in […]
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How ‘Senior Secured’ Became Subordinated Scraps

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YieldStreet Law Firm Financing VII: A 6-Year Saga Ending in Default A $15M “senior secured” loan to a class action law firm — how I lost $87,742 over 6.5 years The Numbers Invested $250,000 Returned $162,258 Net Loss ($87,742) MOIC 0.65x IRR (10.28%) Holding Period 2,355 days Target Term 36 months The Investment On March […]
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The David vs Goliath Letdown: $50M Claimed, 1.12x Returned

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LexShares Case #1101: The Copycat Fuel Injection System A small engineering firm proved a €14 billion auto giant stole their technology — but $50M+ in claimed damages became a 1.12x return The Numbers Invested $30,000 Returned $33,710 Net Profit $3,710 MOIC 1.12x IRR 4% Holding Period 1,699 days The Case A Michigan engineering firm developed […]
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The $5 Million Mistake: Rejected Settlement, Total Loss

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LexShares Case #617: The $5 Million They Should Have Taken A retail developer rejected a $5M settlement offer, went to trial, lost, appealed, lost again. Total loss. The Numbers Invested $82,500 Returned $0 Net Loss ($82,500) MOIC 0.00x IRR -100% Holding Period 1,351 days The Case In 2009, a major metropolitan transit authority — one […]
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The Counterfeit Nightmare: Chinese Prison, Zero Recovery

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LexShares Case #321: The Counterfeit Equipment Nightmare A small reseller bought “genuine” equipment from a Fortune 50 company. It was counterfeit. Their employees went to Chinese prison. The lawsuit went nowhere. The Numbers Invested $47,500 Returned $0 Net Profit ($47,500) MOIC 0.00x IRR -100% Holding Period 1,648 days The Case In 2011, a small East […]
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The Trademark Grind: 50 Letters, 4 Years, 1.10x

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The Trademark Enforcement Campaign 15 lawsuits, 4+ years, and a 1.10x return — the economics of volume trademark litigation The Numbers Invested $50,000 Returned $54,970 Net Profit $4,970 MOIC 1.10x IRR 2.1% Holding Period 1,673 days Distributions 5 payments The Case A financial advisor built a nationally-recognized brand around his radio program. His company owned […]
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The Second Million: $1M to $2M in Three Years

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Reaching my first million in 2018 changed my relationship with money. What surprised me most was what followed: over the next three years, my net worth doubled to $2 million. The shift wasn’t just higher income—it was a change in strategy, risk tolerance, life circumstances, and the way compounding behaves once the base gets large […]
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The Extended Hold: 16-Month Term, 45-Month Finish, 13% Return

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Short Term Small Business Financing I: The Extended Hold How a 16-month small business lending deal stretched to 45 months — and still delivered 13%+ returns The Numbers Invested $70,000 Returned $87,032.77 Net Profit $17,032.77 MOIC 1.24x IRR 13.12% Target Term 16 months Actual Term 45 months The Investment In April 2018, YieldStreet launched Short […]
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The Monsanto Verdict: $289M Jury Award, 1.70x Return

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LexShares Case #656: The Groundskeeper Who Made History Johnson v. Monsanto — the first Roundup cancer verdict, a $289M jury award, and my small piece of legal history The Numbers Invested $25,000 Returned $42,399 Net Profit $17,399 MOIC 1.70x IRR 29% Holding Period 770 days The Case You probably heard about this one. Dewayne Johnson […]
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The Installment Plan: 31 Payments, 1.69x Over 3 Years

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LexShares Case #1098: The 31-Payment Settlement A medical finance fraud case settled quickly — then took 2.5 years to pay out in installments The Numbers Invested $30,000 Returned $50,703 Net Profit $20,703 MOIC 1.69x IRR 65% Holding Period 1,061 days Payments Received 31 The Case A Florida investor spent seven years building a relationship with […]
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The Pyrrhic Victory: Won at Trial, Lost Money

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LexShares Case #310: When Winning Still Loses Money UKnight v. Knights of Columbus — a $100 million lawsuit wins at trial, but the $500,000 verdict doesn’t cover the litigation funding The Numbers Invested $170,000 Returned $149,937 Net Profit ($20,063) MOIC 0.88x IRR -4.41% Holding Period 1,018 days The Case List Interactive v. Knights of Columbus […]
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The Double Loss: No Verdict, No Lawyer, No Recovery

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LexShares Case #249: A Total Loss What happens when the plaintiff loses at trial, then loses their lawyer The Numbers Invested $50,000 Returned $0 Net Profit ($50,000) MOIC 0.00x IRR -100% Holding Period 1,079 days The Case A landlord leased 18,000 square feet of office space to a county child services agency in Pennsylvania. The […]
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The Startup Vindication: Trade Secrets Case, 1.76x in 15 Months

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LexShares Case #678: When a Giant Copied the Startup A trade secrets case generated 1.76x in 15 months — via a plaintiff buyout The Numbers Invested $150,000 Returned $263,269 Net Profit $113,269 MOIC 1.76x IRR 58% Holding Period 456 days The Case Cosmetic injections are a $4+ billion global market. The problem: poorly trained providers […]
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The Acquisition Exit: 48-Month Term, 21-Month Payoff

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YieldStreet Diversified Pre-Settlement Portfolio XXV: The Acquisition Exit How a platform acquisition turned a 48-month investment into a 21-month win with 13%+ returns The Numbers Invested $250,000 Returned $289,248 Net Profit $39,248 MOIC 1.16x IRR 13.14% Target Term 48 months Actual Term 21 months The Investment In December 2017, YieldStreet launched Diversified Pre-Settlement Portfolio XXV […]
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The Rubber Band Windfall: 2.57x on a Toy Licensing Fad

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LexShares Case #285: Riding the Rubber Band Craze How a toy licensing dispute turned $25,000 into $64,135 in under 2 years The Numbers Invested $25,000 Returned $64,135 Net Profit $39,135 MOIC 2.57x IRR 66% Holding Period 682 days The Case Remember when rubber band bracelets were everywhere? In 2013-2014, loom kits were the hottest toy […]
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The Break-Even Beginning: My First Litigation Bet

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LexShares Case #217: My First Litigation Investment 640 days to break even — and why I consider that a win The Numbers Invested $10,000 Returned $10,000 Net Profit $0 MOIC 1.00x IRR 0% Holding Period 640 days The Case A software company developed a web-based payment platform for transportation companies. A Fortune 500 trucking conglomerate […]
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The Concentration Bet: Going All-In on Litigation Finance

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How reaching my first million transformed my investment strategy and led me to explore litigation finance—including the risks, rewards, and lessons learned from concentrated alternative asset investing. Disclaimer: This article describes my personal investment experience and should not be construed as investment advice. Litigation finance involves substantial risk, including total loss of capital. Always conduct […]
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The 14-Year Climb: From First Job to First Million

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From arriving in the US with nothing to achieving $1 million in investable assets—a 19-year journey of strategic job changes, disciplined saving, and alternative investments that transformed a $32,000 starting salary into financial independence. The Starting Point (1999-2004) I arrived in the United States in August 1999 with a dream and very little else. I […]
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The 73-Day Payday: 1.79x in 10 Weeks

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LexShares Case #281: A 73-Day Win How a wealth management fraud case turned $75,000 into $134,295 in under 3 months The Numbers Invested $75,000 Returned $134,295 Net Profit $59,295 MOIC 1.79x IRR 1,741% Holding Period 73 days The Case A professional athlete trusted a major bank’s wealth management team with his career earnings. What followed […]
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From $5,000 to $300,000: A Credit Building Roadmap

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A systematic roadmap for building $300,000+ in cashable credit from scratch—the foundation required for profitable credit card arbitrage operations. Introduction This guide addresses the second part of Evan’s question from my Credit Card Arbitrage Guide: Can you talk a little more about how to get started doing credit card arbitrage, like the basics? How does […]
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Credit Card Arbitrage: How to Borrow Cheap and Invest Smart

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A comprehensive guide to borrowing at 0-3% promotional rates and investing for double-digit returns using credit card balance transfers—including advanced techniques for accessing cash and maximizing capacity. Introduction Recently, a reader named Evan asked: Can you talk a little more about how to get started doing credit card arbitrage, like the basics? I just discovered […]
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The Midtown Payoff: $100K to $119K in 12 Months

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EVIVA Midtown Add-on Project Paid Off My 1st preferred equity investment on commercial real estate project has completed. It’s 366 days from the time of capital commitment to the repayment of principal and accrued interest. The investment has generated 19.45% IRR. Key Events Date Cashflows Description Aug 30, 2016 Capital Commitment Sep 6, 2016 ($100,000) […]
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The Deal That Never Closed: 36 Days, $3,330 in Cash Drag

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ProudLiving Project Has Been Terminated My second preferred equity investment in a commercial real estate project has been terminated. It was 36 days from the time of capital commitment to the return of subscription. The estimated opportunity loss was $3,330. Funding In September 2016, iFunding announced a $1.4 million, 2-year preferred equity investment in an […]
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