Thread by @avichal

1/ I've been reading all of @WarrenBuffett's letters - amazon.com/Berkshire-Hath…

Someone can/should execute Buffet's "buy and hold forever" approach to software. Patient capital + no interference for founders + a brand halo that makes borrowing/hiring/press easier + dividends

2/ There are many great SAAS and marketplace companies that make for weak IPOs, are too small to IPO, or growing slowly but could grow for decades. Even many sub-$5B software companies would do better as private companies or wholly owned subsidiaries of a patient umbrella brand

3/ Because of where we are on the s-curve for adoption in some markets, these businesses may not have venture like returns but can still deliver healthy y/y growth for decades to come as software continues to eat the world

4/ Even the signals you are looking for are similar, but in tech we just use different nomenclature -- formidable founders instead of "management." Lots of software businesses have moats, network effects, and predictable cashflows.

5/ To an extent @Benioff and @JeffBezos are doing this, because at scale the best CEOs are capital deployers. But I'm imagining something akin to what @ycombinator did for early stage investing being done to pre-IPO investing. Align 100% with founders and companies, never sell.

6/ His letters after 1977 are here free btw and you should read them. berkshirehathaway.com/letters/letter…