In many cities the meter in a taxi begins running the moment the journey starts.

It continues even when the car is not moving.

Traffic builds. Lights change. The vehicle may sit still for minutes at a time, yet the fare continues to rise.

Some investment structures operate in a similar way.

Capital is committed and the meter begins to run. Markets move, or they do not. Progress may occur. It may not. Yet the cost of the journey continues to accumulate.

Overtime, investors begin to notice the difference between motion and progress. They also begin to notice who benefits when the vehicle is stationary.

In the best partnerships, the meter runs only when the journey advances.

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