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Tren Griffin
@trengriffin
, 3 tweets, 1 min read Read on Twitter
US private equity firm Vista Equity Partners has raised $850M for a second fund dedicated to investing in early-stage enterprise software businesses with $10 to $30M in annual recurring revenue, typically investing in series B or C rounds. reuters.com/article/us-vis…
"No one was doing buyouts in tech startups.” “These software companies were truly value plays, from my perspective.” Robert Smith on "value as an analytical style." Not even close to the same style as "value as a statistical factor in an index fund." 25iq.com/2018/03/23/bus…
"Software contracts are better than first-lien debt. A company will not pay the interest payment on their first lien until after they pay their software maintenance or subscription. We get paid first. Who has the better credit? You can’t run a business without our software.” RS
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Tren Griffin
@trengriffin
"After the S&P 500's nearly 19% gain this year, the benchmark index is now trading near its fair value relative to interest rates, profitability as well as price-to-book valuations" Goldman. google.com/amp/s/www.cnbc… The tooth fairy has been making the same price-to-book argument.
When I read something like this:

"Traders are fully pricing a quarter-point cut at the July 30-31 Federal Open Market Committee meeting."

I imagine the meeting where this is decided by the "traders" (under a buttonwood tree?) and wonder why "investors" aren't invited?
Many macro predictions that attempt to time changes in the stock market are eventually right exactly once in a row. bloomberg.com/news/articles/… Focusing on when to buy is vastly easier than guessing about when to sell, especially if your focus is on a specific actual business.
Read 3 tweets
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Tren Griffin
@trengriffin
1/ Insane Clown Posse Strategy: "Dump all equities and load up on derivatives. Hide out in short-term government bonds until the coming storm recedes. ... and yet be prepared to jump into risk-parity quant strategies if the market keeps grinding higher." bloomberg.com/news/articles/…
2/ Howard Marks Strategy: investors should calibrate their exposure to risk using: “a continuum from 0 to 100, with 0 being completely out of the market and 100 being completely in using aggressive techniques like investing with borrowed money.” google.com/amp/s/25iq.com…
3/ Charlie Munger Strategy: "If you buy a few great companies [at an attractive price], then you can sit on your ass. That's a good thing. We're partial to putting out large amounts of money where we won't have to make another decision."
Read 4 tweets
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Tren Griffin
@trengriffin
Simba: "Why has our movie delivered over $500M in revenue to Disney so quickly?"

Mufasa: "Preferential attachment causes power law distributions that rule everything around the entertainment business."

Simba: "Like Rza says?"

Mufasa: "Just like CREAM."

cnbc.com/2019/07/21/the…
Simba: "Why are Disney's margins higher in animated movies?"

Mufasa: "Because we aren't real. The living voice talent gets far less as a wholesale transfer price than they would on a screen."

Simba: "Nice! That avoids disputes like the one between Taylor and Scooter Braun."
Mufasa: "If people like Elon are right and artificial intelligence gets good enough, we will make a play to buy back the masters."

Simba: "Will Snoop Lion help us?"

Mufasa: "As Snoop triumphed over Suge Knight, so will we. No 360 deals for us with studios! Hakuna matata."
Read 3 tweets

Related threads

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Simon Erickson
@TMFInnovator
I was asked earlier this week why MongoDB $MDB would want to be open source & how it could possibly compete against larger competitors after willingly releasing its code for others to see.

Here is an (admittedly long-winded) answer to those questions.

TECHNOLOGY

To start, technology moves faster than any single company can keep up.

Companies who self-describe as “innovative” know they can’t be cutting-edge if they do everything in-house. The wisdom of the crowd provides better products that are more quickly improved upon.
MISSION

MongoDB $MDB recognized this, and set the goal from the start to build a general-purpose ‘document’ database that could be much more flexible than traditional relational databases.

mongodb.com/what-is-mongodb
Read 23 tweets
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Andrew Chen
@andrewchen
Question on Quora: Which commonly-discussed growth metrics in consumer tech businesses are the most meaningless and/or misleading? Here's my thread 👇
1. Cumulative charts for anything. These can only go up and to the right
2. Registered users. Totally useless, although sometimes I like to ask about this as a ratio to active users to get a sense for how efficiently the user acquisition is happening
Read 17 tweets
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Ugo Obi-Chukwu
@ugodre
Good evening everyone and happy new year. Welcome to our first @Nairametrics Corporate News thread for the year. This thread is BTU by @BluechipTechNG

Thread Starts here.
On this thread, we are going to be reviewing some of the major corporate deals that took place in 2018 from a Nigerian perspective. We will also provide relevant links for those who may want to have a deepdive.
Please feel free to comment, retweet and contribute as the tweets roll in. It might be a long night so please be patient. If you can't wait then subscribe to our Newsletter to get an even more comprehensive report with more background info. This will be out before Friday.
Read 144 tweets
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Milan
@pbmilan
10 tweets for 16 sales lessons @a16z a16z.com/2018/09/02/sal…
I. Components of a Sales Organization
1. Go to market model
2. Building the sales organization
3. Managing the sales organization
II. Understanding sales channels
1. supplier <> end user
2. supplier <> channel partner <> end user
3. supplier <> OEM (large company) <> end user

Overlap btw channels is channel conflict = competing against yourself; aim to reduce overlap
Read 12 tweets
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Jensen Harris
@jensenharris
Startups are exponential. There's an enormous mountain to climb from founding to success.

In the spirit of the famous "Powers of Ten" film by the Eames Office, here's an exponential look at startups. Each step is a 10x increase beyond the previous one.

Startups by the numbers:
1

The number of chances you get to choose your founders.

Select right and you have a chance to make it big. Choose wrong, and no matter how great your idea or technology or product is, you will eventually fail.
10

The number of employees you'll have before you don't fit into someone's apartment anymore.

Someone will be constantly filling up the coffee machine's water reservoir, and you'll have the first instance of someone leaving something bad in the bathroom that no one owns up to.
Read 14 tweets
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Roger C. Schonfeld
@rschon
Last week, the prospectus for Springer Nature's upcoming IPO was published. Some high level coverage appeared here for example. ft.com/content/1d43d9… I'm scanning the underlying document this afternoon and will post a few key excerpts.
"...cooperation with partners includes our long-standing business relationship with Digital Science...with respect to software for the simplification and streamlining of the research process." [page 57]
"Holtzbrinck Publishing Group may also compete with Springer Nature through its entity Digital Science, which is its strategic growth division investing in early stage ventures in the research and science industry. All the businesses of Digital Science are publisher agnostic..."
Read 19 tweets

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