“ If you understand businesses you understand common stocks. If you really know how business works you are an investment manager”— Warren Buffet

Here are the 15 IPOs w/ <$500M in revenue.

They did more than fine. 9x+ since IPO.

smaller cos can 100% go public w/ good growth + efficiency (rule of 40).

I can buy world class public companies who will be incredibly benefitted by AI at 20x to 25x GAAP eps OR I can go buy some private companies with unproven management team who never made a dime profit but fly private jets at 50x revenue multiple 🤷🏽

If the Fed cuts rates by Sep or possibly even this yr, it's much more likely because they get bad news about the employment side of their mandate than because they get reassuring news about the inflation side.

The reason: even if inflation falls will take time to be convincing.

Another example $UMG ceo doesn’t understand marketing on social platform. His artists are more digital savvy than him. Media brands who fought against Netflix didn’t win and $UMG will lose out big as well.
wsj.com/business/media…

It has been such a pleasure working with $DAVE founder Jason and CFO Kyle since last August. I am so proud of what they have achieved over the last 8 months. Congrats. investors.dave.com/news-releases/…

7 years ago….they grow up so fast!!!

Another unicorn dies. During zero rate environment investors invested in low quality companies with supper high multiples. Investors who tried to avoid the public market mark to market by plowing capital in privates will pay steep price. Story is still unfolding in my view.

Wartime CEO is different than a peacetime CEO. Someone who is the ceo of a monopoly business may not do well when faces competition.

Just the beginning. We are still in the first inning of value destruction from these private investments. Too much money chasing too few ideas.

Byju raised money at a 99% discount to the last round. It will be really interesting to see how does other private equity asset does as they raise additional capital in next 18 months. techcrunch.com/2024/01/29/byj…

Interesting chart The Wall Street Journal. Despite being down 50%, in my opinion investors are still allocating way too much capital in privates. Investing $175B/ per year equates to $875B over next 5 years. In order to generate 3x MOIC with 70% investor ownership means there need to be $3.75…

I had lunch with my friend who manages nearly $100 billion and he said “DPI is the new IRR”. Will be super interesting to see what does that mean for founders and CEOs who are unwilling to go public

Just experienced a 7.4 magnitude earthquake on the 37th floor of a Tokyo building. I can take off one thing from my bucket list.

Business Verishop check it out.
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Imagine 72% of your workforce against you; 100% of your investors disagree with you. However you continue to do whatever you want because you think you are morally superior. That’s the problem in our country today. Small group of people will do anything in the name of their…

This is like a reality TV show!!!