Q: Should a company be sending out two different versions of their investor newsletter: one version with more details and financials to actual investors, and one slightly redacted version to potential investors? If so, what should be included in the potential investor newsletter?

Watch Eric’s response here.

Early on, Eric recommends founders to not have two different versions of their investor newsletter.

Providing the good and bad is important because all investors want to see that the founder shares how the business is really doing. This shows good self-awareness.

However, there’s a scenario where differentiating could be beneficial.

You can consider creating a redacted version and a full version when you raise your series A. At that point, you should have already established a board of directors with whom you’d want to share more intimate details with, but not necessarily make that public for your other/potential investors.

There’s a risk that your update might get leaked.

So if you’re working in an industry where this information is hyper-competitive or sensitive, you can consider going against what Eric had initially recommended and have two different newsletters.

Check out this post on what to include in your investor newsletter along with our easy-to-copy template.