Thread by @bgurley

On 4/12 I tweeted regarding my disfavor for large public companies negotiating bailouts directly with our government without putting the government dollars above other shareholders. For me, this damages the way public markets work - "too big to fail."

I've since been asked whether any of our portfolio had applied for the PPP - the implication being if they had, that I'd been caught in an intellectual trap/inconsistency.

For the vast majority of our investments, we encouraged them NOT to apply. For a handful, say 5%, whose businesses were devastated by COVID/SIP, we supported them in their efforts to avoid laying off even another 5-10 people – the exact intent of the potentially forgivable loan.

For me, a small company applying for a broad-based program along with 700,000 other recipients is quite different from management of a massive public company with years & years of billions of profits & stock repurchases proactively calling on Washington for a negotiated bailout.

I have no problem understanding how one could link the two, so in that vain I understand the argument. At the same time, I respectfully disagree that they are one in the same.