What I learnt
One lesson per build, and never a lesson without what it cost. A page of things that worked is a track record; the cost is what makes the rest of it worth reading.
Take the equity. Cash ends a relationship with an asset; a position in the acquirer continues it, and four of five exits since have settled the same way — which stopped being an accident of negotiation and became the shape of the business.
Being right slowly. A listed position moves in public whether or not I agree with it, and the sale stopped being a number in a bank account and became another holding to manage — for years, in view of anyone who wanted to mark it against a price I did not choose.
4 of 5 builds have not been written up here yet: MLG Blockchain → GDA Capital, GDA Group, Bitcoin Canada, TD Bank. They are listed rather than omitted, because a reader who can see what is missing can tell that what is present was not selected.