One hundred and twenty million dollars would burn a hole in most people’s wallets. Not David Kirk.

The managing director of Bailador Technology Investments has sat on the cash since the Australian firm, which invests in start-ups, saw some of its companies sold or list on the stock exchange in the dizzying heights of late 2021 and early 2022.

In a blunt note to the shareholders of his $180 million company issued this month, Kirk and his co-founder Paul Wilson, explained why Bailador did not invest in a single new start-up in 2022.

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