Why the Newsletter is Called Katz & Carry: Multiples Over Mulligans

I'll admit it: I was wrong. I used to believe the best investors kept their heads down — off social, off stage — and just made moves quietly under the radar. But the game has shifted. Today, momentum is moat. It’s not just about, IRR, DPI, MOIC and all those other initials; it’s about the attention, the narrative, and the signal you create along the way.

It’s not enough to quietly win. You have to share the journey — the successes and the failures.
That philosophy is baked into the name of this newsletter: Katz & Carry. In golf, a carry is the distance the ball travels in the air. In venture, carry is the interest earned when conviction pays off. Both are about separation — creating distance and building outcomes.

Multiples Over Mulligans is more than a tagline. It’s a reminder that in this game, you don’t get do-overs. You get results. And those results are measured in multiples.

It’s also personal. More than half of our investors in Katz & KO and BrknPar (our fund) first walked the fairways with me. Deals may be signed in boardrooms, but they're born on tee boxes.

Golf teaches the same discipline that drives investing: patience, resilience, and the ability to think long-term. One bad swing doesn't ruin a round, just as one missed deal doesn't define a portfolio. What matters is the carry — far enough, true enough, and with conviction.

So yes, I'm sharing more than ever before. Not because I like the sound of my own voice, but because momentum compounds. Attention compounds. And when paired with conviction, it creates an edge that lasts.

That’s Katz & Carry: Multiples Over Mulligans.