Investors asking how much they can make are asking the wrong question.
Ask this instead before you invest in any deal.
Where am I sitting in the capital stack, and what has to happen before I lose money.
Most people focus on returns and timelines.
But returns only matter after risk is understood.
Your position in the deal determines everything.
Who gets paid first.
Who gets protected.
Who takes the hit when things go wrong.
Smart investors start with downside.
Then they look at upside.
That one question will tell you more than the entire pitch deck.
What is the first question you usually ask when you see a deal?