Breaking Into Private Markets: Margins Capital Fund 1 Investment #1 (Fizz)

<p>Our first investment in Margins Capital Fund 1 went to zero.</p><p><br></p><p><br></p><p>This is the investment story nobody talks about. The losses. The lessons. The resilience needed to keep going.</p><p><br></p><p><br></p><p>In this episode, Stephanie Dorsey walks through Margins Capital&#39;s first real investment: Fizz (later rebranded to Mine), a fintech startup solving credit building for Gen Z. You&#39;ll see exactly how the due diligence framework works in practice, what looked promising, and why it ultimately failed.</p><p><br></p><p>You&#39;ll learn:</p><ul><li>The two-bucket due diligence framework: &quot;Does this deal make sense?&quot; and &quot;Can this team win?&quot;</li><li>How to evaluate strategy, macroeconomic factors, and unit economics</li><li>Why Kleiner Perkins backing gave confidence (even when it wasn&#39;t enough)</li><li>What went wrong: macroeconomic shifts and unsustainable growth models</li><li>How to make peace with losses using Pareto&#39;s Principle (80% fail, 20% fund everything)</li></ul><p><br></p><p>This is not a feel-good success story. This is what real private investing looks like. The wins come from discipline, due diligence, resilience, and understanding that losses are part of the game.</p><p><br></p><p><br></p><p>If you&#39;re afraid to invest because you might lose money, this episode is for you.</p><p><br></p><p>Join the Sovereign Collective: <a href="https://joinsovereign.co/" target="_blank" rel="noopener noreferer">joinsovereign.co</a></p><p><br></p><p><br></p><p>Connect with Stephanie: </p><p><a href="https://www.instagram.com/stephanieadorsey/">https://www.instagram.com/stephanieadorsey/</a></p><p><br></p><p>Follow Margins Capital:<br>IG: <a href="https://www.instagram.com/marginscapital/">https://www.instagram.com/marginscapital/</a><br>TikTok: <a href="https://www.tiktok.com/@marginscapital">https://www.tiktok.com/@marginscapital</a><br>Website: <a href="https://marginscapital.com/">https://marginscapital.com/</a></p><p><br></p><p>For the full list of What the Wealthy Do episodes <a href="https://docs.google.com/spreadsheets/d/1TaUUVivqfjSckA1oyhbjNRlbY_m0DMPLWbfH-eoHnDY/edit?usp=sharing" target="_blank" rel="noopener noreferer">here</a></p>