Reinvestment
Reinvest what the system produces: prefer an exit that converts a position into a larger one over an exit that ends the exposure.
Reinvestment is the flywheel, and the visible half is the smaller half. Capital returns to verticals rather than to companies, so proceeds fund the next position in a thesis rather than a distribution.
The less visible half is capability. A thing the estate built once — an identity layer, a settlement rail, a published standard, a register, a set of vendored emitters that run with nothing installed — is a cost every subsequent property does not pay. That is the only sense in which this is a flywheel rather than a sequence: each turn lowers the cost of the turn after it, and the saving is real whether or not any cash moved.
Institutional knowledge recycles the same way and is the hardest to see. The reason a new property here launches with a charter, a handshake, a record log and a link preview on its first day is that sixteen properties before it each discovered the absence of one of those the expensive way.
What it refuses
An exit that ends the exposure. Where a position is realised, the preference is consideration that converts it into a larger one; cash that closes the relationship is the outcome this office takes last, not first.
Where it is practised
Where an exit has occurred here, the consideration has more often been a stake in the acquiring entity than cash.