1/ Abundance + scarcity
When liquidity dries up, sentiment turns, mkts turn, people move
—AWAY from abundant nonsense buzzwords (that poorly measure value)
—TOWARDS scarcely used accounting & finance principle terms (that better measure value)...
When liquidity dries up, sentiment turns, mkts turn, people move
—AWAY from abundant nonsense buzzwords (that poorly measure value)
—TOWARDS scarcely used accounting & finance principle terms (that better measure value)...
2/ You MAY be old enough to remember this past transition
—from "eyeballs" and "stickiness"
—to "CASH is king" "path to PROFITABILITY"
You WILL be old enough to remember the next transition
—from ARR, MRR, GMV and other foofoo terms
—to "cash flow", "contribution margin"...
—from "eyeballs" and "stickiness"
—to "CASH is king" "path to PROFITABILITY"
You WILL be old enough to remember the next transition
—from ARR, MRR, GMV and other foofoo terms
—to "cash flow", "contribution margin"...
3/ Several celebrated "tech" companies are at BEST conducting cynical accounting tricks and at WORST committing outright financial fraud.
To be clear: intentional maneuvers + misrepresentations to mislead investors w/a mistaken impression of operating performance & profitability
To be clear: intentional maneuvers + misrepresentations to mislead investors w/a mistaken impression of operating performance & profitability
4/ Related: a partner (savvy sophisticated large allocator) confirmed suspicions
A key source of fraud few are paying attention to:
Secondary SPVs
Perfect con/ponzi:
-Perceived scarcity + insider access (supply)
-Low transparency
-FOMO + greed + bragging rights (demand)
A key source of fraud few are paying attention to:
Secondary SPVs
Perfect con/ponzi:
-Perceived scarcity + insider access (supply)
-Low transparency
-FOMO + greed + bragging rights (demand)
5/
